Tertiary Education Loan Facility

Loan Details:

  • Loan is to cover tuition, books and fees not covered by GATE
  • Loan will be for a maximum of $100,000.00
  • Interest Rate of 0.75% per month on the reducing balance
  • Loan period will be for a maximum of 7 years.
  • Member has option to pay school fees in full or pay off in tranches at the start of each academic year.
  • If member takes the option to pay fees in tranches, funds will be placed on hold on a non-interest bearing account and funds will be released at the start of the academic year to the educational institution
  • Cheques will be made payable to the school
  • Loan can be re-financed once the refinanced loan is for tertiary education loan
  • Loan will have the following payment options:
  1. Payment IMMEDIATELY upon approval of loan based on member’s ability to repay loan
  2. Payment of interest ONLY with Principal payments commencing 3 months after completion of studies
  3. Payment to begin 1 YEAR after completion of studies.
  • School must provide confirmation of completion of studies
  • Where OPTION 2 OR 3 is taken, account must be flagged whereby member will be notified when payments will commence
  • A Co Maker may be required for this loan
  • The Co Maker is the person who is co-signing on the loan with the borrower and agrees to repay the debt should the student default. The Guarantor is required as a surety especially in the scenario where payments are deferred until after the student completes his studies. The Guarantor’s net worth must exceed the amount of the facility taken; he must be a member in good standing with a solid borrowing record.

Requirement:

  • Share requirement based on length of membership and relationship with Credit Union
  • Job Letter
  • Recent salary slip
  • Acceptance letter from educational institution
  • Statement of fees from selected institution
  • Supporting Documents as per request.

Do you have those requirements?

Apply for this loan

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