Loan General Information


Are you contemplating purchasing a home? Do you want to buy a car or pay school fees? EDUCOM can help. We provide loans at very competitive rates, extremely manageable payment terms, and with very convenient repayment options to our members.

There is also the added benefit that EDUCOM also insures your loan for up to One Million Dollars ($1,000,000.00); so if you were to unfortunately pass away and leave an unpaid balance on your loan, your loved ones would not be burdened with your debt.



A share account is a prerequisite for EDUCOM membership, allowing eligibility for loans. A loan applicant is required to be a member of the credit union for minimum of three (3) months. All loans require proper security. Members may secure their loans with one or a combination of the following:

  • Member Shares
  • Co-makers’ Shares
  • Assignment of Insurance Policies
  • Hypothecation of Bank Account
  • Mortgages
  • Government Bonds
  • Member’s Character
  • Guarantor
  • Bill of Sale on Motor Cars not exceeding twelve (12) years old
  • Bill of Sale on New appliances purchased from  a recognized dealer
  • Bill of Sale on New computers



Loan Application forms may be obtained by “clicking here”. We invite you to come in and visit any of our friendly and professional Loan Officers when you are ready to submit your application form and the required supplementary information and documents. Applications can be submitted at any of our branches in Kingston, Portmore, Mandeville or Montego Bay



A loan will be disbursed once all of the following are in place:

  • Approved Security
  • Established method of repayment
  • Approval signature from Credit Officers
  • Loan Processing fees paid (responsibility of the borrower)



The repayment period for a loan should be as short as possible in the best interest of the lender and the borrower. Ideally loans should be amortized over three (3) years and should not exceed five (5) years. In some cases a loan may have a life of eight (8) years. Loans may be repaid using any of the following options:

  • Standing Orders
  • Salary Deductions
  • Post Dated Cheques
  • Multilink Point of Sale (POS) or Automatic Teller Machine Cards
  • Over the counter


In the event that there is extreme hardship the Credit Union should be advised without delay. We will then examine the situation with a view to possibly creating a new arrangement.