Jamaica - Apply for Teachers Loan

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Procedure

Apply In-Person

1. To apply for a Teachers loan through the Ministry of Education, Youth, and Information (MOEY), you should submit your application to the MOEY Regional Office.Please view MOEY’s contact details via this link: Link
2. Obtain the Loan Application form from the ministry’s office or download the form from MOEY’s website through this link: Link (Click on “Teachers' Loan Application.doc” to download the form)
3. Complete the application form correctly
4. Gather and prepare all the required documents as mentioned in the “Required Documents” section below and attach the documents to the application form
5. Submit the complete application to MOEY through the Regional Education Office
6. The ministry through the relevant authority will verify the application and submit it to the bank for processing
7. Upon receipt of the loan application, the bank will contact you through your contact details to inform you of receiving the application and they may ask for any additional information if required
8. The bank will assess your application and if you meet the bank’s internal loan approval criteria the loan will be approved
9. The Bank will inform you of the successful approval and you will be required to complete loan documents at the bank including; Promissory Note, Salary Deduction Request and Acknowledgement Form, and Bond Agreement.
10. Then the bank will disburse the loan funds directly to your learning institution

Note that if your application does not meet the required approval criteria of the bank, your loan application will be denied

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Required Documents

• Proof of acceptance from an accredited institution
• Completed Loan Application form
• Original invoice from the educational institution setting out the cost of tuition
• Last two salary advice
• Photocopy of National Identification
• Photocopy of Taxpayer Registration Number (TRN)
• Job Confirmation Letter indicating employment status
• Confirmation of home address (e.g. utility bill, credit card statement)
• Two written references (Job Confirmation will suffice as one reference)
  

Office Locations & Contacts

Ministry of Education, Youth, and Information
Address: 2 National Heroes Cir, Kingston, Jamaica
Tel: 876-922-1400-9
Website: Link
Contact details and regional offices: Link
Teachers Financial Services

Ministry of Education
2 National Heroes Circle
Kingston 4
Tel: 612-5729/5724/5720
Fax: 948-5609

Eligibility

Teachers in Jamaica are eligible to apply with the following criteria:

• You should be a teacher in a public educational institution
• You should be permanently employed by MOEY
• You should Pass the Bank’s Credit Check.
• You should meet a debt service ratio of 1.5:1.
• You should provide proof of ability to pay at least 10% of the cost of the course of study
  

Fees

The application is free

Validity

Explain the time until which the certificate/document is valid.
e.g. Birth Certificate Valid Forever

Documents to Use

Application form: Link

Sample Documents

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Processing Time

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Related Videos

Videos explaining the procedure or to fill the applications.
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Instructions

• You will be required to submit the results of their examinations at the end of each year of the program of study
• You will be bonded by Government for the duration of the loan and you will have to complete a loan Agreement
  

Required Information

• Personal information
• Employment information
• Spouse employment information
  

Need for the Document

The Revolving Loan is given to teachers to assist them in facility development

Information which might help

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Other uses of the Document/Certificate

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e.g. Birth Certificate can be used as proof of identity.

External Links

MOEY: Link

Others

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