Students can now borrow P50K from LandBank to buy online learning gadgets

March 4, 2021 Admin

Students can now borrow P50K from LandBank to buy online learning gadgets

The Land Bank of the Philippines has extended its direct loan program for students, now allowing them to borrow up to P50,000 for the purchase of electronic devices such as laptops, desktop computers, and tablets that are needed for online learning.

Under the Interim Students’ Loan for Tuitions Towards Upliftment of Education for the Development of Youth (I-STUDY) Program, the extended program can be included in the overall loanable amount of P150,000 per student or P300,000 per parent-borrower to cover payment for tuition or enrollment-related fees.

Students of legal age will now apply for the extended I-STUDY Program. When the program first began last year, only parents and guardians were eligible to apply.

Short-term loans for pre-school, primary, and secondary students with a fixed interest rate of 5% per year are available through the I-STUDY lending program. It also provides tertiary students term loans with repayment terms of up to three years and a one-year grace period on the principal.

Eligibility Criteria

1. Parents, guardians/benefactors

a. Filipino Citizen of legal age and with established repayment capacity;

b. A co-borrower shall be required if the principal borrower is more than 60 years old and/or with no established repayment capacity;

c. Must have established credit history and good credit standing. The Lending Units (LUs) shall check the borrower’s historical two (2) months of card payments/billings, utility billings if updated prior to COVID-19;

d. Must be a permanent resident/has resided with minimum two (2) years in area of residence; and

e. Must have a combined monthly net take home pay (after loan amortization) of P20,000, per enrolled student.

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2. Co-borrower

a. Not be more than 60 years old and Filipino Citizen;

b. With good credit standing and must have established repayment capacity, as evidenced by Certificate of Employment Employment Contract (if employed), Business Permit (if Self-employed), among others; and

c. Must be a permanent resident/has resided with minimum two (2) years in area of residence.

3. Students

a. Filipino Citizen;

b. Not over 30 years old at the time of application;

Note: Per the “Youth in Nation-Building Act” under RA 8044 enacted in 1995, Filipino youth is defined as those with ages 15-30;

c. Incoming student who are qualified under the admission and retention requirements of school or technical vocational institutions recognized/accredited by CHED/TESDA/DepEd;

d. Not a current beneficiary of the Universal Access for Quality Tertiary Education Act of 2017 (R.A. 10931) or any scholarship program or of any privilege having free tuition fees as honor student; and

e. Of good moral character as certified by school.

The mission of LandBank is to foster rural development while remaining financially viable. It oversees the implementation of the Ambitious Agrarian Reform Program (CARP), as well as providing assistance to small farmers and fisherfolk and acting as a government fund depository.

Contact the LandBank Programs Management Department II at (02) 8405-7198 for more information on the I-STUDY and ACADEME lending programs’ features and application requirements.