CIDB provides financing for courses of higher learning. The bank's student loans are given for resident programs, on-line courses, overseas programs.
ClDB's preference is to cater to colleges as approved by the Education Council of the Cayman Islands.
The bank provides funding according to the following limits: Cl$5,000 - CI$60,000
Courses can range from anything from 1 to 4 years.
Age: The applicant must be above the age of 18 and not older than 45.
Nationality: A student loan applicant must be a citizen of the Cayman Islands or at the time of making the application, must have held Caymanian status for at least one year.
A brief synopsis is below:
- Completed Application Form
- 2 Character References
- Identification (DL and Passport) and Proof of Caymanian Status (required when applicant does not possess a CI Passport)
- Supporting Documentation (School Acceptance Letter/Costing Statement from School/Copy of School Calendar/Official Copy of the Course Content including Major/Confirmation Letter of Scholarship or Grant/Last School Attended Transcripts)
- Surety Information ( Surety form completed/Customer Profile From Completed/Income & Expenditure Form Completed/Credit Check Authorization Form Completed/ Job Letter/Bank Credit Reference/ Copy of DL and Passport/Proof of Caymanian Status (required when applicant does not possess a CI Passport)
- A single Surety is accepted based on a loan less than $7,500.00;
- 2 Sureties are required for loans of $15,000.00 or more as well;
- However a single Surety accepted for a loan up to $15,000.00 based on the strength of the surety
- 2 Sureties and Real Estate (Collateral) are required for loans of $15,000.00 or more (requirements for Land/House would be: Valuation of Property/Certified Copy of Land Register/Independent Legal Advice/Letter of Consent holding 1st Charge where applicable/ Letter of Consent from property owner(s) where applicable/Evidence of Property Insurance)