The Land Bank of the Philippines (LANDBANK) announced Thursday that it is offering loans of up to P300,000 under its “study-now-pay-later” program meant to cover students’ tuition and assist parents amid the pandemic.
LANDBANK said it has allotted P1.5 billion in credit support under the I-STUDY (Interim Students’ Loan for Tuitions towards Upliftment of Education for the Development of the Youth) Lending Program to cover the tuition and other enrollment-related fees of eligible students.
Qualified parents or guardians of incoming pre-school, primary, and secondary students can avail the study-now-pay-later loan with a fixed 5 percent interest rate per annum payable in 1 year, while term loans for tertiary students are payable in 3 years with a 1 year grace period on the principal amount.
“Through the I-STUDY Lending Program, we hope to help students finish their studies despite the difficulties they are facing,” said Landbank president and CEO Cecilia Borromeo in a statement.
Parents and guardians qualifications:
- Established repayment capacity
- Good credit history
- Good credit standing
Eligible students must have the following:
- Good moral character as certified by the school
- Qualified under the admission and retention requirements of recognized or accredited academic institutions
- Not a current beneficiary of the Universal Access for Quality Tertiary Education Act of 2017
- Not a holder of any scholarship program or privilege granted to honor students
The lending program is available only for school years 2021 to 2022.
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For more details about the lending program, interested borrowers may contact the nearest open LANDBANK Lending Center or Branch nationwide, or call LANDBANK’s customer service hotline at (02) 8405 7000 or PLDT Domestic Toll-Free 1-800-10-405-7000.
—(Source: Land Bank of the Philippines)