Loan Specifics

Responsible Borrowers who handle their money well and meet our eligibility criteria can obtain a loan to purchase their Promotech products through Carilend. Why choose Carilend loans?

  • Loans in Barbados $ from $500 to $2500
  • Flexible terms between 12 and 24 months
  • Interest rate of 18% for life of the loan
  • One fixed monthly repayment serviced via salary deduction
  • Repay early at any time
  • Direct disbursal to Promotech putting your purchase in your hands faster!
See below for some estimates of what your fair, fixed monthly repayment would be.
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  MONTHLY REPAYMENT AT:
LOAN AMOUNT 12 Months 18 Months 24 Months
$500 $64  $47  $35 
$1000 $110 $77 $60
$1500 $156  $108  $85 
$2000 $202 $140 $110
$2500 $248 $172 $135
The loan amount above is the amount that you would request in the application to cover the cost of your Promotech purchase. The total amount borrowed will include the Carilend fee (currently B$200). The above monthly repayments are based on the total amount borrowed, including the fee, and are fixed for the life of the loan.

Together, Carilend and Promotech are bringing you a new way to finance your Promotech purchases! The borrowing process is simple, quick and flexible. Plus it's completed entirely online! To get started, simply register on the website, submit your loan request and upload your supporting documents.

If you submit everything we need and it all checks out, you will have your answer within one business day and receive your Promotech purchase within one to three business days.

Our terms are fair and flexible for all. We will tell you clearly and simply what it costs, what the terms are and how much your monthly payments will be. It’s flexible too! If you want to pay back early, you can repay the loan in full at any time with a few simple clicks.

“Carilend is a fantastic service and the right fit for Promotech's Customers looking for efficient, contactless financing.”

Kailash Pardasani, CEO and Founder, Promotech

Who can get a loan through Carilend?

We promote responsible and fair borrowing by those who can afford it and are good with their money. To get a loan, you need to confirm:

  • You are between the ages of 18 and 65
  • You are a current resident in the Caribbean country you are applying from for a minimum of 3 years
  • You have a regular source of income
  • Your employer will facilitate a salary deduction for Carilend
  • You have been in your current job for at least 2 years
  • You have a good credit history
  • You are able to afford the loan

What can you purchase from Promotech using the Promotech eLoan?

Anything! You can purchase one item or a combination of items. As long as the total cost is between $500 and $2500, you can apply for your Promotech eLoan! Check out Promotech's website, promotech.com, to see what's available now.

What will you need to supply?

To apply for a loan through Carilend you will need to supply the following information. So make sure you have it all handy to make your application process as quick and convenient as possible!

  • Your personal details – name, address, date of birth, email address and telephone numbers
  • Your employment/income details – employer, time employed, position, salary
  • Your personal finance details – income and expenses such as rent/mortgage costs, living expenses, other debt costs
  • Valid passport or driver's license to prove your identity along with a recent Selfie picture
  • Two months recent payslips and an employment letter to validate your income and employment details
  • Proof of Address - Bank or credit union or credit card statement, Utility bill (Power, Water, Landline/Cable TV - not cellphone)
  • Quote from Promotech with the total cost of your purchase
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How is the cost of your loan calculated?

Total Amount Payable: This is the amount you will pay if you repay your loan in full over the full term agreed and make all payments on time. The Total Amount Payable consists of:
1) Amount of Credit: How much you request to borrow.
2) Interest: What Lenders will earn for lending you their money. Interest is charged on the amount borrowed and the Carilend Fee.
3) Carilend Fee: This is what you pay Carilend for arranging and managing your loan. The fee is spread over the life of your loan and included in your monthly instalment. The fee is currently B$200 in Barbados.

Other Useful Terms to Know:

Monthly Instalments: The Total Amount Payable is divided into equal, fixed monthly instalment payments over the life of your loan.
APR (Annual Percentage Rate): The total cost of your loan, inclusive of fees and interest, as an annual percentage. This is useful to compare loans.
Loan Servicing Fee: The amount we deduct from the interest you pay in every Monthly Instalment to cover the costs of managing your loan (currently set at 30% of the amount of each interest payment).
Late Repayment/Failed Direct Debit Fee: The fee payable for each time a loan payment is missed or paid late and/or a direct debit request is declined by your bank (currently B$50 in Barbados).
Interest on Late Payments: The interest paid on loan payments that have been missed or paid late.

To confirm that you are interested in applying for a Promotech loan, please click the Barbados flag above.