Education Loan (Unsecured)
About This Loan
The unsecured Education Loan is for students pursuing both part time and full time study. The loan can be used for payment of tuition, purchasing of books and any other academic expenses. It offers a maximum of $800,000 with up to 5 years for repayment, with an interest rate of 22.5%. Unlike the student loan, repayment is done during the course of study. The repayment penalty for missing one month is an additional fee of 5% of the loan amount for the month missed. In order to qualify for this loan, the part time students would have to be: employed for at least a year, have a job letter, have 2 months payslips, an acceptance letter from the school they will be attending, and proof of tuition cost. The application fee is 1.5% of the requested loan amount. The application process is approximately 3-5 working days after submission of required documents. Afterwards, a decision will be made to approve or decline the loan.
What You Need To Know
in Available Funds
3 - 5 Working Days
Avg. Approval Time
As Low As
Who is This Loan Primarily For?
Cornwall University-level Students who study part time
Cornwall Students that 18 years and older
Cornwall Students that have been employed and paid for at least 1 year
Cornwall Students who wish to pay for school related expenses
Cornwall Students who are thinking about going to University
Do I Need Collateral To Apply For This Loan?
No, the unsecured education loan does not require any collateral.
Minimum Amount Disbursed For This Loan?
What Are The Requirements To Apply For This Loan?
Deposit 5% of required loan amount in shares
Acceptance Letter/School Report
Valid ID (Driver’s License, Passport or National ID)
Tax Registration Number (TRN)
Passport size photograph
Verification of Income (Payslips for two months)
Proof of tuition cost