Education Loan (Unsecured)

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 $1,500,000 with up to 5 years for repayment, with an interest rate of 17.5%. 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 process is approximately 3-5 working days after submission of required documents. Afterwards, a decision will be made to approve or decline the loan.