About Education Loans

At COB we believe in lifelong learning. As a member of our family you do not have to make this journey on your own. Take advantage of our education loans and see how we make a difference in your life.

Education Loan Details

Below are the features of the Education Loan product:

  • Unsecured financing available up to $30,000
  • Financing can cover full time, part time or online studies.
  • Maximum repayment period of 10 years with first 4 years as “interest only” payments.*
  • Pre-approved amount for full course of study.*

Education Loan Requirements

We offer an affordable Vehicle Loan product to fit every budget.

  • Job letter
  • Two (2) recent pay slips
  • Proof of current mailing address (No older than three months)
  • Letter of acceptance or confirmation of enrollment from the institution including a statement showing fees and/or expenses.

Fast Turn Around

Our turn around time for a loan secured by your savings is the same day. For regular loans it should not exceed a week.

Competitive Interest Rates

Borrow at great interest rates to help overcome a short-term financial hurdle.

Education Loan - Eligibility

Any salaried, self-employed professional or any Public sector employee who is a C.O.B Credit Union member, is eligible for an education loan.

Age

Maximum age of applicant at loan maturity: 65 years

Income

Minimum Net Monthly Income: $1,500

Credit Rating

A credit check will be carried out to verify your capacity to qualify for a loan.

Frequently Ask Questions

Education Loan FAQs

We lend on the strength of your security, but not in every case. The application will be assessed on an individual basis.

There is an assessment process. If lending is approved you may be called on the same day or at latest the following day.

For loans approved during the 1st and 10th of the month, repayment is the end of the current month. Repayment will commence at the end of the following month on all loans approved after this date.

It is our policy to have a record of the payee and is in keeping with what you requested.

Click on the ‘Request a loan’ link on the top right side of the menu bar. Follow the instructions there. You will need to be a member and provide two most recent pay slips.

There is no policy on this. Every member’s situation is different.

Our turn around time for loan secured by your savings is the same day. For regular loans it should not exceed a week. Mortgages are more involved as there is the need to be processed by a legal entity and therefore will take longer.

Request a Quote

Apply for a personal loan online, provide your details below in the application form and a representative will get back to you.



This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.