AMAES EDUCLOAN EXPRESS PROGRAM
  
 
FREQUENTLY ASK QUESTIONS (FAQ’S)
  
     
 
  1. WHAT IS AMA EDUCLOAN EXPRESS PROGRAM?
  
 
  AMA EducLoan Express Program is a student loan program designed by AMA Education System (AMAES) and Radiowealth Finance Company (RFC ) to help parents who want their children to go to college but are a little short on cash for this school year 2010 – 2011.
 
 
  1. WHO CAN AVAIL OF THE EDUCLOAN EXPRESS PROGRAM?
  
 
  The program is extended to all parents/guardians of qualified high school graduates and transferees who want their children to enroll at any member schools of the AMA Education System (AMA UNIVERSITY and COLLEGES, ABE INTERNATIONAL BUSINESS COLLEGE, ACLC, AIIT, ST. AUGUSTINE).
 
 
  1. HOW TO AVAIL THE EDUCLOAN EXPRESS PROGRAM?
  
 
  To apply for the loan, simply go to your selected AMA school/branch, and the school authorities will help you in filling out the application form which the school will then endorse to RFC together with all the documentary requirements attached to it. RFC will then get in touch with the loan applicant.
 
 
  1. WHAT ARE THE DOCUMENTARY REQUIREMENTS OF THE EDUCLOAN EXPRESS PROGRAM?
  
 
  Together with the accomplished loan application form, the applicant MUST comply and SUBMIT all other requirements, listed below:
    For Employed Applicants
    • Filled Application Form
    • 1 pc ID picture (1x1 / 2x2)
    • Two (2) Full Months Payslip
    • ITR/WHC
    • Any one valid Primary ID (Driver’s License, PRC ID, Passport)
    • Or two (2) Secondary ID’s (SSS, GSIS, Postal ID, Company ID, Voter’s ID)
    • Latest Utility Bill
    For Self-Employed Applicants
    • Filled Application Form
    • 1 pc ID picture (1x1 r 2x2)
    • Two (2) Full Months Payslip
    • Passbook (6 mos.)
    • ITR/W2
    • Any one valid Primary ID (Driver’s License, PRC ID, Passport)
    • Or two (2) Secondary ID’s (SSS, GSIS, Postal ID, Company ID, Voter’s ID)
    • Latest Utility Bill
    Additional Requirements for OCW’s
    • Proof of Remittance (3 mos.)
    • Or Passbook (3 mos.)
    • Copy of Live Contract
 
 
    Family Income Requirement
    Monthly joint income of parents/guardians must be Php15,000.00 up. Below Php15,000.00 automatically NOT qualified to avail the loan program.
  
 
  1. HOW MUCH WILL AN APPLICANT BE ABLE TO LOAN?
  
 
  This will depend on the credit evaluation. RFC will pay the annual tuition fee in full directly to AMA and the applicant can pay it back in installments over a two-year period. For a two-year tuition fee loan, the applicant can pay back over a four-year period.
 
 
  1. WHAT IF THE APPROVED AMOUNT IS LESS THAN THE COST OF THE FULL-YEAR TUITION FEE?
  
 
  The first semester will be paid in full. Any deficit will be covered by the applicant in the final semester. In the case of AMA University/Colleges which is trimestral, the arrangement may vary slightly. The amount of loan will be directly released to the school.
 
 
  1. WHAT IF THE APPROVED AMOUNT IS MORE THAN THE COST OF THE FULL-YEAR TUITION FEE?
  
 
  The remaining balance can be used to pay for other education-related expenses, like books, uniforms, among others.
 
 
  1. CAN THE APPLICANT ASK FOR AN EXACT COMPUTATION OF THE AMOUNT THEY CAN LOAN?
  
 
  RFC can give the estimated amount of loan and the corresponding monthly installments, however, this details can very well be explained and discussed by RFC to the applicant at their nearest branch.
 
 
  1. HOW MUCH IS THE INTEREST RATE?
  
 
  Very reasonable. As low as .85% monthly, add on.
 
 
  1. HOW LONG WILL THE PROCESSING OF THE APPLICATION TAKE SINCE CLASSESS HAVE ALREADY BEGUN FOR SOME AMA SCHOOLS?
  
 
  RFC will be able to give the applicant a credit decision within three (3) days from the time the application is submitted and all documentary requirements have been complied and satisfied. As soon as the applicant receive a favorable credit decision, a notice will be given both to the applicant (in a form of P.O.) and to AMA school/branch of choice and the student can enroll already even if the loan proceeds have not been released/received by AMA.
 
 
  1. HOW WILL I GET THE LOAN?
  
 
  Loan proceeds shall be directly released by RFC to AMA. Borrower will just then received a copy of the promissory note and other documents from RFC which the borrower has signed and agreed with them.
 
 
  1. IS THIS A CLEAN LOAN, OR SECURED? WHAT COLLATERAL WILL BE ACCEPTED?
  
 
  Motor Vehicles like motorcycles, cars, vans, trucks or real estate can be used as collaterals for this loan. Comprehensive Insurance for vehicles is similarly a requirement.

(TV, desk top, laptop computers, printers, DVD players, mobile phones, other electronic gadgets are unacceptable)

For real estate, title certificates is required. Tax declaration alone is unacceptable.

 
 
  1. HOW WILL THE APPLICANT/BORROWER PAY THE LOAN?
  
 
  PDC’s on loans of Php 50,000.00 and above.

On loans less than Php 50,000.00, the borrower can pay at any RFC branch or to any authorized RFC collector/s visitng your residence for collection. It is highly recommended that applicant/borrower visit and pay before due date to avail of the prompt payment discount of Php 250.00 per month.

 
 
  1. ARE THERE ANY OTHER CHARGES ON THE LOAN?
  
 
  Yes, charges include documentary stamps, processing fee, handling fee, which will cover for the expenses in the processing of loans like encumbrance of vehicle and annotation of chattel mortgage contract or payment for the encumbrance of the TCT and annotation of REM. Theses fees may be deducted from the approved loan or borrower may opt to pay it out to receive/get the full amount of the loan.
 
 
  1. WHAT HAPPENS WHEN THERE IS A DEFAULT IN ANY OF THE AMORTIZATION PAYMENTS?
  
 
  The account will be in default and penalty for late payments shall apply. The release of the remaining loan proceeds will also be withheld until the account is updated. Should the account further defaulted for 3 months, the loan will be closed based on acceleration computation. And all balance based on the computation must be paid. However, if the borrower is unable to pay the outstanding balance, RFC may opt to foreclose the collateral.
 
 
  1. IS THERE PENALTY FOR LATE PAYMENT?
  
 
  YES, same as with other financial institution.
 
 
  1. WHAT HAPPENS TO THE UNRELEASED BALANCE OF THE LOAN IF THE STUDENT DISCONTINUES WITH THE PROGRAM?
  
 
  The account will be closed based on acceleration computation and the balance, if any, must be fully paid.
 
 
  1. CAN AMORTIZATIONS BE ARRANGED IN SUCH A WAY THAT STUDENT PAYS FOR BOTH PRINCIPAL & INTEREST FOR EVERY AMORTIZATION?
  
 
  Most long term loans are structured with interest being paid first before the principal is paid. With EducLoan Express Program thru RFC loan payment system, the borrower will pay both principal and interest every month.
 
 
  1. WILL SOMEONE BE ABLE TO EXPLAIN ALL THE DETAILS OF THE PROGRAM? LIKE WHAT HAPPENS WHEN PAYMENT/S ARE DELAYED OR APPLICANT/BORROWER DEFAULT ON ONE OR A FEW OF THE PAYMENTS? OR IF CREDITOR DISCONTINUE WITH THE PROGRAM?
  
 
  Yes, RFC can answer all your questions. In fact, you are encouraged to ask all questions and concerns before you sign on any piece of paper.
 
 
  1. CONTACT DETAILS OF RFC:
    For Metro Manila, RFC HOTLINES ARE:
  
 
  Landline : 904-6588
  Globe : 0915-2355639
  Smart : 0939-6122124
 
     
  For Provincial Branches, please refer to AMA/RFC Directory >> Download the file