Multiple Installment Plans (MIP) vs First-Time Borrowing

Understanding the differences between a first-time Bukas student loan and a Multiple Installment Plan (MIP) can help Borrowers manage their finances effectively.

Application Process

The application for a Multiple Installment Plan will undergo the same approval process as a first-time plan. Borrowers will still need to provide:

• A Co-borrower
• An Additional Contact Person
• Updated documents (School Assessment Form, Proof of Residence, and Proof of Income)

This process will also take 3-5 working days for the final result and, once approved, the loan amount will be disbursed directly to the school.

Payment & Monitoring

Payments will also start at least 30 days after the date of activation. Instead of monitoring one repayment date, Borrowers will need to take note of two or more repayment dates. The schedule of all installment plans can be seen in the "My Installments" Tab on the Bukas portal.

Important Notes:

• Account owners cannot be changed in between installment plans. This means that student-owned accounts cannot become parent-owned accounts in succeeding loans. Borrowers should ensure they enter details accordingly during the application.
• In some instances, the interest of an additional plan may be slightly different from the first installment plan. If this is the case, Borrowers will be notified via SMS or email.
• All loan offers are conditional. As long as a loan has not yet been disbursed to the school, Bukas Finance Corp. reserves the right to withdraw any loan agreement. Please read the Terms and Conditions as well as the Disclosure Statement provided before proceeding with any loan transactions.

If there are any further questions, please feel free to reach out to our team by filling out this form.