Parents, guardians, or benefactors of students enrolled for the upcoming school year can now avail of loans up to P300,000 from Landbank.
Landbank President and Chief Executive Officer Cecilia C. Borromeo said the bank is launching a new direct loan program to cover students’ tuition to assist parents and guardians/benefactors who may be reeling from effects of the Covid-19 health crisis.
Landbank has allotted P1.5 billion in credit support under the Interim Students’ Loan for Tuitions towards Upliftment of Education for the Development of the Youth (I-Study) Lending Program to cover the tuition and other enrollment-related fees of eligible students.
The I-Study program is open to parents and guardians/benefactors of incoming students who are qualified under the admission and retention requirements of an academic institution recognized or accredited by the Department of Education, Commission on Higher Education, or the Technical Education and Skills Development Authority.
Parents and guardians can borrow the amount of tuition equivalent to one school year or two semesters, or up to P150,000 per student but not more than P300,000 per eligible borrower.
The program offers a fixed interest rate of five percent per annum for short term loans for pre-school, primary, and secondary students payable within one year, as well as for term loans for tertiary students payable up to a maximum of three years, inclusive of one year grace period on the principal.
Eligible parents and guardians/benefactors should have an established repayment capacity, credit history, and good credit standing. Eligible students cannot be a current beneficiary of the Universal Access for Quality Tertiary Education Act of 2017 or any scholarship program or privilege granted to honor students and should be of good moral character as certified by the school.
The I-Study program will be available only for school years 2021 to 2022.
For more updates, follow, Like and Share the official Landbank Facebook and Instagram accounts (@landbankofficial) and Twitter (@LBP_Official) or visit www.landbank.com. – Press release
May 11, 2024
