Education Loans

School fees loans may be granted to a member even though he/she has an outstanding loan on the following conditions:-

• The application is supported by a genuine fee structure from the school or institution and the committee may require the member to provide previous receipts where applicable/admission letters for new students can be attached.


• The total of all outstanding loans, including school fees, must never exceed two (2) times the members deposits.


• Only one school fees loan shall be granted in one calendar year.


• School fees cheques shall be written direct to schools or institutions where applicable and necessary.


• Repayment period shall not exceed 1 year.
• Interest shall be 1% per month on reducing balance basis.


• Cost of bankers cheques where applicable shall be met by the parent (loanee).


• Members who are educating their children are advised not to exhaust their borrowing power with other loans and to apply school fees for the whole year if possible.