The loan was secured by way of legal mortgage on Jo’s business premises. The premises valued at 500,000 comprised two business units. The mortgage deed stated that: 1. the loan must be repaid by monthly installments over twenty five years, and 2. no part of the property must be leased.
Like the names, MARA is practically a loan in which you eventually have to pay back when you work and how much you pay back depends on what class you graduate from your degree with. JPA-MARA Scholarship is a bonded scholarship.