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    LandBank now allows students to loan P50,000 to buy gadgets for online learning

    MANILA, Philippines – The Land Bank of the Philippines has announced that students can now borrow up to P50,000 to purchase their required gadgets for distance learning.
    LandBank now allows students to loan P50,000

    LandBank has expanded its I-STUDY lending program
    LandBank has expanded its I-STUDY lending program to include gadgets for online learning | Photo Courtesy: LandBank

    The state-run bank expanded its direct loan programs for students to help them with their needs for distance learning. Under the enhanced I-STUDY (Interim Students’ Loan for Tuitions towards Upliftment of Education for the Development of the Youth), students can loan up to P50,000 for the purchase of electronic gadgets such as laptops, desktops, or tablets. The amount can be part of the maximum loanable amount of P150,000 allowed per student or P300,000 per parent-borrower, which can also be used to cover tuition or enrolment-related fees.

    Initially, the I-STUDY program could only be availed if parents or guardians of students will apply for them. However, with the new development, LandBank announced that students of legal age can directly file for the program if they qualify under the eligibility requirements.

    Furthermore, the LandBank also increased the maximum age eligibility of students from 30 years old to 50 years old. Scholar students who do not have full scholarships that fully cover their tuition fees can also apply. It will now also be open to non-scholar students studying in private schools under preschool, primary and secondary levels.

    Under the I-STUDY program, the bank will offer a fixed interest rate of 5% per annum for short-term loans for pre-school, primary, and secondary students payable within one year. For those in the tertiary students, the amount is payable up to a maximum of three years, with one year grace period on the principal.

    "LandBank recognizes the need to support students in adapting to distance learning modalities. While we await the resumption of in-person classes, we hope that the I-STUDY Program can help students cover the financial requirements to purchase needed learning equipment and participate in online classes,” said LandBank President and CEO Cecilia C. Borromeo.

    For more details on the application and requirements of the I-STUDY lending program, contact the LandBank Programs Management Department II at (02) 8405-7198. You may also visit their website at www.landbank.com.

    — Sally, The Summit Express

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