JMMB Bank partners with NMLS to finance legal education
Moya Leiba-Barnes, JMMB Bank general manager, client partnership.
JMMB Bank has extended its financing for postgraduate programmes with its most recent partnership with the Norman Manley Law School (NMLS).
The bank will offer up to 100 per cent financing for students pursuing the legal education certificate (LEC) programme, which is a requirement for individuals to practice law in Jamaica.
The partnership, which takes effect this academic year, comes in response to the ongoing challenge faced by individuals, to fund higher education, as they seek to propel or change their careers.
Moya Leiba-Barnes, JMMB Bank general manager, client partnership, said, “The bank continues to provide solutions to support individuals to achieve their goals, and this special JMMB Graduate loan is timely, as we recognize that many students will be faced with increased hardship, due to the circumstances surrounding the novel coronavirus (COVID-19) pandemic and the resulting economic realities/downturn.” Adding, “This partnership is also in line with JMMB Group’s commitment to nation building, as we see the provision of financing solutions, like these, as our way to aid in the further education and development of Jamaicans, so that they can continue to contribute positively and find solutions to the complex challenges that we face.”
This JMMB Graduate loan is available to students who are employed while pursuing this course of study, or in instances where the enrolled student is not employed, a parent/guardian or suitable individual may apply on his/her behalf.
This unsecured loan facility can be used by students to pay the full cost of tuition and related fees, with a flexible loan repayment plan.
The bank executive noted, “We believe that this innovative approach creates an opportunity for individuals to better manage their finances, especially during this crisis and the uncertainties that it presents. This allows students to forego the burden of high-interest debt; as they balance achievement of their goal of a higher education and other future goals, such as home ownership and wealth accumulation.”
The loan amount provided is, of course, dependent on the student’s unique financial circumstances and credit worthiness.
Additionally, students have the option to pay their tuition upfront, or in up to three tranches, in line with the school’s payment schedule and/or their own convenience. This has the benefit of making repayment more affordable, since interest is only applicable on the amount accessed for tuition and other school-related expenses.
JMMB Bank will allow students up to seven years to repay their loan at a special low interest rate of 12 per cent per annum, on the Jamaican dollar loan, which is among the most affordable terms available for unsecured loans in the sector, at this time.
There is also a low processing fee, starting at 1.5 per cent of the value of the loan, and no penalty for early repayment or foregoing use of a part of the loan amount approved, which is in keeping with JMMB Bank’s pre-existing no-or-low fee policy, to ensure that clients are not further financially burdened. Additionally, this loan is backed by a creditor life insurance component, to safeguard the life of the applicant and to ensure that in the event of death, one’s family members are not weighed down by this unforeseen debt.
The Norman Manley Law School accepts over 450 students annually for the legal education certificate programme, many of whom are hindered from the pursuit of their studies, due to the lack of affordable funding and financing options.
Interested individuals can apply for this special JMMB Graduate loan by submitting their acceptance letter from Norman Manley Law School along with the necessary documentation, to a JMMB Bank loan representative, including: income verification, tax registration number (TRN), proof of address, and completion of a loan application. The process typically is completed within three to seven business days, after the submission of all the relevant documentation.