Training Loan Application Form

Application Instructions

Please read the attached administrative procedures and relative criteria applicable to the approval and disbursement of loan funds. All aspects of the procedures must be followed.

In order to ensure the processing of your application and to minimize delay in approval, all sections of the Training Loan Application Form must be correctly completed and all supporting documentation attached.

The following documents

must

be submitted as attachments:

1. Evidence of employment in the Barbados Public Service and proof of income (employment letter & current payslip);

2. A copy of a Letter of Acceptance/Administration/Registration from the educational institution, or if already attending a course of study, a copy of the last academic report; and

3. A course outline.

4. Affidavits from two sureties, along with supporting documentation to satisfy the guidelines below.

Guidelines for selecting Sureties

When selecting sureties for the training loan please note that:

1. Persons already indebted to the Training Loan Fund cannot be accepted as sureties.

2. The surety must be at least twenty-one (21) years of age and no older than sixty (60) years of age at the time of signing the contract.

3. The surety must have an income of at least Barbados sixteen thousand dollars (Bds$16,000) annually for loans up to Barbados ten thousand dollars (Bds$10,000).

4. The surety must be a citizen, residing and employed in Barbados.

5. For Self-employed persons - Financial statements confirming income and expenditure of business certified by an Attorney-at-Law, Justice of the Peace, Minister of Religion, Medical Practitioner, Senior Public Officer, Magistrate, School Principal or Police Officer of Gazetted Rank acquainted with the surety. An official stamp reflecting the office held

must be placed on all pages of the Financial Statement.

6. Evidence of income must be provided. (e.g. payslip, job letter or affidavit).

7. The spouse of the Training Loan Applicant cannot stand as a surety.

8. The loan must be repaid in full before an existing surety can be released.

9. Each surety form must be signed by an Authorized Signatory.

Guidelines for repayment

1. Repayment of the Training Loan is by salary deduction only. The deduction can only be stopped by authorization from the Learning and Development Directorate, Ministry of the Public Service.

2. Repayment of the loan is calculated at 4% interest for a 5-year period. Payment commences upon the completion date of the course of study.

Guidelines to upload/attach your documents

1. Each surety may complete the form online, and print a copy to be signed and stamped by the Justice of the Peace. Scan and upload this completed document.

2. Alternatively for ease in completion you may download the blank form for signature by your Surety.

3. The attachment feature is found on the top left-hand side of the application form.

4. You must click on the icon that is similar to the one shown below in order to upload/attach your documents.

4. Please note that all application forms will be forwarded to the Learning and Development Directorate after submission.