Here is some information about the loan. The letter was sent by BNPB staff:
Dear xxx,
First of all, we want to congratulate you as concerned your INSEAD acceptation.
We are pleased to welcome you in BNPParibas and offer a 50% reduction about our INSEAD's special offer includes :
* An international VISA card with immediate debit * Free for your direct debit * Free for 2 automatic transfer * An insurance coverage for the lost and theft of your card or your checkbook * Internet Banking to manage your account by yourself * Your bank statment will sent you twice a month * A saving account with 1% interest per year. if you have children you can beneficiate a saving account with 1.25% interest rate in this case i need the birth certificate
As regarding the special INSEAD student's loan.
* We can borrow you up to 50 000 ?with 3.0% interest rate * You can begun rembursed your loan after the MBA program and beneficiate of a grace time * We just need a guarantee which should be either from : a french resident as personnal guarantor / or an international guarantee from your bank * (Guarantee should be sent by SWIFT codified message through BNPFRPP to BFI - CI - globale trade services - guarantee international - attention de Mme Martin)
As concerned the Insurance, We pleased to offer you 40?discount about the car or the house insurance
You can transmit us the necessary documents by email. To open your account I just need you send me your passport copies and your INSEAD acceptation copies (for a joint account we need your passport partner's copie). Or by fax to the 01 60 74 93 45 to my attention. (If it's not indicate on the acceptation letter, I need your permanent adress)
3% is very good rate!! Question is whether it is fixed or variable. Interest rate is definitely going up, even if you had the money, for 3% fixed interest rate, you should borrow and save your money in China, where you can earn close to 3% interest and enjoy the RMB appreciation at the same time.