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.