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Help & FAQs

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Help & Frequently Asked Questions

  1. Can a spouse of a borrower act as a Surety?

    Spouses of borrowers are not allowed to act as sureties.

  2. Can a Surety have an existing loan with the SRLF?

    The proposed surety cannot have an existing loan with the SRLF.

  3. Can both parents act as a Surety?

    Both parents living in the same household shall not be permitted to act as surety for the said loan.

  4. Can payments be made online?

    Yes. Online payments can be made via The SRLF Online Payment Portal (https://secure.srlfloan.edu.bb/), Surepay Online or RBC Online.

  5. Do I have to provide sureties for the loan?

    YES

    • For loans up to $30,000 – 1 surety is required
    • For loans over $30,000 and up to $50,000 – 2 sureties are required
    • For loans over $50,000, security is required; and
    • Persons may provide security for any loan in lieu of sureties. The security that the SRLF currently accepts are cash, treasury bills, T/Notes, CSV on insurance policies, land and property. 
  6. Does the SRLF offer grants or scholarships?

    No.

  7. Does the SRLF provide lending for Part-time/Online studies?

    Yes.

  8. How can I pay my loan?

    Payment can be made via:

    • Salary deduction or standing order with your bank or the SRLF
    • Bill payment at any of our partner institutions
    • Online payment portal
  9. How can non-residents pay their loans?

    Payment can be made via wire transfer, international postal money order, cashiers’ cheque, draft,  standing order using a credit card (Visa or MasterCard) or via the SRLF Online payment portal.

  10. How do I book an appointment with a Guidance Officer?

    To book an appointment with a Guidance Officer, go here and select "Other Appointments". Then choose the "Unsure about your career path, course of study or institution?" option, the system will then prompt you to choose a convienient date and time you wish to see the officer.

     

    NOTE: Only persons having issues with areas of study, unsure of the institution's accreditation, or your career path, should make an appointment tho see the Guidance Officer.

  11. How do I book an appointment with a Loans Officer?

    To book an appointment with a Loans Officer, go here and provide the unique application code which was provided to you during application. Then proceed to the next step and choose a convienient date and time you wish to see the officer.

     

  12. How do I update my information with the SRLF?

    Information such as mailing address, email address and telephone numbers can be updated from the profile section from within your online account or by downloading the change of information form below. You can also contact us at (246)-535-0834 or send your updated information to office@srlfloan.edu.bb.

     

    Current information is important as it will affect our ability to send you statements in a timely manner.

  13. How many Sureties are requried for a loan?

    See the details below:

    • Loans for $30,000 or less the following shall apply:
      • One (1) surety is required.
      • For loans less than $20,000 the annual income shall be no less than $20k.
      • For Loans of $20,000 up to $30,000 the annual income shall be no less than $30k.
    • Loans greater than $30,000 up to a maximum of $50,000 
      • Two (2) sureties are required.
      • The combined income of the two sureties shall be no less than $60k. Please note that the annual income of any one of the sureties must be no less than $20k.
  14. How much money can I borrow for studies?

    The maximum loan available is BDS$100,000 spread over the study period. However, loan ceilings of lesser amounts are applied based on level of study, location and field of study. Please see the loan limits for further details.

  15. How should I dress for my appointment?

    You Should follow the SRLF dress code when visiting the office for all appointments:

    Dress Code for Appointments

    1. NO strap blouses or dresses with straps;
    2. NO back or belly out;
    3. NO miniskirts;
    4. NO halter tops;
    5. NO revealing tops or splits;
    6. NO shorts;
    7. NO rubber slippers;
    8. NO curlers;
    9. Trousers must be worn at the waist, i.e. No Sagging trousers.

    Kindly silence all cell phones when entering the building.

  16. I've made an appointment but I can't make it in time, what can I do?

    Once your appointment has been confirmed, you can always reschedule your appointment to a later date if you can no longer make it for the original time you booked. To reschedule an appointment now, please click here.

     

    Please note that you will be required to enter the email address which was used to book the original appointment, as well as the appointment's confirmation code (which is also located in the confirmation email that was sent to your email address).

  17. If I am unemployed will my sureties be asked to pay the loan?

    Sureties guarantee that they will pay if the borrower fails to repay the loan. Sureties are therefore informed of any default and required to make payments towards the full installment or the monthly interest portion of the loan. If you find yourself unemployed or otherwise unable to meet your obligations as agreed please contact a credit officer ASAP.

  18. If I have permanent Resident Status do I qualify?

    No. Only Citizens of Barbados can qualify.

  19. Is there a deadline for applications?

    The Student Revolving Loan Fund has reopened the application process for all institution categories and our online portal will remain open until further notice.

     

    All applications will be done online and applications without acceptance letters will be accepted until they are provided by the institution.

  20. Is there an age limit?

    Applicants must be eighteen (18) years of age and no older than fifty (50) years of age. For any person over the age of 50 the application will need to be approved by the Minister of Education.

  21. List of Frequently Asked Questions on the late payment fee.

    When is the due date for payment?

    On or before the last working day of each month, (Monday to Friday).

     

    How much is the late payment fee? $30.00 When does the late payment fee begin?

    July 1st 2019.

     

    Does this apply to me if I choose to start payments during study or the grace period?

    No it only applies to persons inside of the official repayment phase of their loan

     

    If I am in arrears for eg. six months and make a monthly payment will I still be charged the late payment fee? Yes. You will have to clear all arrears and make the current payment to avoid being charged.

     

    I have been made redundant and have been having problems making my payment deadlines, what should I do?

    In scenarios where you are having difficulties repaying your loan on time please contact the Collections Unit and an officer will work out a plan that is beneficial to all parties involved. Once a plan has been put in place you will not be charged a late fee unless you deviate from the agreement. Also note that payment plans are designed based on the individual situation.

     

    How and where do I make payments?

    You have many options listed here.

     

    I am unsure about my balance and the status of my account, how do I check this?

    Your statement will be mailed to you quarterly, you can also sign up to view your account via our online portal where you will also receive monthly statements electronically. In addition, you can contact us via our online chat; telephone 535-0834/35 or email office@srlfloan.edu.bb

     

    Why is the SRLF introducing a late fee?

    The SRLF depends on timely repayments in order to provide loans for other young Barbadians and to cover its operational expenses.

  22. What are the age limits for Sureties?

    The proposed surety must be at least twenty-one (21) years of age and no older than fifty- four (54) years of age at the time of signing the contract.

  23. What are the requirements of Sureties? Example, do Sureties have to be employed to qualify?

    The surety or sureties must have been gainfully employed on a continuous basis for a minimum period of a year or on a cumulative basis for at least two years prior to application.

    Additionally:

    • Sureties must be citizens of Barbados, residing and employed in the Island.
    • Have a credit rating that meets the SRLF credit rating guidelines.
    • Evidence of income must be provided:
      1. For Employed persons - Pay slip and a Job letter.
      2. For Self-Employed Persons - Financial Statements and an Affidavit confirming Income & Expenditure of the business from an Attorney-at-law, Justice of Peace, Minister of Religion, or your Personal Accountant.
    • Proof of Address in the form of a recent utility bill or bank statement.
    • Provide to the SRLF on the *prescribed form a statement of personal income and expenses and a statement of net worth.
  24. What are the Terms of the Digital Transformation Loan?

    The following terms apply:

    • Unsecured Loan
    • Applicants may Borrow up to a maximum of $6,000
    • Interest of 5.55% on reducing balance
    • Repayable over maximum of 36 months
    • One (1) month grace period
    • REPAYMENT by Salary Deduction only
  25. What do I need to provide for the Digital Transformation Loan?

    The following documents are required:

    1. Job Letter
    2. Two (2) pieces of Gov’t issued ID
    3. Name and Address of one (1) Reference
    4. Proof of Address
    5. Invoice(s) from Supplier
  26. What financial accommodation is offered for loans in arrears but not past due?

    Interest relief is offered when the loan payback period has not expired but the beneficiary is desirous of closing the loan within a short term period.  A rebate is given on a percentage of the excess interest accumulated on the loan due to missed payments during the repayment period of your loan.

  27. What financial accommodation is offered for past due loans?

    Amnesty is offered when the stipulated repayment period has expired but the loan still has an outstanding account balance.

  28. What financial accommodations are available to borrowers who can not make regular monthly payments?

    Rather than paying the monthly loan instalment they would be required either principal or interest only depending on their declared financial position.  A graduated repayment amount can also be offered for a specific period.

  29. What information is required upon application for the loan?

    THE FOLLOWING ITEMS MUST BE SUBMITTED IN PERSON TO THIS OFFICE FOR VERIFICATION.


     

    1.    Photo of applicant (This will be taken in-house). 

    2.    B’dos gov’t approved identification - (ID card, passport, or drivers’ license). 

    3.    Birth certificate with embossed seal from Registration Dept.  *(this will be retained by the SRLF). 

    4.    Certified copy of registration as a citizen of Barbados (in cases where applicant wasn't born in Barbados)

    5.    Certified copy of marriage certificate.

    6.    Certified copies of academic qualifications.

    7.    Certified copy of acceptance letter or confirmation of enrolment from the institution.

    8.    OFFICIAL transcript or grade slip, if already in the institution or was previously enrolled in the institution.

    9.    Course content and statement of the annual cost of the program from the Institution.

    10.  Completed affidavit for surety forms.  Please see surety requirements.

    11.  Proof of income (pay slip and job letter) for applicant (if employed) and the surety(s). If either is self- employed, an affidavit MUST be provided.

    12.  Personal statement of affairs for applicant (if employed) and ALL surety(s).

    13.  Evidence to show your ability to cover the shortfall between cost of the program and the maximum amount SRLF might lend. (E.g. award of scholarship, sponsorship from go’s, **certificate of savings from your financial institution, or confirmation of approval of loan).

    14.  Health certificate from registered medical practitioner.*(this will be retained by SRLF)

    15.  Evidence of address of loan applicant & sureties (e.g. any document received by mail or recent utility bill) 


     

    Please note:

     

    Applications will be accepted WITHOUT the acceptance letter. Acceptance letters must be provided once issued by the institution. 

    ALL other supporting documentation along with printed application must be presented to SRLF office on the date of interview.

    All documents submitted will remain the property of SRLF.

    *Where persons have opted to upload all supporting documentation, ALL originals are to be presented for verification on the date of                 interview.

    **Where a third party is involved, letter of commitment to SRLF MUST also be provided.

     

    ALL APPLICATIONS are to be signed at the Interview.

     

     

  30. What is a TOP-UP Loan?

    An additional loan granted to an existing borrower who has successfully completed his/her course of study and is desirous of ascending to the next level or attaining a Professional Designation.

  31. What is Accreditation?

    Accreditation is a standard used to determine the quality of a course and  an academic institution. Although an institution may be accredited, all of its courses may not be.

  32. What is the interest rate?

    The interest rate on loans is currently 5.55%

  33. What is the purpose of Digital Transformation Loan

    This loan caters primarily to  Teachers / Tutors and or/ their children who are now required to have computer equipment suitable for the purpose of E-Learning.

     

    * Students currently enrolled may also benefit

  34. Where can I repay my SRLF loan?

    The Student Revolving Loan Fund (SRLF) office has partnered with a number of institutions to make loan repayments convenient for you. Loan repayments can be made at any of the following locations:    

    • The SRLF Office - Located at The Elsie Payne Complex, Constitution Road, St. Michael        
    • Any Branch of the General Post Office   
    • Any Branch of the Barbados National Bank (BNB) - A/C #. 028044151006
    • Any Branch of the Royal Bank of Canada (RBC) - A/C #. 105-778-5
    • CIBC FirstCaribbean International Bank - all branches
    • Surepay

    Borrowers can also pay using the methods below:

    • SRLF online payment portal  
    • Salary deductions
    • Credit cards (Visa or MasterCard)
    • Debit cards
    • Personal cheques
    • Wire TransfersDraft / Cashier chequeStanding Orders with banks or the SRLF’s bank.Electronic Bill payment
    • Cash

     

    NB: REMEMBER TO ALWAYS USE YOUR LOAN ID. NO. IN CONJUNCTION WITH YOUR FULL NAME WHEN MAKING A PAYMENT TO YOUR LOAN.

  35. Where can I study with a Student Revolving Loan?

    Locally, regionally or extra-regionally.

  36. Which levels of study can I attain a loan for?

    Any Post Secondary Level Including Undergraduate, Graduate, Doctorate or Professional Qualifications.

  37. Who accredits programs?

    Most areas of study have an accrediting body that accredits the subject through an assesment of the quality of the program. For example, Business Studies in the USA is accredited by the American Assembly of Collegiate Schools of Business (AACSB).

  38. Who can apply for the Digital Transformation Loan?

    The following persons can apply:

    • Teachers / Tutors at Tertiary, University and Vocational Institutions
    • Employed students
    • Parents/Guardians of Students
  39. Who can certify copies of official documents?

    Copies of official documents such as academic qualifications, marriage certificates or birth certificates can ONLY be certified by a Justice of the Peace (JP), Attorney-at-Law or Minister of Religion.

  40. Why is Accreditation so important?

    It is very important as a mark of the quality of the program and a requirement for some areas of employment; including medicine, engineering and architechture to name a few.

  41. Will I be charged interest during study?

    Interest will start to accrue at the end of the study period.

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© 2021 The Student Revolving Loan Fund. The Elsie Payne Complex, Constitution Rd. St. Michael, Barbados, West Indies.
Tel: +1 (246) 535-0834/35 Fax: +1 (246) 435-2164. Email: office@srlfloan.edu.bb
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