Young Professional Education Plan (Y.P.E.P)
Illuminate your educational path with the Young Professional Education Plan (YPEP). More than just a loan, YPEP is your guiding light towards furthering your education. With the potential to receive up to $650,000 and the unique feature of gaining dividends while funds are kept on shares, YPEP is not just an investment in education; it’s an investment in your future. Empower your educational journey with YPEP.
Features of the Young Professional Education Plan (Y.P.E.P)
- Signed consent clause
- Any two forms of identification from the following (Driver’s Permit, National Identification Card, Government Issued Passport, Electronic Birth Certificate)
- Job letter no older than 3 months
- Most recent payslip or Income and Expenditure Statement with corresponding bank statements for the last 2 consecutive years
- Proof of address no older than 3 months (Supporting documentation if the property is not owner-occupied)
- Documents in support of your request – Acceptance letter, etc.
Got any questions? we’re here to help
Frequently Asked Questions
There is no set waiting period, but lending criteria does apply.
The documentation required are two valid forms of picture identification, proof of address, recent job letter, payslip and documentation confirming institution acceptance.
The Young Professional Education Plan (YPEP) is a beacon for advancing your education. It goes beyond a simple loan, serving as your roadmap to higher learning. Offering potential funding of up to $650,000 and the innovative feature of earning dividends while funds remain in shares, YPEP is more than just tuition assistance; it’s an investment in your tomorrow. Embark on your educational voyage empowered by YPEP.
The loan amount is determined based on the borrower’s ability to service the loan.
Applying for The YPEP Loan is simple and convenient. You can visit our website and apply for the loan using your online banking credentials. Alternatively, if you are a member and do not have your online banking credentials you can apply for them at ccuebranch.com and click “Sign Up”
You must become a member of CLICO Credit Union to apply for The YPEP Loan. Our team will guide you through the membership process, ensuring you have access to all the benefits and services offered by our credit union. Email us at bdteam@clicocu.com or fill out the form at the bottom of this page.
No shares is required for loans up to $100,000; share requirement of 10% for request in excess of $100,001, which can be taken from the loan proceeds.
The interest rate for this loan product ranges from APR 7.5% to 11.0%. The interest rates for the Anything Loan will be determined based on various factors such as your Debt Service Ratio (DSR), Credit Score, and repayment history. Our lending team will work closely with you to provide the most favourable interest rate based on your individual circumstances.
The YPEP Loan carries a maximum repayment term of 10 years.
You can borrow up to $650,000 with The YPEP Loan, depending on your specific requirements and eligibility.
Once you have submitted your application, our lending team will review it promptly. We strive to provide quick and efficient loan decisions, and you will be notified of the outcome as soon as possible.
The preferred form of repayment is via salary deduction, but alternative options can be discussed with your lending officer.
All loans are subject to normal lending criteria. Our lending team will assess your eligibility based on factors such as your terms of employment, income, credit history, and ability to repay the loan.
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