You are kindly asked to note that evidence must be provided to substantiate your request.
In cases where persons have been made redundant or laid off or placed on reduced hours, please provide letter from employer informing of such.
Please be reminded that SRLF reserves the right to verify any information submitted on this form.
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.
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.
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?
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.