How To Apply For A LANDBANK I-STUDY Student Loan

4 min. read By eCompareMo on

Good news for those in need of financial assistance to send their kids to private schools in the midst of COVID-19: Land Bank of the Philippines (LANDBANK) has launched a new student loan offering, called “Interim Students Loan for Tuition toward Upliftment of Education for the Development of the Youth,” or I-STUDY Lending Program for short.

This allows parents, guardians, or benefactors of students to borrow up to one school year or two semesters’ worth of tuition. That’s up to ₱150,000 per student or ₱300,000 per borrower.

“This program will not only help families who have kids they want to send to school, but will also assist private schools and downstream industries to sustain and continue their operations,” LANDBANK President and CEO Cecila Borromeo said in a statement.

Loan terms

Through the I-Study program, the borrower may borrow a maximum of ₱300,000, with a fixed interest rate of five percent per annum.

Enrollees in preschool, primary, and secondary school levels may avail of short-term loans (STL), payable within one year. Meanwhile, those enrolling tertiary level students may avail of term loans (TL) payable up to three years, inclusive of a one-year grace period on the principal amount.

Learn more about the new LANDBANK student loan, its eligibility criteria, documentary requirements, and how to apply for one in this guide.

Read: LANDBANK Study Now, Pay Later Program: A Few Key Things You Need To Know About ACADEME

Who are eligible to apply for a LANDBANK student loan?

Parents, guardians, and benefactors of students may apply for a LANDBANK I-Study loan, provided that they meet the following eligibility criteria:

  1. Parents, guardians/benefactors
    • Filipino Citizen
    • Must be of legal age
    • Must have an established capacity for repayment
    • If more than 60 years old and/or without repayment capacity: must have a co-borrower
    • Must have good credit standing based on their credit history, based on their two months of credit card payments and utility billings pre-COVID-19
    • Must have been residing in the same address for at least two years
    • Combined monthly net take-home pay should not be lower than ₱20,000, after loan amortization, per enrolled student.
  2. Co-borrower
    • Filipino citizen
    • Must not be more than 60 years old
    • Must have an established capacity for repayment, with good credit standing; should be able to present a Certificate of Employment, or Employment Contract (if employed) or Business Permit (if self-employed)
    • Must have been residing in the same address for at least two years
  3. Students
    • Filipino citizen
    • Must not be over 30 years old at the time of application
    • Must be an incoming student of any school or institution recognized/accredited by the DepEd, CHED, or TESDA
    • Currently, must not be a beneficiary of the Universal Access for Quality Tertiary Education Act of 2017 or any scholarship program, including those granted to honor students
    • Must be able to present a Certificate of Good Moral Character from the school

Features of the i-Study lending program

The LANDBANK student loan program is offered via Short-term Loan (STL) for pre-school, primary, and secondary level students, and Term Loan (TL) for tertiary-level students. Here are the other details you should know about this program:

What’s the maximum loanable amount?

A borrower may avail of a maximum loan amount equivalent to one school year or two semesters; or ₱150,000 per student but not more than ₱300,000. This shall be based on the school-issued Enrollment Assessment Form/Registration Form with schedule of assessed enrollment fees. This comes with a fixed interest of 5% per annum (p.a.) for the entire term of the loan.

What is the loan tenor?

LANDBANK student loans are available in two options: Short term (STL) and term loan (TL). Short-term loans are payable within one year, while term loans are payable up to a maximum of three years, including a grace period of one year on the principal.

How will the LANDBANK student loan be released?

For STL, the loan will be released in lump sum; to be credited directly to the account of the school. For term loans, the release will be in the form of a lump sum per semester, also to be credited directly to the account of the school.

Read: LANDBANK iAccess Enrollment And Services: A Quick Guide

LANDBANK i-Study student loan application requirements

To apply for the LANDBANK student loan, prepare the following documents:

Before your loan is processed

  1. Parents, guardians/benefactors/co-borrower:
    • Duly accomplished loan application form
    • For employees:
      • Certificate of Employment (CoE) or Contract of Employment
      • Copy of pay slip from the last three months
      • Latest BIR-filed Income Tax Return (ITR)
    • For self-employed:
      • Copy of Business Permit
      • Latest BIR filed ITR
    • Valid government-issued ID
    • Proof of billing address and two utility/service payment receipt
  2. Students
    • Admission slip/enrollment form with student ID, or proof of enrollment
    • Certified True Copy of Grades from the last semester
    • Certificate of Good Moral Character from the school
    • Certified schedule of payment of school fees and other enrollment=related expenses for the school semester or school year

Before your loan is released

  • A LANDBANK deposit account from which the loan repayment shall be debited
  • Certificate of completion of academic requirements from the previous school year/semester
  • Cerfitied schedule of payment of school fees and other enrollment-related fees for the current term
  • An authority for LANDBANK to receive school records and other pertinent documents, received by the school
  • Consent to disclose your credit information to other banks, financial institutions, and credit bureaus.

After your loan is released

  1. You should be able to submit the following within five days after enrollment:
    • Photocopy of validated Enrollment Assessment Form/ Registration Form and teller validated accomplished copy of the Bills Payment Slip
    • Valid student ID
    • Official Receipt/s of tuition fee and other school fees.
    • Authority to Debit Account
  2. Once the loan term ends, make sure you submit the following within two weeks:
    • Certificate of completion from from the school or institution

Make sure you complete the enrollment assessment with the school or institution before you apply. To file your application for a LANDBANK student loan, submit the pre-loan processing documents to the nearest LANDBANK lending center.

For more details more about the LANDBANK I-Study lending program, you may visit this page.

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