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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 ($1m) with an unbeatable interest rate of 6%. 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 ($2m) for each academic year.
Unbeatable
6%

Interest rate

Principal Borrower Info

Student Info

New Student/ First Time Applicant

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 120 months (10 years).

Repayment
The period of repayment of the SLB PAYS Loan is 120 months (10 years), repayment is by salary deduction and there is no moratorium period.

 

New Student/ First Time Applicant

To apply for a PAYS loan, a first time applicant to the SLB, will be required to:

Step 1:

Applicant Sign Up/Register: Once the registration process is complete, a One Time Password (OTP) will be sent to your email address and mobile number. A 6-digit OTP will be sent to your email address and your mobile number which is needed to complete the registration process. After registration is complete you will be redirected to the Home page where you will be required to enter your email and the password you created.

Step 2:

Select the “New Loan” Tab and then the Loan solution that meets your needs. Complete the online application (for applicant) and upload the relevant documents to the customer portal and then submit your application.

Step 3:

Payment of Fees: Pay your fees via our customer portal, STEEP or to any of our other payment facilities:

Paymaster or Bill Express online or any of their locations island-wide. Payments can also be made at the SLB’s office. A copy of the receipt or evidence of payment should be retained for your files.

Application Fee:  $6,250

Credit Report Check:  $1,250 (for PAYS and Post Grad)

Moratorium Insurance:  Fees can be paid in full or in installments prior to disbursements.

Step 4: 

Document Submission: Applicants eligible for our new digital signature feature can now submit their documentation fully online. If you are required to submit physical documents, you will be notified directly. In that case, please prepare and submit your documents via the SLB office drop-box or utilize the drop-off facilities available at participating academic institutions.

Approved Tertiary Institutions

  • University of the West Indies, Mona
  • University of Technology
  •  Caribbean Maritime University
  • Northern Caribbean University
  • Sam Sharpe Teachers’ College
  • St. Josephs’ Teachers’ College
  • Shortwood Teachers’ College
  • The Mico University College
  • Church Teachers’ College
  • Moneague Teachers’ College
  • Bethel Bible College
  • College of Agriculture Science and Technology
  • Jamaica Theological Seminary
  • University of the Commonwealth Caribbean
  • UWI, Global Campus
  • Vector Technology Institute
  • Vocational Training Development Institute
  • Brown’s Town Community College
  • Edna Manley College
  • GC Foster College
  • Montego Bay Community College
  • Norman Manley Law School
  •  Portmore Community College
  • All American Institute of Medical Sciences
  • Caribbean School of Medical Sciences
  • Mona School of Business Management
  • Bethlehem Moravian College
  • Excelsior Community College
  •  International University of the Caribbean
  • Knox Community College
  • PreU Polytech
  • B&B University College
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