🎓 Student Loan 🎓
Secure your future with our Student Loan, backed by shares and character in accordance with our loan policy. Ensure you're in good standing with the Society to qualify.
🔐 Security
Shares
Maximum Loans to Share is 2.5:1 – the total value of Loans owed to the Credit Union must be less than or equal to 2.5 times the value of the member’s shares after the loan is disbursed.
Co-Maker
A person who stands security in case the Borrower does not have sufficient Shares to cover the loan.
💸 Loan Details
Interest Rate: 0.85% on a reducing balance
Maximum Repayment Period up to: 84 months
Maximum Repayment up to: $1,671.00
Maximum Loan Amount up to: $100,000
Who Can Apply?
This Education Loan aims to provide financial assistance to students pursuing higher education in recognized institutions at home and abroad.
📋 Loan Packages Requirements
Documents Required:
- 🆔 Two (2) forms of valid ID
- 📄 Utility Bill not older than 3 months
- Note: If the utility bill is not in the applicant’s name, written consent and valid identification are required from the bill owner to use the bill.
- 💼 Pay slip – not older than 1 month & Job Letter – not older than 3 months
- For Self-employed members:
- 💰 Evidence of Income/Expenditure
- 🏦 Bank Statements – 12 – 18 months
- 💼 Evidence of Income (Payslip / Job Letter)
- 📜 Acceptance letter from University (if applicable)
- 💸 Schedule of fees
- 📚 Booklist
- 📝 Signed Credit Bureau Authorization Form
📊 Education Loan Calculator 📊
📄 Education Loan Document Submission 📄
Please ensure you have the following documents ready before uploading. You can also email them to loans@textelcu.com.
📋 Required Documents Checklist
- 📝 Completed Loan Application Form
- 🆔 Two (2) forms of valid ID
- 📄 Utility Bill not older than 3 months
- Note: If the utility bill is not in the applicant’s name, written consent and valid identification are required from the bill owner to use the bill.
- 💼 Pay slip – not older than 1 month & Job Letter – not older than 3 months
- For Self-employed members:
- 💰 Evidence of Income/Expenditure
- 🏦 Bank Statements – 12 – 18 months
- For Self-employed members:
- 💼 Evidence of Income (Payslip / Job Letter)
- 📜 Acceptance letter from University (if applicable)
- 💸 Schedule of fees
- 📚 Booklist
- 📝 Signed Credit Bureau Authorization Form
