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Non-tertiary
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Tertiary
- Must be a member of the credit union.
- No Shares Equity is needed.
- Maximum loan amount $500,000.00.
- A maximum of $50,000.00 of the loan amount can be given to cover miscellaneous educational expenses without a pro-forma invoice.
- Proof of loan purpose e.g. School Fee Voucher, Pro-forma invoice for books to be purchased (signed and stamped), laptop, etc.
- Debt Ratio Income not calculated.
- Repayment period is maximum 36 months.
- Compulsory savings cannot be withdrawn from child/children accounts until the loan is repaid
- Interest rate .8333/10% per month/per annum on the reducing balance.
- Service charge 2% of the amount requested.
- Last 2 salary slips.
- Credit Report MUST be done
- Picture identification.
- Members must sign a final payment letter. If a member previously had a final payment letter, we do not need to do another.
- Members must open a child account if educational expenses relate to the child/children.
- Job Letter (Everyone Except JDF Military Personnel)
- Loan repayment to be done via salary deduction & OR Standing Order if the company does not accept salary deduction.
- Must be a member of the credit union.
- No Shares Equity is needed.
- Maximum loan amount $1,200,000.00.
- A maximum of $50,000.00 of the loan amount can be given to cover miscellaneous educational expenses without a pro-forma invoice.
- Proof of loan purpose e.g. School Fee Voucher, Pro-forma invoice for books to be purchased (signed and stamped), laptop, etc.
- Debt Ratio Income will not be calculated.
- Repayment period maximum 5years or course duration.
- Compulsory savings cannot be withdrawn from child/children/spouse accounts until the loan is repaid
- Interest rate .8333% per month/ 10% per annum on the reducing balance.
- Service charge is 2% of amount requested.
- Credit Report MUST be done.
- Last 2 salary slips.
- Picture identification.
- Members must sign a final payment letter. If a member previously had a final payment letter, we do not need to do another
- Acceptance Letter
- Members must open a child/spouse account if educational expenses relate to the child/children/spouse.
- Job Letter (Everyone Except JDF Military Personnel)
- Loan repayment to be done via salary deduction & OR Standing Order if the company does not accept salary deduction.