Appointments
You do not have any upcoming appointments scheduled.
Are loans secured?
Yes check Security and Surety Information for more information.
Are there any fees associated with the SRLF loans?
Yes.
Credit fee- 1% of loan will be deducted from the approved loan amount.
Stamp fees of $50 are payable for each contract and will also be deducted from your approved loan amount.
For security, additional fees will apply.
Can a spouse of a borrower act as a Surety?
No.
Can both parents act as Surety for the same loan?
No, not if both parents live in the same household.
Can I submit my application without all supporting documents?
The only supporting document you can apply without is your acceptance letter.
Can my grandparents provide security since they are both over the age limit?
Yes.
Do I have to show proof of shortfall upfront?
Yes. A statement or evidence of a loan from a financial institution must be submitted. If this is from a 3rd party, they are required to pledge the amount they are providing in writing.
Do I need to submit all my information at the time of applying?
After you have started, you will be allowed to save the application until you are able to upload the requested document(s). Your application WILL NOT be processed without all required documentation.
Does the repayment fee apply to me if I choose to start payments during study or the grace period?
No, it only applies to persons inside of the official repayment phase of their loan.
For property, can I use it if it is not fully paid for?
No, any security provided must have no other liens.
How and where do I make payments?
You have many options listed here.
How are the funds disbursed?
- For study periods of up to 15 months - All funds will be disbursed.
- For study periods of 18 months – 75% of loan up front and 25% for the last 6 months.
- For study periods of more than 18 months – Funds will be disbursed evenly over the study period.
- Funds will only be made payable after ALL Legal documents have been executed.
How do I check the status of my account?
Your statement will be emailed to you monthly, you can also sign up to view your account via our online portal for monthly statements. You can also contact us directly.
How does security work?
Any security offered must be fully assigned to the SRLF.
How much is the late payment fee?
BDS $30.00
How soon will I know if my loan has been approved?
Within 7 – 10 working days after your application has been successfully submitted.
However, where mortgages are involved, the process will take longer.
How will I know that my loan has been approved?
You will receive an e-mail or telephone call from your respective Loans Officer who will schedule a virtual meeting with you to explain the process from there on. You will also receive your documents via e-mail for you to familiarize yourself with before your scheduled appointment with the Legal Officer.
How will I know when the application is accepted?
You will receive an email which states that the documentation has been received or that the application is processing.
How will I receive the funds?
Tuition fees will be made payable to the Institution. If there is a residue after tuition fees have been paid for the year or there are no tuition fees to be paid, it will be made payable to you.
You are therefore required to provide the necessary Banking info as soon as the loan has been approved.
How will I retrieve saved information?
After you have completed the 1st stage of the application you will be given a Code which you will use throughout the process.
I have been made redundant and have been having problems making my payment deadlines, what should I do?
Contact the Collections Unit and an officer will work out a plan that is beneficial to all parties involved. Once a plan has been put in place you will not be charged a late fee unless you deviate from the agreement. Also note that payment plans are designed based on the individual situation.
If I am having financial difficulty during the repayment period, what should I do?
Contact your Loans Officer immediately and he/she will direct you accordingly.
If I am studying abroad and residing with relatives / sponsor, what do I provide?
A notarized letter from your relative/sponsor stating their willingness to accommodate you free of cost for the period.
If I am unemployed will my sureties be asked to pay the loan?
Yes.
If I am unemployed will my sureties be asked to pay the loan?
Sureties guarantee that they will pay if the borrower fails to repay the loan. Sureties are therefore informed of any default and required to make payments towards the full installment or the monthly interest portion of the loan. If you find yourself unemployed or otherwise unable to meet your obligations as agreed please contact a Collections Officer ASAP.
If I get an opportunity to work overseas, what should I do?
The Loan Agreement makes it clear that the student is bonded to remain in/return to Barbados and work for a period equal to the course of study or a period of not less than 1 year. The first step would be to notify your Loans Officer of the opportunity and be prepared to submit supporting documentation e.g., a job offer letter. This documentation must be accompanied by a letter requesting permission from the Management Committee to be released from the obligation and to accept the job offer. The letter should also outline the provisions you intend to make for servicing of the account.
Is my application automatically accepted upon submission?
No. You will be assigned to a Loans Officer who will review your application and then indicate if there are any outstanding or additional documentation needed. If there are too many unsubmitted documents, your application may be sent back to draft. This will cause a delay; you are therefore advised to ensure that ALL relevant documents are uploaded together.
Is there a deadline for applications?
No, but you are advised to apply within a timely fashion to ensure your loan is processed in time for your institution’s deadlines. How do I apply
What are the Terms of the Digital Transformation Loan?
The following terms apply:
- Unsecured Loan
- Applicants may Borrow up to a maximum of $6,000
- Interest of 7% on reducing balance
- Repayable over maximum of 36 months
- One (1) month grace period
- REPAYMENT by Salary Deduction only
What do I need to provide for the Digital Transformation Loan?
The following documents are required:
- Job Letter
- Two (2) pieces of Gov’t issued ID
- Name and Address of one (1) Reference
- Proof of Address
- Invoice(s) from Supplier
What happens if I am unable to get sureties to secure my loan?
All loans must be secured. Security is accepted for loans of any amount where sureties are not provided.
What happens if I do not finish my programme on time?
If a student does not complete programme as per contractual agreement, he/she may write to SRLF for an extended study period. It should be noted that interest will still accrue during the period.
What happens if my surety(ies) are older than the required age?
The proposed surety must be at least eighteen (18) years of age and no older than sixty (60) years of age at the time of signing the contract.
What happens if my surety(ies) are unwilling to share their financial information with me?
You will be able to share your code with your surety(ies) where they will be able to upload their information independently.
What happens with my surety’s information?
All documents pertaining to the sureties must also be uploaded.
What information is required upon application for the loan?
THE FOLLOWING ITEMS MUST BE SUBMITTED IN PERSON TO THIS OFFICE FOR VERIFICATION.
1. Photo of applicant (This will be taken in-house).
2. B’dos gov’t approved identification - (ID card, passport, or drivers’ license).
3. Birth certificate with embossed seal from Registration Dept. *(this will be retained by the SRLF).
4. Certified copy of registration as a citizen of Barbados (in cases where applicant wasn't born in Barbados)
5. Certified copy of marriage certificate.
6. Certified copies of academic qualifications.
7. Certified copy of acceptance letter or confirmation of enrolment from the institution.
8. OFFICIAL transcript or grade slip, if already in the institution or was previously enrolled in the institution.
9. Course content and statement of the annual cost of the program from the Institution.
10. Completed affidavit for surety forms. Please see surety requirements.
11. Proof of income (pay slip and job letter) for applicant (if employed) and the surety(s). If either is self- employed, an affidavit MUST be provided.
12. Personal statement of affairs for applicant (if employed) and ALL surety(s).
13. Evidence to show your ability to cover the shortfall between cost of the program and the maximum amount SRLF might lend. (E.g. award of scholarship, sponsorship from go’s, **certificate of savings from your financial institution, or confirmation of approval of loan).
14. Health certificate from registered medical practitioner.*(this will be retained by SRLF)
15. Evidence of address of loan applicant & sureties (e.g. any document received by mail or recent utility bill)
Please note:
Applications will be accepted WITHOUT the acceptance letter. Acceptance letters must be provided once issued by the institution.
ALL other supporting documentation along with printed application must be presented to SRLF office on the date of interview.
All documents submitted will remain the property of SRLF.
*Where persons have opted to upload all supporting documentation, ALL originals are to be presented for verification on the date of interview.
**Where a third party is involved, letter of commitment to SRLF MUST also be provided.
ALL APPLICATIONS are to be signed at the Interview.
What is a security pledger?
A person who is willing to assign any of the above security to SRLF.
What is deemed as shortfall?
Shortfall is the difference between the cost of your programme and the amount that SRLF will lend.
What is the purpose of Digital Transformation Loan
This loan caters primarily to Teachers / Tutors and or/ their children who are now required to have computer equipment suitable for the purpose of E-Learning.
* Students currently enrolled may also benefit
What is the reason for the surety salary deduction?
All parties to the contract will sign a salary deduction. The salary deduction for the surety will only be activated in cases where the beneficiary becomes delinquent. Both parties will be reminded continuously before this take effect.
What types of security can I offer?
- Cash – 100%
- Insurance Policy – CSV only up to 90%
- Savings Bonds
- Gov’t Debentures
- Land
- Property
When is the due date for payment?
On or before the last working day of each month, (Monday to Friday).
Where can I repay my SRLF loan?
The Student Revolving Loan Fund (SRLF) office has partnered with a number of institutions to make loan repayments convenient for you. Loan repayments can be made at any of the following locations:
- The SRLF Office - Located at The Elsie Payne Complex, Constitution Road, St. Michael
- Any Branch of the General Post Office
- Any Branch of the Barbados National Bank (BNB) - A/C #. 028044151006
- Any Branch of the Royal Bank of Canada (RBC) - A/C #. 105-778-5
- CIBC FirstCaribbean International Bank - all branches
- Surepay
Borrowers can also pay using the methods below:
- SRLF online payment portal
- Salary deductions
- Credit cards (Visa or MasterCard)
- Debit cards
- Personal cheques
- Wire TransfersDraft / Cashier chequeStanding Orders with banks or the SRLF’s bank.Electronic Bill payment
- Cash
NB: REMEMBER TO ALWAYS USE YOUR LOAN ID. NO. IN CONJUNCTION WITH YOUR FULL NAME WHEN MAKING A PAYMENT TO YOUR LOAN.
Where do I get an application form?
ALL applications are to be done online
Who can apply for the Digital Transformation Loan?
The following persons can apply:
- Teachers / Tutors at Tertiary, University and Vocational Institutions
- Employed students
- Parents/Guardians of Students
Who qualifies as a surety?
Please visit Surety Requirements for information
Will I be allowed to go onto the next stage before uploading the documents?
No.
Will I be charged interest during study?
There is no interest during study period. Interest begins to accrue from the end of your agreed study period. A grace period is granted of up to a year before repayment. Interest begins at the end of your study period.
Will I have to start over the process if I lose my code?
The Code will be sent to you via email. You can also contact the SRLF to be given the code.