SLB Pay As You Study (P.A.Y.S)

The PAYS loan facility covers funding for Undergraduate Degree programmes.
SLB Pay As You Study (P.A.Y.S)
The SLB’s PAYS loan facility covers funding for undergraduate degree programmes. The disbursement of the loan is done subsequent to receiving the first monthly installment from the agreed method of payment. The maximum amount for this product is One Million Dollars ($1mn). This facility is only offered to eligible Jamaicans who are employed and repayment is done via salary deduction. Applications can be submitted by an employed individual on behalf of a student pursuing an undergraduate program. The PAYS product can be combined with the Targeted loan product, and both loans combined cannot exceed Two Million Dollars ($2mn) for each academic year.
Unbeatable
6%

Interest rate

Principal Borrower Info

This is an employed individual applying for the applicant.

Payment of Fees:

Fees may be paid via your Customer Portal, STEEP or to any of other payment facilities:

Paymaster or Bill Express online or any of their locations island-wide. A copy of the receipt or evidence of payment should be retained.

The Credit Report fee is non-refundable.

Fees must be paid before the final approval of your application for a loan.

The individual who is applying for a PAYS loan is considered as the Principal Borrower.

Loan Info

Person who can apply for SLB PAYS Loans – Principal Borrowers – include:

  • Employed 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 of employment facilitate salary deduction.

Loan Amount

The maximum loan amount is $1,000,000.00 per academic year.

Loan Period

Each loan is for a maximum period of 84 months (7 years).

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.

Approved Tertiary Institutions

  • All American Institute of Medical Sciences
  • Bethlehem Teachers’ College
  • Brown’s Town Community College
  • Caribbean Maritime University
  • Caribbean School of Medical Sciences
  • Catholic College of Mandeville
  • Church Teachers’ College
  • College of Agriculture, Science and Education
  • Edna Manley College of the Visual and Performing Arts
  • Excelsior Community College
  • G.C. Foster College of Physical Education and Sports
  • International University of the Caribbean
  • Jamaica Institute of Management
  • Jamaica Theological Seminary
  • Knox Community College
  • Management Institute for National Development
  • Mico Teachers’ College
  • Moneague Teachers’ College
  • Montego Bay Community College
  • Norman Manley Law School
  • Northern Caribbean University
  • Portmore Community College
  • Sam Sharpe Teachers’ College
  • Shortwood Teachers’ College
  • St. Joseph’s Teachers’ College
  • University College of the Caribbean
  • University of Technology
  • The University of The West Indies, Cave Hill
  • The University of The West Indies, Mona
  • The University of The West Indies, Open Campus
  • The University of The West Indies, St. Augustine
  • Vector Technology Institute
  • Vocational Training Development Institute
Required Documents

Required Documents for Principal Borrower

  1. These documents should be scanned and saved electronically so that they can be uploaded during the application process on the Portal.
  2. One certified passport size photograph
  3. One government issued ID (Drivers’ License, Passport or National ID)
  4. Letter from employer confirming their occupation, salary, employment time and the facilitation of salary deduction request.
  5. Proof of address (inclusive of Bank statements.

Required Documents for Dependent Student

  1. First and Last names of the student
  2. TRN
  3. Date of Birth
  4. Name of the university/college
  5. Details about the programme of study

Required Documents for Guarantors

The guarantors are required to complete their own Portal account and guarantor application online.

Guarantors must be employed in their current job for at least one year. Guarantor’s place of employment must facilitate salary deductions. Only one guarantor is required for the loan facility.