Repayment Options

Options for Past due or soon to mature Loans

The Amnesty Relief offer is available for the full repayment of loans with large arrears. Borrowers and their sureties are asked to contact the Collections Unit about the terms of this offer which is subject to management's approval. 

Amnesty – is applicable where the stipulated repayment period has expired and the loan has an outstanding account balance that is due and payable. 

Options for Recent Defaulters

Deferments, Graduated Payment plans and Forbearance are available to those persons who are experiencing difficulty making monthly loan payments. These plans once approved are reviewed on a quarterly or semi-annual basis.  They are as follows:

• Deferment allows borrowers who are not in default and who provide credible evidence of further study, economic hardship or unemployment to pay the interest only part of their monthly instalment for a specified period. Persons in arrears are not eligible for a deferment.
• Forbearance allows borrowers who are in arrears and/or unable to make regular/full loan payments to pay the principal part of the loan instalment for a short period.
• Graduated payment plans allows borrowers in arrears to pay a lower monthly instalment for a specified period. Subsequent incremental increases thereafter ensure the repayment of your loan within the payback period.

The Collection Officers will work with each borrower to determine the best option available.

In-house Arrears Procedure

The SRLF will initiate its 90 day arrears procedure against those borrowers whose loans are in arrears and who have not negotiated a repayment option with the SRLF. 

Consequences of default

If you fail to pay as stipulated by the three (3) warning letters, the SRLF has the following options:

• Require you to immediately repay the entire unpaid amount of your loan.
• Sue you and your sureties.
• Require you to pay reasonable collections fees and costs plus court costs and attorney fees.
• Withhold defaulters' eligibility to obtain loan deferments.

Disability or Death

• Evidence certifying that you are permanently disabled or medically unfit for work must be submitted along with a claim to our insurers. This must be done within three (3) months after medical certification. The insurance company will pay your loan instalment up to a maximum of six (6) months in the event of a short term disability and will pay out the full loan amount for those deemed medically unfit to resume work.
• A death certificate and registration of death must be submitted by a family member and/or other representative to confirm the borrowers’ death. This must be done within three (3) months of the death.