Solomon Island residents requiring financial assistance to pay their children's education expenses.
School fee loans are to meet these requirements:
- Amount - Minimum $1,000 - Maximum $50,000.
- Term - Maximum 12 months. All loans are to be fully repaid by 31 January in the year following drawdown. (In Solomon Islands within 12 months of the date of draw down with no further advances until existing loans cleared in full.).
- Repayments - Fixed monthly instalments covering principal and interest (in arrears) commencing not more than one month from drawdown.
- Interest - Interest rate at an annual percentage rate fixed for the term of the loan in line with published school loan interest rates and determined at drawdown.
- Term deposit;
- Assignment of Solomon Islands National Provident Fund deposits; or
- Other acceptable tangible assets as detailed in terms of As5 Security policy.
BSP's normal consumer loan assessment criterion applies, enquiries on completing forms can be made directly with Branches or referred to the main contact email- "Call Centre"etc for assistance.