Yes, you only pay interest up to the date of closure
Your Employer will be contacted and the funds will be recovered based on stipulated agreement of the member
Yes, once your debt service ratio does not exceed 30% and does not exceed the maximum loan amount of $500,000.
Additional loans will be offered once the first loan is cleared
No. However a text reminder will be sent one (1) day of the loan past due date. If payment is not made within five (5) days, the employer will be contacted
Yes, loan recipients will be required to pay a flat fee of J$500 each time a payment is late
Loan proceeds will be made payable either to third party based on member’s request or direct debit to the member’s account
Loans will be disbursed within 48 hours return of the duly authorized Salary Deduction Form
Payments are due at the end of each month
All payments will be done by salary deductions only
Yes, there is a processing fee of 1.5% of the loan amount
The loan repayment term spans 6 – 24 months
The JN EduCare Loan is calculated on the reducing balance
The loan interest rate is 17.5% p.a.
Each applicant can borrow a minimum of J$30,000