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SLB PAYS Loan
slb pays loan

SLB PAYS Loan

Click here to apply for SLB PAYS Loan.

SLB PAYS Loan has:

  • The lowest interest rate for a tuition loan;
  • Smaller; more affordable monthly payments;
  • Longer repayment period;
  • Shorter processing time.

The SLB PAYS Loan can be used to:

  • Finance the cost of tertiary tuition for dependent students and the employed part-time students:
  • Supplement other funding for tertiary education such as other loans, scholarships, bursaries or grant.

Who can apply?
Person who can apply for SLB PAYS Loans - principal borrowers - include:

  • Employed part-time Jamaican students, whose places of employment facilitate salary deduction;
  • Jamaica citizens between the ages of 18 and 65 who are employed in their current jobs for at least one year and whose places facilitate salary deduction.

Loan Amounts The maximum loan amount is $680,000.00 and is pegged to the sponsors Government of Jamaica (GOJ) tuition fees at the respective tertiary institutions.

The principal borrower may access amounts for one academic year at a time. The principal can access a maximum of five (5) SLB PAYS loan for himself/herself or for a child/ward/spouse /friend/employee during that student's programme of study.

Interest Rate
The SLB PAYS loan has an interest rate of 9.5% on the reducing balance.

Loan Period
Each loan is for the maximum period of 84 months. The principal borrower can consolidate the principal balance with subsequent loans.

Repayment
The period of repayment of the SLB PAYS Loan is 84 months, repayment is by salary deduction and there is no moratorium period.

Guarantors
At least one guarantor is required for each loan. Guarantors must be Jamaican nationals living in Jamaica, formally employed in their current jobs for at least one year. Their places of employment must facilitate salary deduction.

How to apply
First, you will be required to register and complete the PAYS application form (click here to apply), then email slbpays@slbja.com to set an appointment to submit the required documents. You will receive confirmation of your appointment date and time via email within 2 working days of submission. Should you require any additional information you may call 936-4420,936-4462 or 936-4416.

Required Documents for Principal Borrower

  • Tax Registration Number (TRN)
  • One Passport size photograph, certified by a JP
  • Two forms of valid photo identification - one of the which must be a Passport or Driver's License
  • Valid work identification
  • Last three pay slips
  • Proof of address
  • Two letters of recommendation are needed and can be obtained from the following: (Justice of the Peace, Minister of Religion, Attorney-at-Law, Employer or Lecturer)
  • Letter from employer confirming their employment time and the facilitation of the salary deduction request.

Required Documents for Dependent Student

  • Acceptance letter and/or status letter from tertiary institution of dependent student
  • Student Identification
  • Tax Registration Number (TRN)
  • One passport size photograph, certified by a JP

Who can be a guarantor
A Guarantor must a Jamaican national living in Jamaica, who is employed to his/her current job for at least one year and whose place of employment
     facilitates salary deduction.

Required Documents for Guarantors
The following documents are required from guarantors:

  • Two forms of valid photo identification - one of which must be a Passport or a Driver's License
  • A job letter or three pay slips
  • Tax Registration Number (TRN)
  • Letter from Employers confirming facilitation of salary deduction

Application Fees
A non-refundable application fee of $950.00 should be paid upon submission of an application.

Processing Fee
A non-refundable application fee of $5,000.00 should be paid upon submission of an application.

Insurance
An insurance premium at a rate of $0.50 per $1,000.00 borrowed over the tenure of the loan has to be paid when coming in for your appointment.

Credit Report
A non-refundable credit report fee of $800.00 should be paid when the application is being submitted.

For additional information on the SLB PAYS Loan and other great loan options to assist tertiary students to realize their dreams, visit our website www.slbja.com or call at: 754-2559 / 936-4416

More Required Documents(click each document to download):

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