In case you missed it, LandBank has a gadget loan program for the purchase of gadgets to be used for online learning purposes. This gadget loan is part of LandBank’s I-STUDY program, which aims to extend financial assistance to less fortunate students via loans that their parents, guardians, or benefactors take on. They have recently extended the program to allow students of legal age to apply for a loan to fund an online learning gadget worth up to Php 50k. Today we’ll be talking about how to apply for the Landbank gadget loan.
A maximum loan amount of up to Php 50,000 per borrower is allowed to finance the purchase of a gadget. Loan durations are limited to short-term if paid within 1 year as stipulated in a 360-day promissory note to the bank or long-term that has a maximum period of 3 years to pay, inclusive of a 1-year grace period within the first year. Loans have a fixed 5% interest rate per annum for the entire term. Failure to pay has a penalty of 24% per annum.
How to Apply For Landbank Gadget Loan
- Prepare copies of required documents (listed below)
- The borrower must have a LANDBANK deposit account where repayment of the loan shall be debited.
- School documents to prove the student’s enrolment with any DepEd/CHED accredited private educational institution for the current school year and that school is into an online teaching module.
- Applicants may submit their applications together with the complete pre-loan processing documents to the nearest LANDBANK Lending Center. To find the nearest lending center near you, click here.
Post-Release Requirements
- Valid student ID issued by the institution immediately within 5 days from the date of issuance (for students).
- Authority to debit account.
- Photocopy of issued official receipts within five (5) calendar days from the date of transaction for the purchase of electronic gadgets.
Who may apply for a Landbank gadget loan and required documents
Parents, guardians, and co-borrowers are generally required to have Filipino citizenship, be of legal age, have proof of permanent residence, or have resided in the area of residence for a minimum of 2 years, with established repayment capacity.
Requirements for salaried individuals
- A duly accomplished loan application form obtained from Landbank
- certificate of employment or contract of employment
- copy of 3 months latest pay-slip
- latest BIR-filed Income Tax Return
Requirements for self-employed individuals
- A duly accomplished loan application form obtained from Landbank
- copy of your business permit
- latest BIR-filed Income Tax Return
- Valid Government-issued ID
- Proof of billing address and payment record from at least utility/ service companies
For students
- A student must be a Filipino citizen, of legal age and not over 50 years old at the time of application.
- A duly accomplished loan application form obtained from Landbank
- Admission slip or Enrollment Form with Student ID issued by an educational institution or technical vocational institution (for incoming student) or proof of enrollment (present or latest enrollment or registration form for continuing student.)
- Form 138 or Certified True Copy of Grades during previous semester attended.
- Certificate of Good Moral Character from the dean or guidance counselor or any authorized personnel from the school.
- Scholars whose scholarships do not fully cover tuition fees are eligible to apply for a loan.
Note: Some documents need not be submitted if the same shall already be provided by the school
To see the full eligibility requirements, terms, and additional fees check here.
