Frequently Asked Questions
What does a
deferral of payment mean?
No payments made to the account.
Max period - 6 months.
Will interest
accrue on my loan during this period?
Yes
Am I entitled
to all the options available on the website?
No. However, accommodations will be at
the discretion of SRLF and individual circumstances will be assessed.
What happens
after the deferral period?
1) You
will be expected to pay a higher amount to facilitate your loan completion as
per contractual arrangements
Or
2) you
will be granted an extended period equivalent of the relief period to complete the repayment of your loan.
What happens
if my situation has not changed?
Before expiration of any accommodation
granted, you are expected to update SRLF on your status. The SRLF will assess
your situation to see if any further relief can be granted (if you were not
given the maximum period) or if you will be called on to service the loan.
SUSPENSION OF
INTEREST
What does
suspension mean?
No interest will accrue.
Max period 3 months.
Who qualifies
for this?
Persons whose accounts were in good
standing, i.e. no arrears on account and who have been affected by COVID -19.
Will I still
be allowed to make payments?
Yes, (if you are granted a suspension of
interest) any payment made during the period will go directly towards your
principal.
What happens
after the suspension period?
Interest will accrue on your loan.
REDUCED PAYMENT
What is a
reduced payment?
You will be asked to pay less than
your required monthly payment.
Max period -6 months
How will
this payment be applied?
Payment will go towards the interest
first and the residue towards the principal.
What happens
at the end of the relief period?
1) You
will be expected to pay a higher amount to facilitate your loan completion as
per contractual arrangements
Or
2) You
will be granted an extended period equivalent of the relief period to complete
the repayment of your loan. Please note your sureties will be required to
sign indicating approval of the extended period.
How do I apply
for an accommodation?
Please visit our website
@ www.srlfloan.edu.bb and fill out the form and return via
e-mail with supporting evidence.
Kindly note that incomplete forms will not be processed.
How will I
know that I have been granted relief?
You will be informed via e-mail of the
SRLF’s decision.