Another good news para sa mga estudyanteng gustong magpatuloy sa kanilang pag-aaral ngunit kulang sa pinansiyal. Inilunsad na ng Land Bank of the Philippines ang educational loan program nito kung saan maaring maka-utang ng hanggang sa P150,000 ang isang estudyante sa pamamagitan ng kanilang mga magulang o guardians.
Tinatawag na Interim Students' Loan for Tuition toward Upliftment of Education for the Development of the Youth o i-STUDY ang programa kung saan pinapayagang maka-loan ang mga borrowers ng halagang katumbas ng isa o dalawang semesters.
"This program will not only help families who have kids they want to send to school, but will also assist private schools and downstream industries to sustain and continue their operations," ang naging pahayag ni LandBank president and chief executive officer Cecilia Borromeo.
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Ayon sa LandBank, P150,000 ang maximum loan amount per student at hindi lalagpas sa P300,000 per borrower.
Nasa 5% naman ang interest rate per annum at fixed ito sa kabuuang term. May penalties naman itong 24% per annum.
Para sa loan tenors, pinapayagan naman ng LandBank ang short-term loan na payable sa loob ng isang taon sa pamamagitan ng 360-day promissory note. Pinapayagan din ng bangko ang term loan na payable hanggang tatlong taon.
Lump sum ang pagbibigay ng loan na direktang mapupunta sa account ng paaralan.
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Sino ang Eligible Borrowers?
Parents, Guardians o Benefactors
Ano ang mga Eligibility Criteria
1. Parents, Guardian/Benefactors
- Filipino Citizen of legal age and with established repayment capacity
- A co-borrower shall be required if the principal borrower is more than 60 years old and/or with no established repayment capacity
- Must have established credit history and good credit standing. The Lending Units (LUs) shall check the borrower's historical two (2) months of card payments/billings, utility billings if updated prior to COVID-19
- Must be a permanent resident/has resided with minimum two (2) years in area of residence
- Must have a combined monthly net take home pay (after loan amortization) of P20,000, per enrolled student.
2. Co-borrower
- Not be more than 60 years old and Filipino Citizen;
- With good credit standing and must have established repayment capacity, as evidenced by Certificate of Employment Employment Contract (if employed), Business Permit (if Self-employed), among others
- Must be a permanent resident/has resided with minimum two (2) years in area of residence
3. Students
- Filipino Citizen
- Not over 30 years old at the time of application
- Incoming student who are qualified under the admission and retention requirements of school or technical vocational institutions recognized/accredited by CHED/TESDA/DepEd
- Not a current beneficiary of the Universal Access for Quality Tertiary Education Act of 2017 (R.A. 10931) or any scholarship program or of any privilege having free tuition fees as honor student
- Of good moral character as certified by school
Ano ang Eligible Purpose ng loan?
Finance tuition/enrollment-related fees
Basahin: OWWA, may tig-P10,000 na educational assistance sa mga anak ng mga OFWs na apektado ng COVID-19
Ano ang mga Documentary Requirements?
PRE-PROCESSING
For parents, guardians/benefactors/co-borrower:
- Duly accomplished loan application form
- For salaried individuals:
- Certificate of Employment/Contract of Employment;
- Copy of three (3) months latest pay slip;
- Latest BIR-filed Income Tax Return
For Self-employed:
- Copy of Business Permit
- Latest BIR filed Income Tax Return
- Valid Government-issued ID
- Proof of billing address and payment record from at least two (2) utility/service companies
For Students
- Admission slip/Enrollment Form with Student ID issued by an education institution or technical vocational institution (for incoming student) or proof of enrollment (present or latest enrollment or registration form for continuing student)
- Form 138/Certified True Copy of Grades during previous semester attended
- Certificate of Good Moral Character from the dean/guidance counselor or any authorized personnel from the school
- Schedule of payment of school fees and other enrollment related expenses for the subject school semester or school year, as the case maybe, duly certified by the registrar or authorized personnel of the educational institution.
Note: Some documents need not be submitted if the same shall be provided by the school.
PRE-RELEASE
- a. Opening of LANDBANK deposit account by the borrower where repayment of the loan shall be debited
- b. Certificate of completion of academic requirements duly certified by the registrar or equivalent from previous school year or previous semester
- c. Schedule of payment of school fees and other enrollment related fees for the current term duly certified by the registrar or authorized personnel of the institution
- d. Duly received by the school, the Authority for LANDBANK to receive copies of documents from school related to the student's records
- e. The borrower shall give its consent to disclose credit information to other banks, financial institutions, the Banker's Association of the Philippines Credit Bureau and other credit bureaus or institutions.
POST-RELEASE
A. No more than five (5) calendar days after completing the enrollment
- Photocopy of validated Enrollment Assessment Form/ Registration Form and teller validated accomplished copy of the Bills Payment Slip
- Valid student ID issued by the institution immediately within five (5) days from date of issuance (for the student)
- Official Receipt/s as proof of payment of tuition fee, other enrollment related school fees
- Authority to Debit Account
B. Within two (2) weeks from end of the term or as soon as available
- Certificate of completion from educational institutions or equivalent document from technical-vocational institution duly certified by the registrar or equivalent
Saan maaaring mag-sumite ng loan application?
Ang lahat na student loan application na may kompletong required pre-loan processing documents ay maaring i-sumite sa pinakamalapit na LandBank Lending Center sa inyong lugar. Siguruhin din na sumailalim ito sa kompletong enrollment assessment ng paaralan.
Para sa dagdag na impormasyon, maaring bisitahin ang website ng LandBank sa link na ito —https://www.landbank.com/loans/business-loan/i-study
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