Educational Loan

Educational Loans are generally of two types:

1. Small sums for school books and uniforms.

2. Larger sums for financing higher secondary and tertiary education.

•  Borrowers must save a minimum of EC$20.00 per month in the Education Savings Plan to benefit from the lower rate of interest on educational loans. These loans are granted at a rate of 10.5% per annum or 8.75% per month the reducing balance.

•  Security can be in the form of a first legal mortgage over property or in the form of a lien on Shares/Regular Savings of borrower and co-makers.

•  10% of required amount must be held in Shares/Regular Savings, if secured by a first legal mortgage, or 25% must be held if secured by a lien on borrower's and co-makers' deposits.

•  Repayment of loan must commence during the period of study. However there can be a moratorium on the payment of principal only of up to one year. Any extension to this time must be approved by the Board of Directors.

APPLICATION PROCEDURES

Members Must Submit:
•  A letter of acceptance from learning institution.

•  Documents in support of tuition fees and living and other expenses at institution.

•  A letter from employer regarding approval of study leave where applicable.

•  A statement of affairs showing financial commitments and monthly income and expenditure.