What are the differences between 3, 6, 9, and 12 month terms?

Starting April 1, borrowers can choose between 3, 6, 9, or 12 month terms.

The following things are the same for all terms/tenors:

• Requirements to apply.
• Interest rates. The standard Bukas installment plan includes a flat interest rate starting at only 1.9% monthly and a one-time 4.5% origination fee (service fee). Note that interest rates vary per school. Log in now at http://app.bukas.ph to see which options are available for you.
• Option to pre-terminate. This means you can close your loan before your maturity date (e.g. closing your loan on the 5th month even if you have a 12-month plan). /help-center/can-i-pay-advance/
• Availability upon reapplication. As long as you are eligible to reapply for another installment plan, you can choose among these terms/tenors.

Note that the short-term loans are currently offered to select schools.