Students can borrow up to P50,000 from the Land Bank of the Philippines to finance the purchase of their gadgets for online learning, the state-run lender said as the country continues to restrict face-to-face classes.
Land Bank said the money could be used to buy gadgets such as laptops, desktop computers, or tablets for distance learning.
The amount can be included in the maximum P150,000 loanable amount per student or P300,000 per parent-borrower for tuition or other enrollment-related fees under the bank's I-STUDY lending program.
“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,” Land Bank President and CEO Cecilia Borromeo said in a statement.
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The I-STUDY lending program offers short-term loans payable within a year via a 360-day promisory note, and term loans that are payable up to three years inclusive of a one-year grace period on the principal. It has a fixed 5% interest rate per annum.
Land Bank also said the lending program was expanded to allow students of legal age to take out loans on their own if they meet eligibility requirements. Initially, the program only limited loans to parents, guardians, or benefactors of students when it was launched in 2020.
For those who are interested, Land Bank said applicants can contact their Programs Management Department II at (02) 8405-7198.
