Two guarantors are required for each loan.
The guarantors are equally liable for the loan and must demonstrate the ability to immediately service the loan.
The principal borrower and the dependent student of Parent Edu loans are insured at the rate of $1.50 per thousand dollars borrowed under the EduAid’s insurance scheme.
In the event that the principal borrower and/or the dependent student are not eligible for coverage, the guarantors must indemnify the EduAid from possible loss. Interest Rate and Repayment Interest Rate
The interest is variable and is calculated using the add-on principle.
The principal borrower will be given forty-five (45) days notice of any impending upward change in the rate of interest beyond the initial interest rate.
The current interest rate starts 12% add-on.
