Bridgetown.
The Student Revolving Loan Fund has raised its maximum lending limit from $50,000 to $100,000 and increased the maximum time for repayment from 12 to 25 years.
Administrative Manager of the Fund Roslyn Shepherd, told Trakker New the changes which took effect on June 1, were made possible by legislation approved by Parliament in 2010 but the Fund had first sought to measures in place to have the capacity to adequately deal with this new new development.
Among the new procedures were the hiring of a senior loans officer and a lawyer by the Fund and upgrading the Information Techonology Unit.
Shepherd said that the Fund is now taking collateral security which can include Government Bonds, land, property or cash for any loan that is above $50,000 and rather than a fixed number, burrowers for loans amounts of $50,000 or less can now offer a minimum of two sureties.
