Student Loans

Personal Banking

Interest rate of 9% per annum charged on a reducing balance basis.
Flexible repayment can allow for interest payments only during study period.
The loan can be structured to allow for staggered disbursements during the period of study to cover the cost of tuition and living expenses.
A 15-year maximum term.
Monthly interest payments to portion of loan drawn.
Loan structured to allow for drawings during the initial 4 years or course term to meet tuition fees and living expenses.
Visa Prepaid Maintenance Card
Monthly repayment of principal plus interest will commence six months after final draw down or six months after completion of course term at which time loan will be calculated to allow repayment over ten years.
Optional repayment plan – weekly, semi-monthly, and monthly.

Acceptance letter from School or University.
Loans can be in joint names of the student and co-applicant / guarantor who will facilitate interest payment or servicing of the loan.
Job letter to confirm salary and terms of employment for co-applicant.
Security required in the form of cash, land or property and life insurance.
Disclosure of personal assets, expenses and evidence of other income sources if applicable.
Debt service ratio should not exceed 45% of net monthly income.
Bank reference.
Credit Reference from other banks
Scheduled appointment for interview to complete and process loan application.

Various repayment alternatives can be arranged and structured to meet each customer’s specific needs and finances. For example: Customer may wish to commence making principal repayments from the month following the first drawing.