A co-borrower is an additional borrower who can be a spouse, parent, sibling, or any family member, or even a friend, who will be equally liable for the loan. Both the borrower and co-borrower need to sign the contract, are equally responsible to pay the loan, and both will receive collection reminders.
Having a co-borrower puts someone in a better position to manage a loan. Once your loan agreement is activated, the borrower will need to keep both individuals' information updated. (e.g. when updating mobile number, address, etc.)
Once your visa application is approved, the next steps to activate your Bukas Plan will be communicated through official channels.
Apply for a Bukas Installment Plan as you've received your J1 Program Invoice and signed contract with ITN! Create an account, complete your profile and submit your application. We will guide you throughout the process!
Installment plans for ITN start at 3% interest per month with a one-time service fee starting at 6%. You will be asked to review the terms and conditions as well as the disclosure statement before you activate your agreement.
Bukas can cover up to 75% of your placement fee to help you get started on your education / training journey.
Repayments start 1 month after you sign the contract and continue for 12 months. You will be able to track this through your Bukas app. Payments should be made through post-dated cheques.
You and your co-borrower need to be at least 18 years old. You or your co-borrower will need to be a trainee at ITN.
You can pay your monthly dues at ITN through post-dated cheques. You will be able to track your repayment schedule through your Bukas app.