Loans

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Definition

A loan that enables you to finance the purchase of any new car intended for private use from an established dealership/agent.

Features

• Equity injection: Up to 0% down payment (i.e. up to 100%* financing) of the invoice price of the vehicle
• Maximum term: Up to 7 years
• Attractive interest rates

* Applicant's income and expense level will be taken into consideration for qualification for the level of financing stated above. The bank reserves the right to request additional equity injection if in their overall assessment, the application requires such an outlay by the client.

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Definition

A loan that enables you to finance the purchase of a used car (local or foreign) intended for private use from a reputable dealership or current owner.

Features

• Equity injection: Minimum down-payment of 15%* is required
• Maximum term: Up to six years
• Attractive interest rates

* Applicant's credit rating and expense level will be taken into consideration for qualification for level of financing stipulated above. The bank reserves the right to request a higher down payment if in their overall assessment; the application requires such an outlay by the client.

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Definition

A loan which enables you to finance any consumer purpose including the following:  

• Home improvement
• Making an investment
• Buying a car 
• Fixing up your car
• Vacation/Travel
• Consolidating existing debts
• Educating your children at university 
• Back to school expenses
• Purchasing consumer durable including appliances and furniture
• Personal expenses including wedding, maternity or medical
• Professional expenses

Features

• Equity injection: Up to 0% down payment (i.e. up to 100%* financing) of the invoice price
• Maximum term:
  • For partially secured/unsecured loans
    • The tenor must match the purpose of the loan which can be up to five years
  • For fully secured loans
    • Up to ten years
  • Loan amount:
    • Minimum loan amount – XCD$2,500
    • No Maximum loan amount

Collateral

• Unsecured lending is available. The amount the client is entitled to will vary from individual to individual.
• In the event that security is required, several options including cash, real estate, vehicle, bonds, marketable shares and life insurance policies with cash surrender values can be used as collateral.
• All related fees can be included in the loan

* Applicant's income and expense level will be taken into consideration for qualification for 100% financing. The bank reserves the right to request some form of equity injection if in their overall assessment, the application requires such an outlay by the client.

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Definition

A loan designed to assist individuals (full-time students only) in financing the cost of tertiary education and living expenses during the course of study. No special Tertiary Education program is available for part-time students (Refer relevant Personal Loan Product).

Target Group

For full time students only 

While the beneficiary of the loan will be the student, this product targets the parent or guardian who will be the primary borrower and must be pre-qualified to service the projected debt of the full costs for the entire duration of the programme. The student may or may not be a co-applicant, however for loans converted to blended payments after completion of study, students who were not initially party to the loan may be added as a co-applicant or takeover the debt (once they are capable) after the period of study.

Features and Benefits

• Repayment method:
  1. For immediate blended payments - (Refer Personal Loan product offer)
  2. For Tertiary Education special loan program:
     • Stage One - Monthly interest payments only during the period of study (plus a maximum of six months after completion of study is optional).
     • Stage Two - Thereafter, equal blended payments over the remaining term

• Maximum term:
  1. For immediate blended payments - (Refer relevant Fully secured or Unsecured offer)
  2. Special Tertiary Education program:
     • Stage one - Maximum term* - Full/Remaining duration of study plus optional six months to secure job.
     • Stage two - Thereafter maximum term of 5 years to liquidate loan in equal monthly blended payments

* Maximum term will vary based on type of program (e.g. study term for medicine may be seven years compared to Business Administration which may be four years. In each case, the client can service the interest for the entire duration regardless of this period but will still only have a maximum period of five years to repay loan in full).

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