Do you want to own a gadget for your e-learning yet the budget isn’t enough? There’s good news as LandBank unveiled its latest program called “Gadget Loan”.
The said program is expanded coverage of its Interim Students’ Loan for Tuitions towards Upliftment of Education for the Development of the Youth or simply known as I-STUDY and focused on acquiring electronic devices to aid students for their home-based schooling or also called online learning.
What Do You Need To Know About I-STUDY Learning Program
The Land Bank of the Philippines offers a loanable amount of up to 50,000 pesos for every student to help their buying power to acquire electronic equipment for their e-learning. These gadgets can be a laptop, desktop, or a mobile device such as a tablet.
In its earlier stage of the program, I-STUDY’s only scope is for tuition or enrollment-related expenses. Yet, with the new update to the program, now covers the acquisition of gadgets that will help ease the learning of students in the comfort of their homes as the entire nation still battling the COVID-19 pandemic. This program can be added to the maximum loanable amount per student (150,000 pesos) and for parent borrowers, that’s 300,000 pesos to support payment or enrollment-related expenses.
There are two payment terms available to the said program, that’s Short-term loan and Term Loan. For the Short-term loan, the amount is payable within a one-year period through a 360-day promissory note. For the Term Loan on the other hand, the amount is payable up to three years part of it is the one-year grace period on the principal amount.
Likewise, there’s the 5% per annum interest rate that is locked-in during the entire term of the loan. Also, take note that a 24% per annum penalty will be slapped for loan default.
The banking institution can grant a total maximum loan amount of 150,000 pesos to each student and not more than 300,000 per borrower or equivalent to one calendar school-year or two semesters. LandBank will base on school-issued Enrolment Assessment Form/Registration Form with Schedule of Assessed Enrolment Fees.
Who are eligible for the I-STUDY Gadget Loan Program?
Parents, Guardians or Benefactors, and students of legal age are eligible to apply, following the certain criteria indicated below.
1. Parents, Guardians, or Benefactors
Filipino citizen, of legal age and with established repayment capacity
A co-borrower shall be required if the principal borrower is more than 60 years old and/or with no established repayment capacity
Must have established credit history and good credit standing
Must be a permanent resident or resided for at least 2 years in the area of residence
Must have a combined monthly net take-home pay after the loan
Filipino citizen, must not be more than 60 years old
With good credit standing and must have established repayment capacity
Must be a permanent resident or has resided in the area of residence for at least 2 years
- Filipino citizen, must not be more than 50 years old
- Incoming students who are qualified under the admission and retention requirements of the school or technical vocational institutions recognized or accredited by CHED or TESDA or DepEd
- With a good moral character as certified by the school
- Non-scholar students in private pre-school, primary, and secondary schools, or
- Not a current beneficiary of the Universal Access for Quality Tertiary Education Act of 2017 (R.A. 10931) or any scholarship program or of any privilege having free tuition fees as an honor student
- Scholar students whose tuition fees and other enrolment-related fees are not fully covered by the scholarship benefits and/or who are needing fund to purchase electronic gadgets to enable their access to on-line or computer-augmented learning
What Documents Required?
1. Parents, guardians or benefactors or co-borrower
– Duly accomplished loan application form
– For salaried individuals:
— Certificate of Employment or Contract of Employment
— Copy of 3 months latest payslip
— Latest BIR-filed Income Tax return
– For self-employed:
— Copy of Business Permit
— Latest BIR-filed Income Tax Return
— Valid Government-issued ID
— Proof of billing address and payment record from at least utility/service companies
– Admission slip or Enrollment Form with Student ID issued by an educational institution or technical vocational institution (for incoming student) or proof of enrollment (present or latest enrollment or registration form for continuing student)
– Form 138 or Certified True Copy of Grades during previous semester attended
– Certificate of Good Moral Character from the dean or guidance counselor or any authorized personnel from the school
– Schedule of payment of school fees and other enrollment-related expenses for the subject school semester or school year, as the case may be, duly certified by the registrar or authorized personnel of the educational institution
Take note that some documents need not be submitted if the same shall already be provided by the school.
– Opening of LANDBANK deposit account by the borrower where repayment of the loan shall be debited
– Schedule of payment of school fees and other enrollment-related fees for the current term duly certified by the registrar or authorized personnel of the institution
– Duly marked received by the school, the Authority for LANDBANK to receive copies of documents from school related to the student’s records
– The borrower shall give consent to the disclosure of credit information to other banks, financial institutions, the Banker’s Association of the Philippines Credit Bureau (BAP-CB), and other credit bureaus or institutions
– For the purchase of gadget, school documents showing evidence of enrolment with any DepEd/CHED accredited private educational institution for the current school year and that school is into online teaching module
No more than 5 calendar days after completing the enrollment:
– Photocopy of validated Enrollment Assessment Form or Registration Form and teller-validated accomplished copy of the Bills Payment Slip
– Valid student ID issued by the institution immediately within 5 days from date of issuance (for the student)
– Official Receipt/s as proof of payment of tuition fee, other enrollment-related school fees
– Authority to Debit account
– Photocopy of issued official receipts within five (5) calendar days from the date of transaction for the purchase of electronic gadgets
Within two weeks from the end of the term or as soon as available.
– Certificate of completion from educational institutions or equivalent document from a technical-vocational institution duly certified by the registrar or equivalent
After completing the enrolment assessment made by the schools, student loan applicants may submit their applications together with the complete pre-loan processing documents to the nearest LANDBANK Lending Center.
Should you have other questions and clarifications, you may email at email@example.com, or contact LANDBANK’s Customer Care Hotline: (+632) 8 405-7000 | PLDT Domestic Toll-Free 1-800-10-405-7000.