Ambition is powerful. The right financing makes it unstoppable.

Get the support you need to upgrade your skills, unlock opportunities, and take your career further.

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Turn Career Goals into Career Moves

Whether you’re chasing a promotion, pivoting into a new field, or finally starting that degree you’ve been putting off, your education is one of the smartest investments you can make.

With the VMBS Education Loan, you don’t have to delay your plans. It’s built exclusively for working professionals who want to learn more, earn more, and move forward — now, not later.

Every professional’s path looks different, so choose how to finance your studies with an unsecured loan or a secured loan:

  • Up to J$5M
  • Repay over 6 years
  • No collateral.
  • Quick access to tuition funding designed for professionals on the move.
  • Interest rate: 18.00% p.a.*

*Rates are variable and subject to change.

  • Up to J$10M
  • Repay over 10–15 years
  • More funding.
  • Better rates — backed by home equity, vehicle equity, or cash security.
  • Interest rate: 10.25% p.a.*

*Rates are variable and subject to change.

Start Your Application

How This Loan Works for You

When you’re balancing work, life, and studies, you need financing that actually makes things easier — not harder. That’s exactly how the VMBS Education Loan was designed: practical, flexible, and built to support your career goals.

  • Made for professionals – Tailored to employed Members with steady income.
  • Focused on your future – Covers tuition and academic fees only, so financing stays on track.
  • Repayment that fits life – Salary deductions keep payments automatic and stress-free.
  • Study here or overseas – As long as you maintain residency in Jamaica, we’ll support you.
  • No penalty for early payoff – Clear your balance sooner if you’re ready.

Getting your Education Loan

When you’re balancing work, life, and studies, you need financing that actually makes things easier — not harder. That’s exactly how the VMBS Education Loan was designed: practical, flexible, and built to support your career goals.

Start Your Application
  • Apply

Apply online or at your nearest VMBS branch, then submit your acceptance letter, tuition invoice, proof of employment, ID, income documents, and credit report. 

  • Get Approved

We’ll review your application under our credit criteria and once approved, tuition is paid directly to your school, usually in 2–4 transactions across the academic year.

  • Repay With Ease

Salary deductions commence after the first disbursement, ensuring payments are simple and automatic.

Take Your Next Step Today

Your education is one of the best investments you’ll ever make. Let’s fund it the smart way, together.

  • Have been employed for at least 18 months with a stable income
  • Are accepted into an accredited programme (proof of enrolment required)
  • Reside in Jamaica
  • Tuition fees for part-time undergraduate, postgraduate, or doctoral studies
  • Mandatory academic fees billed by your institution (registration, labs, exams, thesis, etc.)
  • Living expenses (housing, meals, transportation)
  • Personal expenses or non-academic costs

Check If You’re Eligible

The VMBS Education Loan is built for professionals who are ready to take their next step — whether that’s a new degree, a career upgrade, or a complete pivot.

You may be eligible if you:

  • Have been employed for at least 18 months with a stable income
  • Are accepted into an accredited programme (proof of enrolment required)
  • Reside in Jamaica

Frequently Asked Questions

We know taking on a loan is a big decision. That’s why we’ve made it simple to find the information you need, so you can move forward with confidence.

When do repayments start?

Repayments begin after the first disbursement, and they’re made through simple salary deductions — so you won’t have to worry about missing a payment.

What documents will I need to apply?
  • For your initial application, you’ll need to provide:
    • University acceptance letter (stating programme name, level, and start date)
    • Official tuition invoice or payment voucher
    • Proof of employment and income (e.g. job letter, payslips, or bank statements)
    • Valid government-issued ID (passport, driver’s licence, voter’s ID)
    • Credit report
    • Creditor Life Insurance (mandatory for all loans)

If your loan is secured, you may also need:

  • Property title and valuation report (for home equity)
  • Motor vehicle documents (if vehicle equity)
  • Cash security documents (if cash-secured)
  • Insurance documents (property/vehicle as applicable)

For subsequent disbursements, you’ll need:

  • Official letter confirming continued enrolment
  • Current invoice/payment voucher
  • Completed continuation form
  • Updated employer confirmation (if employment details change)
Can I repay my loan early?

Yes. You can make early or lump-sum payments at any time, without penalty.

Do I need collateral?

Only if you’re applying for a secured loan. With an unsecured option, you can borrow up to J$5M with no collateral required.

Do I have to move my salary to VMBS?

Yes, your salary must be transferred to a VMBS account for the duration of the loan. This ensures repayments are simple and automatic.

How will the funds be disbursed?

We’ll pay tuition directly to your school in 2–4 tranches per year, aligned with the institution’s billing schedule.

What if my employment changes while I’m studying?

You’ll need to update us with your new employment details, so we can continue your repayment arrangement without disruption.

Can I apply if I’m not yet a VM Member?

Yes! You can still apply for the Education Loan. As part of the process, you’ll be asked to open a VM account and transfer your salary to VMBS for the loan term — making you a Member.

What costs are covered?

The loan covers tuition and mandatory academic fees billed through your institution (such as registration, labs, exams, or thesis fees). Living or personal expenses are not included.

What documents do I need to apply?

You’ll need:

  • Your university acceptance letter
  • Your official tuition invoice or payment voucher
  • Proof of employment and income
    Additional documents may be requested depending on whether the loan is secured or unsecured.
How long does approval take?

Once we’ve received your documents, our team works to review and provide a decision quickly — usually within a few business days.

What costs are covered?

The loan covers tuition and mandatory academic fees billed through your institution (such as registration, labs, exams, or thesis fees). Living or personal expenses are not included.

Is there a late fee if I miss a payment?

Yes. A 5% late fee will be applied to the overdue instalment.

What happens if I don’t provide proof of enrolment for the next semester?

We’ll pause future disbursements until the updated enrolment documents are received.

Terms & Conditions apply.
Loan amounts, interest rates, and repayment terms are subject to credit approval by VM Building Society. Applicants must meet eligibility requirements, including proof of employment and enrolment in an accredited programme. Additional fees, conditions, and restrictions may apply. Products and services are subject to change without notice.

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Documents Required for Opening a Public Entities Account

 

  1. Copy of the Trust Deed and Rules

  2. Organization Tax ID Number (TIN)  (if available)

  3. Tax exemption from TAJ (where applicable)

  4. All trustees must sign all documents/authorities unless we have written instructions stating how many persons can execute transactions/instructions

  5. Trustee ratification to open account with VMBS

  6. List of Authorized Signers and specimen signatures

  7. Name, address and telephone number of Directors and Majority Shareholders on the account

  8. ID & TRN for directors, majority Shareholders and authorized signers on the account.

  9. SSN is to be declared for US persons for FATCA purposes

  10. Proof of Address for Trustee, authorized signatories, and Directors

  11. Source of Funds information – confirmation of source of funds being used to open the account as well as source of future investments or deposits.

Documents Required for Opening a Public Entities Account

  1. Letter from Ministry of Finance – authorizing the establishment of the business relationship
  2. Tax Compliance Certification (TCC) (if available), if entity does not pay tax, letter from MOF stating same.
  3. Organization Tax ID Number (TIN) (if available)
  4. Statute governing the formation of the entity
  5. List of Authorized Signers and specimen signatures
  6. Name, address and telephone number of Directors and Majority Shareholder on the account
  7. ID & TIN for directors, majority Shareholders and authorized signers on the account.
  8. SSN is to be declared for US persons for FATCA purposes
  9. Proof of Address for the public body
  10. Source of Funds information – confirmation of source of funds being used to open the account as well as the source of future investments or deposits.
  11. Audited Financials

Documents Required for Opening a Private School Account

  1. Documents evidencing that the independent school is registered (from the Ministry of Education)
  2. If the school is incorporated – Documents required for a company should be presented
  3. If not incorporated – indicate the legal entity or the proprietor of the school. (Proprietor of the school is listed in the application for the registration as an independent school).
  4. Resolution from the school’s Board of Management – authorizing the establishment of the business relationship and relevant signing instructions on account
  5. Organization Tax ID Number (TIN) (if available)
  6. Tax Compliance Certification (TCC)
  7. List of Authorized Signers and specimen signatures
  8. Name, address and telephone number of Directors and Majority Shareholder on the account
  9. ID & TIN for directors, majority Shareholders and authorized signers on the account.
  10. SSN is to be declared for US persons for FATCA purposes
  11. Proof of Address for the school, authorized signatories, and Directors
  12. Source of Funds information – confirmation

Documents Required for Opening a Government School Account

  1. Resolution from the school’s Board of Management – authorizing the establishment of the business relationship and relevant signing instructions on account
  2. The Scheme for public educational institution (contains constitution, powers and duties of the Board)
  3. Organization Tax ID Number (TIN) (if available)
  4. Tax Compliance Certification (TCC) (if available)
  5. List of Authorized Signers and specimen signatures
  6. Name, address and telephone number of Directors and Majority Shareholder on the account
  7. ID & TIN for directors, majority Shareholders and authorized signers on the account.
  8. SSN is to be declared for US persons for FATCA purposes
  9. Proof of Address for the school, authorized signers and Directors
  10. Source of Funds information – confirmation of source of funds being used to open the account as well as source of future investments or deposits.

Documents Required for Opening a Charity Account

  1. Name of the Charity – as registered with the Companies Office and the Department of Cooperatives and Friendly Societies
  2. Copy of approval from the Ministry of Finance that the organization has been granted status as a charity
  3. Articles of Incorporation
  4. Organization Tax ID Number (TIN)  (if available)
  5. Name, address and telephone number of Directors and Majority Shareholder on the account
  6. ID & TIN for directors, majority Shareholders and authorized signers on the account.
  7. SSN is to be declared for US persons for FATCA purposes
  8. Proof of Address for the organization, authorized signers and Directors
  9. Source of Funds information – confirmation of source of funds being used to open the account as well as source of future investments or deposits

Documents Required for Opening a Church Account

  1. Rules or Charter of Club or Association.
  2. Resolution from the executive authorizing the opening of the account.
  3. Minutes of meeting.
  4. Taxpayer ID e.g., Tax Registration Number for Clubs and Associations, or Statutory Declaration (see Clubs and Associations Account Application Form).

Forms Required for Opening a Small Business Account

  • Clubs and Associations Account Application Form.
  • Account Signing Authority Forms.
  • Member Information Forms (MIF).
  • Reference Forms (if signing officer is unable to provide telephone references).
  • Address Verification Forms (if signing officer is unable to provide another form of proof of address).
  • Income Statement and Questionnaire for Self- employed (as applicable).
  • Electronic Communication Indemnity Forms (if email address is provided).
  • FATCA and CRS Self-Certification Forms.
  • Signature Cards.
  • Bearer Indemnity Form (as applicable)

 

*Note: Where the club or association is not required to have a Taxpayer Identification Number and has presented their charter, the Statutory Declaration section should be completed on the Clubs and Associations Account Application Form.

Documents Required for Opening a Club or Civic Association Account

  1. Rules or Charter of Club or Association.
  2. Resolution from the executive authorizing the opening of the account.
  3. Minutes of meeting.
  4. Taxpayer ID e.g., Tax Registration Number for Clubs and Associations, or Statutory Declaration (see Clubs and Associations Account Application Form).

Additional Documents for Opening a Corporation Account

Partnerships must also submit the following documents:

  • Partnership Agreement/Deed (as applicable).
  • Statement from managing partners giving names and addresses of officers and partners.

Forms Required for Opening a Corporation Account

Standard KYC internal forms listed below must be completed:

  • Business Information and Account Application Form.
  • Account Signing Authority Forms.
  • Member Information Forms (MIF).
  • Reference Forms (if signing officer is unable to provide telephone references).
  • Address Verification Forms (if signing officer is unable to provide another form of proof of address).
  • Income Statement and Questionnaire for Self-employed (as applicable).
  • Electronic Communication Indemnity Forms (if email address is provided).
  • FATCA and CRS Self-Certification Forms.
  • Signature Cards.
  • Bearer Indemnity Form (as applicable)

Documents Required for Opening a Corporation Account

  1. Certificate of Incorporation or Certificate of Registration.
  2. Articles of Incorporation.
  3. Articles and Memorandum of Association.
  4. Directors’ Resolution.
  5. Taxpayer ID e.g. Tax Registration Number for business.
  6. Valid Tax Compliance Certificate (TCC)
  7. Proof of earnings/funds for the business i.e. current financial statements (audited).
  8. Valid License or Certificate to operate the business (where the main line of business is one that falls within the purview of a regulatory body)
  9. List of signing officers and specimen signatures for each
  10. Confirmation/Notice of Director and Secretary.
  11. Name, Address and telephone number of directors and Beneficial Shareholders.
  12. ID and TRN for majority shareholders, directors and authorized signing officers
  13. Certificate of Good Standing. (This should be from the relevant regulatory authority).
  14. Group structure (if part of a Group)

Additional Documents for Opening a Partnership Account

Partnerships must also submit the following documents:

  • Partnership Agreement/Deed (as applicable).
  • Statement from managing partners giving names and addresses of officers and partners.

Forms Required for Opening a Small Business Account

Standard KYC internal forms listed below must be completed:

  • Business Information and Account Application Form.
  • Account Signing Authority Forms.
  • Member Information Forms (MIF).
  • Reference Forms (if signing officer is unable to provide telephone references).
  • Address Verification Forms (if signing officer is unable to provide another form of proof of address).
  • Income Statement and Questionnaire for Self-employed (as applicable).
  • Electronic Communication Indemnity Forms (if email address is provided).
  • FATCA and CRS Self-Certification Forms.
  • Signature Cards.
  • Bearer Indemnity Form (as applicable)

Documents Required for Opening a Small Business Account

  1. Valid Certificate of Registration of Business Name.
  2. Taxpayer ID e.g. Tax Registration Number for business.
  3. Proof of earnings/funds for the business i.e. current financial statements (audited or in-house). Where the sole trader is in business over 2 years, with an annual income above $15 million, a Financial Statement by a registered public accountant is required. Where the sole trader earns above $425 million per annum and in business over 2 years, audited financials are required.
  4. Valid Tax Compliance Certificate (TCC).
  5. Valid License or Certificate to operate the business (where the main line of business is one that falls within the purview of a regulatory body)
  6. Letter of Good Standing.

Alternative Documents for Opening a Sole Trader Account

Where the business owner is self-employed and financial statements are not presented, the Income Statement and Questionnaire for Self-Employed Form must be completed along with any TWO of the following documents HERE.

  • Where the business owner is self-employed and financial statements are not presented, the Income Statement and Questionnaire for Self-Employed Form must be completed along with any TWO of the following provided:
  • Cash flow projections for the next two (2) years.
  • Reference letter from another bank, copy of bank statement or passbook. 
  • Purchase order from two main customers (issued within two months of the date of application).
  • Receipt for supplies purchased for the business.
  • Import licenses, invoices for goods or services sold within the last three months.
  • Written customer testimonial from two main customers.
  • Copy of any government-issued permit or license (e.g., food handlers permit, vending permit, taxi permit, etc.).
  • Proof of membership in area of trade or professional association (e.g., letter from the President, Treasurer or Secretary).
  • PayPal, other online earning platforms, and contract agreement on company letterhead for contracted persons, etc.

Forms Required for Opening a Sole Trader Account

  • Business Information and Account Application Form.
  • Account Signing Authority Form.
  • Member Information Form (MIF).
  • Reference Forms (if signing officer is unable to provide telephone references).
  • Address Verification Form (if signing officer is unable to provide another form of proof of address).
  • Income Statement and Questionnaire for Self-employed (as applicable).
  • Electronic Communication Indemnity Form (if email address is provided).
  • FATCA and CRS Self-Certification Form.
  • Signature Card.
  • Bearer Indemnity Form (as applicable)

Documents Required for Opening a Sole Trader Account

  1. Valid Certificate of Registration of Business Name.
  2. Taxpayer ID e.g. Tax Registration Number for business.
  3. Proof of earnings/funds for the business i.e. current financial statements (audited or in-house). Where the sole trader is in business over 2 years, with an annual income above $15 million, a Financial Statement by a registered public accountant is required. Where the sole trader earns above $425 million per annum and in business over 2 years, audited financials are required.
  4. Valid Tax Compliance Certificate (TCC).
  5. Valid License or Certificate to operate the business (where the main line of business is one that falls within the purview of a regulatory body)
  6. Letter of Good Standing.

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