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

Interest rate

Principal Borrower Info

Student Info

APPROVED TERTIARY INSTITUTIONS (ATIs)

Required Documents

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.

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

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

Required Documents for Dependent Student

First and Last names of the student
TRN
Date of Birth
Name of the university/college
Details about the programme of study