Organization : The Student Revolving Loan Fund
Type of Facility : Pay Student Loan Online
Country: Barbados
Website : http://www.srlfloan.edu.bb/
Pay Online : https://secure.srlfloan.edu.bb/
Pay Student Loan Online :
We’ve made it even easier to view and pay your student loan online. We now accept payments from all major Credit Cards.
Related : Student Revolving Fund Apply For Loan Barbados : www.statusin.org/7270.html
Methods of Loan Repayment:
Borrowers can pay their loans using the methods below:
** Salary Deductions;
** Credit Cards (Visa or MasterCard);
** Debit Cards;
** Personal Cheques;
** Wire Transfers;
** Draft / Cashier cheques
** Standing Orders with banks or the SRLF’s bank.
** Electronic Bill payment
** Cash
Republic Bank (Barbados) Limited A/C No.: – 028044151006
Swift Code: – BNBABBBB
Address: #1 Broad Street
Bridgetown
Barbados
Royal Bank of Canada Account No.: – 09435-1057785
Swift Code: – ROYCBBBB
Address: Broad Street, P.O. Box 68
Bridgetown, BB11000
Barbados
Financial Agents:
Loan Repayments can be made at the SRLF’s Office however we encouraged our borrowers to make payments with the following agencies:
** Republic Bank (Barbados) Limited. – all branches
** The Royal Bank of Canada – all branches
** Post Office – all branches
** Surepay
Repayment Options:
Options for Past due or soon to mature Loans:
The Amnesty and Interest Relief offers are available options for the full repayment of loans with large arrears. Borrowers along with their sureties are asked to contact the Credit Unit about the terms of these offers which are subject to Management Approval.
Amnesty – is applicable where the stipulated repayment period has expired and the loan has an outstanding account balance that is due and payable.
Interest Relief – is applicable where a loan is in arrears and the beneficiary is eager to close the loan within the short term.
Options for Recent Defaulters:
** Deferments, Graduated Payment plans and Forbearance are available to those persons who are experiencing difficulty making monthly loan payments. These plans once approved are reviewed on a quarterly or semi-annual basis. They are as follows:
** Deferment allows borrowers who are not in default and who provide credible evidence of further study, economic hardship or unemployment to pay the interest only part of their monthly instalment for a specified period. Persons in arrears are not eligible for a deferment.
** Forbearance allows borrowers who are in arrears and/or unable to make regular/full loan payments to pay the principal part of the loan instalment for a short period.
** Graduated payment plans allows borrowers in arrears to pay a lower monthly instalment for a specified period. Subsequent incremental increases thereafter ensure the repayment of your loan within the payback period.
** The Credit Officers will work with each borrower to determine the best option available.
In-house Arrears Procedure
** The SRLF will initiate its 90 day arrears procedure against those borrowers whose loans are in arrears and who have not negotiated a repayment option with the SRLF.
** The First Letter – If your monthly payment is not received by the end of the month, the first letter notifies the defaulter that he/she has twenty-one (21) days in which to clear the arrears amount. A copy of this letter is sent to the defaulter and his/her sureties.
** The Second Letter – If your account remains delinquent, the second letter notifies the defaulter that he/she has fourteen (14) days in which to clear the arrears amount. A copy of this letter indicating that further action may be sought is sent to the defaulter and his/her sureties.
** The Third Letter – Continual default would trigger the third and final letter which notifies the defaulter that he/she has fourteen (14) days in which to clear the arrears amount failing which the account would be sent to an attorney-at-law. A copy of this letter outlining both the borrower and sureties’ legal obligation to repay the loan and the SRLF’s remedies is sent to the defaulter and his/her sureties.