The Credit Union offers loan which can be used to finance higher education subject to the following conditions:
The borrower will be required to repay the loan during the period of study however a moratorium of at least twelve months on the loan installment may be granted. The borrower will be required to make interest payments during the life cycle of the moratorium. A request for an extension of the moratorium may be considered by the board.
Security for the loan can take the form of a first legal mortgage over property or the regular shares of a co-maker. However if the security is a first legal mortgage you need to have 10 % of the amount in your regular shares and if you are using the shares of a co-maker as security then you should have 25% of the amount in your shares.
The following documents are needed when applying for the education loan:
• Acceptance letter from the accredited institution
• Details of tuition fees and other related expenses such as accommodation, living expenses etc.
• A recent transcript from the school if the person is already pursuing studies
• Duration of Study
• A letter from employer regarding approval of study leave if necessary
• Statement of Affairs showing financial commitments and monthly income and expenditure