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.
- 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 firstname.lastname@example.org or (506) 453-1091 Ext. 221.