Grenada Development Bank is offering Student Loans to assist persons who want to upgrade themselves.
Purpose/use of funds:
Loans can be provided under this programme to finance all costs including living expenses (100%) associated with the pursuit of tertiary academic programmes as well as technical, vocational and professional study programmes.
Up to 12 years plus grace.
Period of study plus 6 months with option for another 3.
8% on the reducing balance.
All loans must be fully secured. Security can comprise of any of the following or a combination:
- Cash deposit.
- Assignment of shares from a reputable business institution.
- Mortgage on property.
- Any other collateral that may be deemed acceptable.
- In addition there must be an assignment of Insurance on the life of the student.
Interest payment during grace:
Interest accrued during the grace period should be paid monthly but in exceptional circumstances interest can be accrued and capitalized prior to commencement of principal repayment. In all cases any unpaid interest at the end of the grace period will be automatically capitalized.