Student loans/Tertiary Education program - Commercial banks:

1. Gather all the required documents: Banks will usually evaluate the applicant's character, capacity to repay the loan and ability to comply with the banks' condition. The documents you will be presenting will aid the bank in making a decision whether to grant or deny your loan request. Make sure that you can present and submit all the required documents that the bank is asking for. Some banks may ask you to submit additional documents aside from the ones listed on the 'Required documents' section, it will be better if you can get in touch with the bank by phone or check the bank's website first before going to the bank. Ask the bank representative/loan officer if he/she can give you a checklist of required documents and direct you to the nearest branch of the bank in your area.
2. Starting your application:
   1. Most loan applications are done in person, with the borrower going to the bank, filling in an application form and submitting the completed form along with all other required documents. Note: Before you go to the bank check you will have to set up an appointment first.
   2. It might also be helpful if you can check the bank's website again and see if you can start your loan application online. Some banks have a preliminary application form available online which the borrower must fill in and submit. After reviewing the application, a lending officer will contact you to discuss your application.
3. Loan Agreement: Once your application is approved, the bank will ask you/the borrower to sign the loan agreement. Note: Read the loan agreement carefully before you sign, take note of the interest rate, grace period, when you will start repaying the loan and any penalties in case of default.

Standard documents that banks may ask loan applicants to produce:

• For all applicants: Two forms of valid Identification and recent utility bill
• For salaried individuals: Recent job letter and last two pay slips
• For self employed individuals: Reliable Management figures and bank statements for two years must support stated personal monthly income. In the absence of the above, information must be presented and substantiated by the related level of deposit and withdrawal activity
• Registered Mortgage bill of sale as well as full comprehensive insurance will be taken over the asset and used as collateral.

Note: Documents listed above are just some of the requirements that a bank may ask you to submit, it may vary per bank or some banks may ask you to produce additional documents. Get in touch with the bank by phone or check the bank's website first before going to their office to apply for a loan.

Please list down the office locations that can be approached for applying. External links can also be used specifying office locations.

Student loans are usually offered to full-time students. No Special Tertiary Education Program is available for part-time students.

While the beneficiary of the loan will be the student, the parent or guardian will play a big role in obtaining the student loan. The parent or guardian will be the primary borrower and must be pre-qualified to service the projected debt of the full costs for the entire duration of the programme. The student may or may not be a co-applicant, however for loans converted to blended payments after completion of study, students who were not initially party to the loan may be added as a co-applicant or takeover the debt (once they are capable) after the period of study.

For borrowers:

• Employment status: Permanent, temporary, contract and self employed individuals. Note: Individuals classified as temporary or contract will be assessed on a case by case basis. Suggested maximum age for those who are employed on a temporary or contractual basis 65 years.
• Employment tenure: Minimum two years
• Employer profile:Eligibility includes companies that are:
  • Listed on the local Stock Exchange
  • Banking with us and in good financial standing
  • State-owned companies, subsidiaries and quasi-government
  • Well-known/reputable privately owned companies
  • Banking with us and in good financial standing
• Age requirement:
  • Minimum age: 18 years
  • Suggested maximum age: 65 years
  • Clients over the age of 65 will be dealt with on a case by case basis.

Explain the fees structure which is required for obtaining the certificate/document.

Repayment period for most student loans starts after course completion. After course completion and once the grace period had passed (optional six months to secure job), the borrower will be given about 5 years to completely pay off the loan.

Note: Study term for medicine may be seven years compared to Business Admin which may be four years. In each case, the client can service the interest for the entire duration regardless of this period but will still only have a maximum period of five years to repay loan in full. This kind of option may not be available in all banks.

Please attach documents that can be used by people. e.g. links

Please attach sample completed documents that would help other people.

Please explain processing time taken in obtaining the document/certificate.

Videos explaining the procedure or to fill the applications. 
Attach videos using the following tag <&video type="website">video ID|width|height<&/video&> from external websites.
Please remove the "&" inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver, 
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url "http://www.youtube.com/watch?v=Y0US7oR_t3M" Video ID is "Y0US7oR_t3M". 
	

Student loans/Tertiary Education program - Commercial banks:

• Some banks offers student loans where the borrower only need to pay the monthly interest payments during the period of study (stage one), plus a maximum of six months after completion of study is optional. After course completion and once the grace period had passed (stage two), the borrower will be paying equal blended installments over the remaining term.

Things you should know before applying for a loan:

Before you apply for a loan, carefully take note of the interest rate, conditions, and repayment scheme that the bank is offering. Look into several banks and do some research regarding the banks application process. It may be helpful if you can ask your university/college if they offer any loans to students or if they have partnered with any banks that offers student financing.

One thing that you also need to consider in choosing where to apply for a student loan is the bank's customer service, since student loans are usually long term, it will make transactions easier and can save you from a lot of stress in the future if your bank has good and accommodating bank representatives or loan officers.

Tip: You may not need to accept the entire amount of a loan the bank is offering you. Since you will be paying back the loan sometime in the future, it will be more ideal if you will only borrow what you need.

A list which displays the kind of information which is required to complete the procedure.
e.g.
1. Date of Birth.
2. City or County of Birth.

Designed to help students pay for university/college tuition, books, and living expenses, student loan differs from other types of loans with its interest rate substantially lower and repayment of the loan may be deferred while the student is still in school.

There are commercial banks in Montserrat that offers loans that can help pay for the cost of tertiary education and living expenses during the course of study .

Following is a guide on how students can apply for a loan or seek financial aid in Montserrat.

Enter other informations which might help

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

Place some external links which might help

More information which might help people.