Pursuing higher education is an investment in your future
We know how important the decision to further your education, or that of a loved one, is to you. Which is why we offer two types of Educational Loans. The first is a loan for small sums, to cover the necessary tools and resources like school books and uniforms. The second option is a much larger loan to finance higher secondary and tertiary education whether it be locally or abroad.
We encourage you to save a minimum of EC$ 20.00 monthly in the Education Savings Plan which will allow you to benefit from a lower interest rate. These loans are granted at a rate of 10.5% per annum or .875% per month on the reducing balance if you are the owner of an Educational Savings Plan; however, loans are granted at a rate of 12% per annum if you do not have an Educational Savings Plan with Ariza Credit Union.
Now let us help you plan your educational career. As you can see from the table below, the repayment period will differ based on the loan amount.
|Loan Amount||Repayment Period|
|EC $1,000.00-5,000.00||Up to 3 years|
|EC $6,000.00-10,000.00||Up to 4 years|
|Above EC $10,000.00||5 years|
You are required to start to repay the loan during the period of study, however, you can be granted a grace period for up to one year where you would pay on the interest only. Any extension to this time must be approved by the Board of Directors.