|
|
|
Prerequisits - Individuals must:
- Be employed in the same organization over a period of one year and permanently confirmed
in job position.
- Provide job confirmation letter
- Provide academic Progress Report (for returning students) or Acceptance Letter
(new students)
- Complete a MEFL Student Loan Application Form and sign a Promissory Note
- Client will be required to deposit 10% of loan amount requested in compulsory
savings account at BNSJ
- Must provide a Guarantor who is willing to co-sign on his/her behalf
(The Guarantor must be employed, and is required to provide one passport
sized photograph, two recent pay slips, a valid ID and copy of TRN).
- Pay a processing fee of 1-3% and a Promissory Note fee of $10
- Debt Sevice Ratio must not exceed 50% (monthly loan payment as a percentage of gross
monthly salary must not begreater than 50%)
- Loan repayment must be made from authorized salary deduction
 |
|
|
Loan amount and repayment
- Loans range from $10,000 to $200,000 per client or business.
- Loan terms vary between 3 and 12 month by salary deduction.
- Interest rate is 18% (add-on) per annum or 1.5 per month.
- Loan payments are made on a monthly basis.
|
|
Purpose of loan
- Assistance with Tuition payment
- To purchase books
- To purchase school stationary supplies
- To purchase a computer
Back to previous page
|
