- How do I know if I am eligible for the Student Medical and Dental Intercalated and Elective Borrowing Account?To be eligible for this product, you must:
- Have proof from the University that you will complete an Elective and/or Intercalated course
- Not have a Graduate Medical Borrowing school account with Bank of Ireland UK
- Have an active 3rd level Student account with Bank of Ireland UK – this means having maintenance or any other income paid into the account. Alternatively you can open and switch your active current account to Bank of Ireland UK
- Be a UK resident.
- I have an account with another bank can I still apply?To be eligible for this product you must have an active 3rd level Student account with Bank of Ireland UK. This means having maintenance or any other income paid into the account. If you don’t have a Bank of Ireland UK current account you can apply to open and switch your existing current account to us.
- What is the maximum amount I can borrow?The maximum amount you can apply to borrow is £15,000 to pay for your Elective in your fourth year of medical or dental studies. And if you complete an intercalated course you can apply to borrow up to £5,000 for your intercalated year (or final year).
- How do I know if I my application for the Elective & Intercalated Borrowing account will be approved?While we cannot guarantee we will approve your application, before applying you can find out if you are likely to be approved by using our overdraft eligibility checker. Using this overdraft tool won’t have a negative effect on your credit history.
You can also use our overdraft cost calculator to work out how much overdraft interest you will be charged.
- What rate will be applied to this borrowing?Details of interest rates are available on the Personal current account rates page.
Interest is applied to the account monthly. We will tell you 14 days before the interest is charged to the account. If you have borrowed the full arranged overdraft amount available you will need to ensure that you pay enough money into the account monthly to cover the interest charge. This will prevent the account having an unarranged overdraft.
- When will I need to repay this money to the bank?You will not have to repay anything until after you graduate. After graduation this borrowing must be repaid in full. You will have the option to apply for a personal loan* with us or repay the amount by any other means.
*All borrowing is subject to the Bank’s lending conditions. Bank of Ireland UK Personal Loan is a separate product with its own terms and conditions. It is not guaranteed that the loan will be approved.
- Are there any fees for this product?There are no fees for paying money into or taking money out of the account.
You will pay charges if you try to make a payment from your account and there is not enough money in the account or enough of an overdraft limit available. We will tell you about these charges by sending you a pre-notification of charges pack at least 14 days before we take them from your account.
Other charges apply for extra services for example requesting a bank draft; these are usually charged at the time we provide the service and we will tell you about them when you ask for the service.
More details can be found at the Fees and Charges area of our website.
- How can I find out more and/or apply?You can contact staff in any of our branches, or call us on 0800 0850 4444* (Mon-Fri 9.00-17.00; closed Saturday and Sunday) for more information and to apply.
*Calls to 0800 numbers are normally free from UK landlines and mobile phones. Calls may be recorded, monitored and used for training and compliance purposes.