Terms and Conditions

NBMC Career Pathway Loan Terms and Conditions

Here is an overview of what you need to know about NBMC’s loans:

  • An amount up to $15,000 can be borrowed; most clients borrow $6,500
  • Interest rate of prime + 1% for the entire term of the loan
  • Interest only payments during period of study
  • Repayment starts 90 days after the completion of Career Action Plan, or when full time employment begins, whichever comes first.
  •  Repayment term of up to 5 years.
  • One free chequing account for 12 months.
  • Loan payments will be distributed in installments as you make progress on your Career Action Plan.
  • Your loan will be registered with a credit bureau so that you can build your credit rating in Canada.

Client must:

  • Be a permanent resident, provincial nominee, or Canadian citizen with foreign credentials.
  • Have valid credentials/training from a country other than Canada.
  • Be currently unemployed or under-employed.
  • Have sufficient language skills in either English or French.
  • Have been accepted into program for which you will use the loan.

For more information please contact Meg McCarthy at meg.mccarthy@nb-mc.ca or (506) 453-1091 Ext. 221.