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Loan Information F.A.Q.

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View answers to commonly asked questions about Student Loans or Get Started Loans, interest rates, monthly installments, required documents and more.

Q.1: How do I qualify for a student loan?

Basically there are (2) two types of student loans that applicants are eligible for:

  1. Government Guaranteed University of The West Indies (U.W.I.) Student Loan.
  2. Republic Bank Student Loan.

Below are the requirements necessary to qualify for these loans.

1.) Government Guaranteed U.W.I. Student Loan

The applicant must:

  • Be a national of Trinidad and Tobago.
  • Be enrolled as a full-time student of The University of the West Indies, The Hugh Wooding Law School or The Institute of International Relations.
  • Have a pre-tax family income of TT$150 000 or less per annum, except for students registered at the Mona Campus (Jamaica) in which case pre-tax family income of TT$250 000 per annum or less will apply.
  • Have a joint borrower or guarantor (ideally your parent or guardian) who can manage the loan repayment. This joint borrower or guarantor must be 18 years or older.

2.)  Republic Bank Student loan

The applicant must:

  • Be enrolled in an institution of higher education.
  • Parent or Guardian may access the loan in their names solely. Mandatory if the student is under 18 years old.
  • Meet the Bank’s normal lending requirements with respect to debt servicing, income and security/collateral where applicable.

Q.2: How do I qualify for a 'Get Started' loan?

  • You must be at least 18 years old or have a joint borrower who is at least 18 years old.
  • Have a minimum monthly income of $1,500.
  • Be continuously employed for (1) one year or recently graduated.
  • Meet the Bank’s normal lending requirements with respect to debt servicing.

Q.3: What documents do I need to bring in for a loan interview if I am a full-time student?

If you are a full-time student with no source of income you will need:

  • A co-borrower to join in the loan.
  • Two (2) forms of identification for each party e.g. National Identification Card, Passport, Driver’s License.
  • One (1) recent Utility Bill of place of residence or a Board of Inland Revenue Tax Certificate in the co-borrower’s name.
  • An up to date job letter and a recent salary slip for the joint borrower.
  • Invoices/bills and estimates as appropriate to verify the costs including the study programme, books and accommodation.
  • A letter of acceptance from an educational institution.

Q.4: What documents do I need to bring in for a loan interview if I am a part-time student?

  • Two (2) forms of identification for each party if applicable e.g. National Identification Card, Passport, Driver’s License.
  • One (1) recent Utility Bill of place of residence or a Board of Inland Revenue Tax Certificate in the co-borrower’s name.
  • An up to date job letter and a recent salary slip for each borrower.
  • Invoices/bills and estimates as appropriate.
  • A letter of acceptance from an educational institution.

Q.5: What is the maximum period for which I can borrow?

For fixed interest rate loans, the maximum term is five (5) years.

For variable interest rate loans, where the rate is pegged to the base:

  • Loans in excess of TT $125,000 will have a maximum repayment period of fifteen (15) years.
  • Loans between TT $75,000 and $125,000 will have a maximum repayment period of ten (10) years.
  • Loans under TT $75 000 will have a maximum repayment period of seven (7) years.

Q.6: What is the best interest rate offered for a full-time/part-time student loan?

  • Government Guaranteed U.W.I. Student LoansThe interest rate applicable on these loans during the period of study vary depending on the average of the Prime lending rates of the Banks participating in this programme. The actual interest rate that is offered to the applicant is well below the Bank’s Prime Rate because it is subsidized by the Government of Trinidad and Tobago.On completion of the course of study, the interest rate increases to Prime Rate
  • Republic Bank Student LoanThe interest rates may vary between 1% and 21/2% above the Bank’s Prime Rate depending on the length of the period of study. You can obtain the current interest rate from any branch of Republic Bank or on our website at republictt.com.

Q.7: Am I eligible to obtain an unsecured loan from Republic Bank?

Each request is assessed on its own merit and a decision is made after considering your credit history, the amount of the loan, the term of study and the applicant’s ability to repay the loan. Generally, for shorter courses of study only life insurance coverage may be required.

Q.8: What is the turn around time between the application and approval/disbursement of funds?

A response is usually given within 24 hours. The time frame for disbursement will vary depending on what security, if any, is required. As such, you should apply as early as possible.

Q.9: How much money can I borrow under the various education loan programs?

  • Government Guaranteed U.W.I. Student LoanA maximum loan of 90% of the cost of the respective study program.
  • Republic Bank Student LoanThe Bank usually finances between 80-90% of the total cost of the respective study program. However, in some instances the bank will provide 100% of the financing.

Q.10: If I know the amount I wish to borrow, can you tell me over the phone what my monthly installment will be?

Yes, the monthly instalments can be calculated by one of our representatives and immediately given to you over the phone. Use our Loan Calculator to help you determine the monthly instalment.

Learn more about loans available at Republic Bank on republictt.com.