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School Loans
Ideal for schools that need to develop in terms of construction, purchase of furniture and equipment or working capital.
Main Features
- Loans amounts ranging from 3m to 50m
- Repayment period of up to 3 years and 1 year for government schools
- Loan instalment amount must not exceed 50% of the cash flow surplus generated in that month
- Loan instalments tailored to school’s income inflow i.e. every beginning of term
- Insured loans/ school premises
Benefits
- Flexible repayment period per term
- Competitive interest loans
- Competitive interest rates charged on a reducing balance basis
- Quick Processing time
- Insured loans
- Affordable loan amounts of 3m to 50m
Basic Requirements
- School must have account with PostBank
- School must be registered with Ministry of Education & Sports
- Must provide approval of the ministry of education to borrow
- Audited financial statements for the last 3 years
- Memo and articles of Association, partnership deed or sole proprietorship must be provided
- Resolution to borrow by the Board of Governors or Board of Directors signed by the chairman and Headmaster as secretary
- Confirmed minutes of the Board meeting at which the resolution was passed which must also indicate the security to be pledged
- Security worth 150% of the loan value
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Credit Services
