Landbank clears P531 million loans for ‘study now, pay later’ program

Land Bank of the Philippines approved 531 million pesos in loans to 16 private schools that offer ‘study now, pay later’ schemes for their students.

These were made through its 3-billion-peso Academe Lending Program launched at the height of the lockdown in May to extend credit to private high schools, technical-vocational education training institutions, colleges and universities with the goal of encouraging students to enroll as their parents issue promissory notes for the tuition fees.

This program offers a so-called ‘3-3-3’ feature: a 3-billion-peso program fund in credit support, a low fixed interest rate of three percent per annum and a repayment period not exceeding three years. The lending program will be available until June 30.

I-Study has recently been expanded to cover the purchase of gadgets needed for online learning. The maximum loanable amount is 150,000 pesos per student or 300,000 pesos per parent-borrower.

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