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Landbank gadget loan: How to apply

Land Bank of the Philippines (LANDBANK) has recently revealed the expanded coverage of its Interim Students’ Loan for Tuitions towards Upliftment of Education for the Development of the Youth (I-STUDY) program, covering the purchase of electronic gadgets that students need for online learning.

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I-STUDY Lending Program: What you need to know

Under the enhanced I-STUDY Lending Program, LANDBANK now offers a loan of up to PHP 50,000USD 852INR 72,230EUR 812CNY 6,205 per student to finance the purchase of learning gadgets such as laptops, desktops, or tablets. Formerly, the I-STUDY program only covers tuition or enrolment-related fees. However, as part of the program’s enhancement, it also supports the purchase of electronic gadgets that students could use as an educational aid in the online distance learning system. This can be included in the maximum loanable amount of PHP 150,000USD 2,556INR 216,690EUR 2,435CNY 18,615 per student or PHP 300,000USD 5,112INR 433,380EUR 4,869CNY 37,230 per parent borrower to cover payment for tuition or enrollment-related fees.

The loan is available in either Short-term Loan or Term Loan. The Short-term Loan is payable within 1 year via a 360-day promissory note (PN), while the Term Loan is payable up to a maximum of 3 years inclusive of 1 year grace period on the principal. The loan comes with a 5% interest per annum, which is fixed for the entire term of the loan. Meanwhile, the penalty for loan default is at 24% per annum.

Photo credits: LANDBANK

The maximum loan amount shall be the equivalent of 1 school year or 2 semesters, or PHP 150,000USD 2,556INR 216,690EUR 2,435CNY 18,615 per student but not more than PHP 300,000USD 5,112INR 433,380EUR 4,869CNY 37,230 per borrower and which shall be based on the submitted school-issued Enrolment Assessment Form/Registration Form with Schedule of Assessed Enrolment Fees.

Who are eligible to apply?

Parents, Guardians or Benefactors, and students of legal age are eligible to apply, following the certain criteria indicated below.

1. Parents, Guardians, or Benefactors

Filipino citizen, of legal age and with established repayment capacity
A co-borrower shall be required if the principal borrower is more than 60 years old and/or with no established repayment capacity
Must have established credit history and good credit standing
Must be a permanent resident or resided for at least 2 years in the area of residence
Must have a combined monthly net take-home pay after loan

2. Co-borrower

Filipino citizen, must not be more than 60 years old
With good credit standing and must have established repayment capacity
Must be a permanent resident or has resided in the area of residence for at least 2 years

3. Student

Filipino citizen, must not be more than 50 years old
Incoming students who are qualified under the admission and retention requirements of the school or technical vocational institutions recognized or accredited by CHED or TESDA or DepEd
With a good moral character as certified by the school
Non-scholar students in private pre-school, primary and secondary schools, or
Not a current beneficiary of the Universal Access for Quality Tertiary Education Act of 2017 (R.A. 10931) or any scholarship program or of any privilege having free tuition fees as an honor student
Scholar students whose tuition fees and other enrolment-related fees are not fully covered by the scholarship benefits and/or who are needing fund to purchase electronic gadgets to enable their access to on-line or computer-augmented learning

What are the documentary requirements?

• Pre-processing Requirements

1. Parents, guardians or benefactors or co-borrower

Duly accomplished loan application form
For salaried individuals:
- Certificate of Employment or Contract of Employment
- Copy of 3 months latest payslip
- Latest BIR-filed Income Tax return

For self-employed:
- Copy of Business Permit
- Latest BIR-filed Income Tax Return
- Valid Government-issued ID
- Proof of billing address and payment record from at least utility/service companies

2. Students

- Admission slip or Enrollment Form with Student ID issued by an educational institution or technical vocational institution (for incoming student) or proof of enrollment (present or latest enrollment or registration form for continuing student)
- Form 138 or Certified True Copy of Grades during previous semester attended
- Certificate of Good Moral Character from the dean or guidance counselor or any authorized personnel from the school
- Schedule of payment of school fees and other enrollment-related expenses for the subject school semester or school year, as the case may be, duly certified by the registrar or authorized personnel of the educational institution

Take note that some documents need not be submitted if the same shall already be provided by the school.

• Pre-release Requirements:

Opening of LANDBANK deposit account by the borrower where repayment of the loan shall be debited
Schedule of payment of school fees and other enrollment-related fees for the current term duly certified by the registrar or authorized personnel of the institution
Duly marked received by the school, the Authority for LANDBANK to receive copies of documents from school related to the student’s records
The borrower shall give consent to the disclosure of credit information to other banks, financial institutions, the Banker’s Association of the Philippines Credit Bureau (BAP-CB), and other credit bureaus or institutions
For the purchase of gadget, school documents showing evidence of enrolment with any DepEd/CHED accredited private educational institution for the current school year and that school is into online teaching module

• Post-Release Requirements:

No more than 5 calendar days after completing the enrollment:

Photocopy of validated Enrollment Assessment Form or Registration Form and teller-validated accomplished copy of the Bills Payment Slip
Valid student ID issued by the institution immediately within 5 days from date of issuance (for the student)
Official Receipt/s as proof of payment of tuition fee, other enrollment-related school fees
Authority to Debit account
Photocopy of issued official receipts within five (5) calendar days from the date of transaction for the purchase of electronic gadgets

Within two weeks from the end of the term or as soon as available.

Certificate of completion from educational institutions or equivalent document from a technical-vocational institution duly certified by the registrar or equivalent

After completing the enrolment assessment made by the schools, student loan applicants may submit their applications together with the complete pre-loan processing documents to the nearest LANDBANK Lending Center.

Should you have other questions and clarifications, you may email at [email protected], or contact LANDBANK’s Customer Care Hotline: (+632) 8 405-7000 | PLDT Domestic Toll-Free 1-800-10-405-7000.