Loan Details:
- This loan will cover your tuition, books and fees that are 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
- This loan can be re-financed once the refinanced loan is for your tertiary education.
- This loan will have the following payment options:
- Payment is required IMMEDIATELY upon approval of loan based on member’s ability to repay the loan
- Payment of interest ONLY with Principal payments commencing 3 months after completion of studies
- 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.