Loan Application

Step 1 of 5

Borrowers Details

Surname *

First Name(s) *

ID Number *

Date Of Birth *

Cell Number

Home Phone Number

Physical Address *

Postal Address

Property Ownership

Employer's Name

Employers Physical Address

Employers Phone Number

Years with Current Employer

Telephone Work

Occupation

Type Of Employment

Gender

Marital Status

Number Of Dependents

Details Of Other Borrowings

Name Of Lender / Bank

Limit

Repayment

Current Outstanding Balance

Relationship With Students

Details of any collateral arrangements

Terms & Condtion
2.1. The Educational Support Facility loan is intended to provide financing to Zimbabwean students who have qualified for tertiary education in Zimbabwe but are unable to support themselves financially. The financial institution should take appropriate measures to satisfy itself on the need for assistance. Students should apply for the loan after being admitted at the university/ college but before
2.2 the opening date to allow ample time for processing and remittance. Letter of confirmation of enrolment from the University/ College should be attached.
2.3 The primary borrowers (Parents or Guardians) should be adults, with capacity to contract and are able to execute all facility documents in respect of the facility.
2.4 The purpose of the loan will be to pay university/ college fees. All payments are done directly to the University/College.
2.5 University/ College fees invoice and letter of confirmation from the University/ College should be submitted. However, the Loan amount will also be informed by affordability as supported by the source of repayment.
2.6Each application should be accompanied by contact details of a referee as selected by the The applicants should be willing to have call backs performed on the referee to confirm that they are all known to each other.
2.7 Loan repayments or instalments should not exceed 40% of net income.
2.8 The facility will not exceed an interest rate of 2% per month all-in (including insurance) where the loan is accessed through a microfinance institution.
2.9 No processing fee will be required on submission of the application.
2.10 Prepayments are allowed, and a penalty rate in line with the institution's policy will apply for all overdue accounts.
2.11 Financial institutions will convey its decision within 10 working days from the date of receipt of the application provided the application is complete.
2.12 The parent(s) or guardian of the student would be treated as a co-applicant of the student loan. His or her role would be, necessarily, like the primary debtor.
2.13. Students who have received full Government or other scholarships are not eligible for the loan scheme.
2.14 The loan shall not be available to the students who discontinue the program midstream, failed or who are expelled from the University College for disciplinary or other reasons. Discontinuation due to medical grounds will be accepted provided that necessary documentation to the satisfaction of the lending institution is submitted.
2.15 If the loan is in default then the loan is callable immediately, a charge levied and all the methods of collection will be applied at the expense of the borrower and/or guarantors.
2.16 No variation or amendment of this Agreement shall be valid unless committed to writing and signed by or on behalf of both parties.

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