Further your education at the pace you want.
This Education Loan facility provides financial assistance to members or their children to cover the cost of tuition and associated expenses for tertiary education. Associated expenses include books, equipment, accommodation, etc.
Loan Form
Special Features
- Loan Amount – Maximum $3 million (JMD)
- Loan Duration – Maximum 4 years
- Loan Collateral - Unsecured
Requirements
- You must be a member of the IECCU between ages of 18 years and 55 years to apply
- Member must have IECCU saving and borrowing history for at least six (6) months
- Acceptance Letter from Tertiary Institution
- Complete Loan Application – Download Application Here
- Valid identification: driver’s licence, passport, voter registration card
- Proof of income: Last 6 payslips
- Self-employed persons only - Audited Financial Statements for the last 3 years
- Signed Salary Deduction Letter/Standing Order form
- Signed consent to pull credit reports from a credit bureau
- Loan insurance is required for borrowers at their expense
Conditions
- Disbursements will be made directly to the educational institutions and suppliers. Where a member receives the disbursement and fails to use the funds in accordance with loan agreement / terms of loan, renders the entire loan immediately due and payable.
- IECCU reserves the right to vary the rate of interest at any time.
- Processing fee applicable
- All requirements and conditions are subject to change without advanced notice.
* Other Conditions Apply
Estimated Monthly Repayment
| Loan Amount Taken (JMD) | $1,000,000 | $2,000,000 | $3,000,000 |
| Interest Payment per month | $10,740.00 | $21,480.00 | $32,220.00 |
| Savings Requirement | $2,685.00 | $5,370.00 | $8,055.00 |
| Total Monthly | $13,425.00 | $26,850.00 | $40,275.00 |
Why Borrow From Us?
Cost
IECCU's loan rates and associated costs are among the lowest in the industry.
Flexibility
We treat each application on its individual merit and tailor the financing solution to suit your specific situation.
Customer Service
We view your need for a loan as a matter of urgency and will ensure that your application is processed within the shortest possible time.
Protection
Your loans' up to a total of $1 million, are fully insured. In the event of death, your loan is automatically paid up to the maximum amount insured. IECCU covers the costs of these insurance premiums for our members.