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Welfare Services

About Loan Program

Q1: I have a General loan from you. If the loan rate changes, from when will my repayment amount be affected? Is there any advance notice regarding the change?

A1: When the deposit interest rate is 3.75% or less, a special loan rate will be applied from the first day of the third month after the deposit rate has been revised. For example, when the deposit interest rate was revised on the 15th of March, the revised loan rate will become effective on the 1st of June, and accordingly your monthly repayment will change from the month of June. We will notify your school in advance in paper when there is any change in the repayment. We will also notify you through your school office with the Individual Repayment Schedule (Form 5) in the month before the month of repayment change.

Q2: I have a General loan from you and am repaying now. I wonder if I may have another General loan. I want to buy a home electric appliance with it.

A2: You cannot have more than one loan of the same category at one time. You could, however, pay off the current loan balance to newly apply for a General loan, or refinance the current loan, by which we could remit the remaining balance of the new loan after deduction of the unpaid balance of the current loan.

Q3: What are the procedures when I want to voluntarily repay part of my loan? Will my monthly repayment decrease then?

A3: For voluntary repayment of partial balance, submit the “Request Form for Voluntary Loan Repayment / Group Credit Life Insurance Withdrawal” by specifying the amount you wish to repay. Upon receipt of the form, we will send your school office the “Voluntary/Immediate Loan Repayment Advice” referring to the amount repayable not exceeding the amount you have specified. Remit the amount through your school office using the money-transfer slip enclosed by the designated due date.
A voluntary repayment will decrease the number of monthly-repayment installments; however, the monthly repayment amount remains the same while the interest accrued will decrease due to the shortened repayment period.
When you wish to voluntarily repay of Home loan while using the semi-annual repayment schedule, the semi-annual repayment shall be prioritized over the monthly repayment.