Student Loans by Jammu and Kashmir Bank

Scale of Finance 

• Rs.7.50 Lacs for studies in India .
• Rs.15.00 Lacs for studies abroad .

 
Courses Financed    
Graduate / P.G Courses in : Medicine, Surgery, Engineering, Hotel Management, Design, Architecture, Bio-chemistry, Agriculture, Veterinary etc. 
P.G Courses in : Business Management, Chartered or Cost Accounting , Company Secretaryship. 
 
Eligibility  

• Should be an Indian National
• Should have secured admission to professional/technical courses through entrance test/selection process.
• Should have secured admission to foreign universities/institutions
• Should have passed the qualifying examination for admission to the courses.
• Employed person intending to improve their educational qualification and/or receive training in modern technology in India or abroad can also be assisted under this scheme provided training offers prospects of better placement.

 Security

• Personal guarantee of borrower/ ’s
• Collateral security equal to amount of loan.

 
Margin

• For loans upto Rs. 4 lacs - nil
• For loans above Rs. 4 lacs Studies in India - 5% Studies abroad - 15%

Rate of Interest (subject to change)

Repayment  
 Repayment Holiday/ Moratorium: Course period + 1 year or 6 months after getting job, whichever is earlier. 
The loan to be repaid in 5 to 7 years after commencement of repayment. If the student is not able to complete the course within the scheduled time, extension of time for completion of course may be permitted for a maximum of two years 

Term Loan For B.Ed/ M.Ed. Courses

Purpose 
 To provide loan to students. Employed persons who want to pursue B.Ed/M.Ed courses. 
For meeting admission / tuition/ examination/ library/ lab Fee. 
 

Nature of Facility   Term Loan 
 
 Eligibility  

• Student should be an Indian National.
• Should be a graduate in any discipline from any recognized university.
• Should have secured admission to the recognized Institution/College imparting the B.Ed/M.Ed Course.
• Loan application should be forwarded by the Principal of the college.

 
  Quantum of finance   Maximum: Rs 25,000.

  Margin   10%.

  Security   Third party guarantee of one person 
 
  Processing charges   0.05% (Minimum: Rs.25/-) 
 
  Rate of Interest    PLR with quarterly rests. 
 
  Repayment   12 equal monthly installments. 
 

Budshah Primary Education Finance
  
  Nature of Facility   Term Loan

 Objective   
To provide opportunity to children to have good quality primary education.

 Purpose   
To finance the entire cost of education of a child including school fee, uniform, books, etc. 
 
 Eligibility   
All Children above the age of 3 years. Finance granted in  the name of  Guardian. 
 

 Quantum of Finance  

  Margin   10%. 
 
  Security 

• Personal guarantee of the parent/guardian.
• Third Party guarantee of one person*.

*(Third party guarantee shall not apply in case of Government employees drawing salary through our branches.)
 
  Criteria for Selection  

• Child should be 3+ years of age.
• The applicant should produce a Certificate from the concerned school    that the child has been granted Admission.
• The loan application should be forwarded by the Principal of the School.
• The parent/guardian should have an independent regular source of income.
• The school should be recognized/ registered.

Processing Charges 
 0.05% of the amount sanctioned with a minimum cap of Rs 25/- to be paid upfront 
  
  Rate of Interest   PLR quarterly rests. 
 
 Repayment   12 equal monthly installments. There shall be no moratorium period

• ICICI Bank Educational Loan
• Punjab National Bank (PNB) Educational Loan

Student Loans by ICICI Bank

  ICICI Bank will provide an education loan that will cover the entire course fee as well as supplementary expenses( such as course material, boarding and lodging expenses) as stipulated by the Institute (approx Rs 2 Lacs).

Loan Amount 
Study Abroad              
Min. - Rs 50000
Max. - Rs 400000 
Study India
Min. - Rs 50000
Max. - Rs 400000

Loan Purpose            

• Fee payable to College / Hostel
• Examination / Library / Laboratory fee
• Purchase of books / equipments / instruments
• Caution Deposit / Building Fund
• Travel Expenses / Passage
• Purchase of computers

Course            
Graduation     

Loan Type      
Term Loan

Rate of interest
The rate of interest charged is 14.75%. (Might be revised shortly)

Moratorium period
Moratorium period of 18 months is given (which is the course period + 6 months). The monthly installment during the moratorium period (1 - 18 months ) will be Rs. 2458/-.

Post Moratorium period
Students can have the option of repayment period which starts post moratorium period of 2 yrs, 3 yrs & 4 yrs.

Monthly Installment after the moratorium period

• For 2 yrs tenure will be Rs 9674/- beginning from 19 month to 42 months.
• For 3 yrs tenure will be Rs 6909/- beginning from 19 months to 54 months.
• For 4 yrs tenure will be Rs 5541 /- beginning from 19 months to 66 months.
• Processing Fee: - There will not be any processing fee.
• Foreclosure Charges: - There are no charges for foreclosing the loan.

How to apply

• The student needs to apply at the nearest ICICI Bank branch which distributes loans of his domicile along with the letter from the Institute detailing his confirmation of admission & course fee along with other mandatory documents.

• ICICI Bank will require a letter from ICICI Prudential Life confirming that the students will get absorbed under the payroll of the company.

• Co-applicants: The candidate’s parent /guardian will be the co-applicant for the loan.

Mandatory documents:
Pre Sanction:

a) Documents of Applicant:

1. Loan application form duly filled.
2. Letter from Institute confirming the admission of the candidate with stipulated fees & other charges for completing the course.
3. Letter from ICICI Prudential Life confirming that students will get absorbed under the payroll of ICICI Prudential Life.
4. ID proof (Driving License/ Passport/ Pan Card etc).
5. Permanent address - residence proof ( Ration Card/ Utility Bill).
6. Qualification proof - Marksheets of graduation, 12th and 10th Std.
7. Signature Proof - (Driving License/ Passport/ Pan Card).

b) Documents of Co-applicant:

1. Earning Parent or earning sibling to be taken as the co-applicant for the loan.
2. ID Proof. (Driving License/ Passport/ Pan Card etc).
3. Permanent address - residence proof (Ration Card/ Utility Bill).
4. Income Proof ( 2 months salary slip for salaried) /ITR of last 2 yrs (for self employed).
5. Signature Proof. (Driving License/ Passport/ Pan Card).
6. Updated Bank Statement for last 6 months from date of application.

Post Sanction:

1. Repayment of the loan through Auto Debit mandate.
2. Credit facility form.

• Jammu and Kashmir Bank Educational Loan
• Punjab National Bank (PNB) Educational Loan

Students, who are willing to pursue higher education in India or abroad, can count on several kinds of education loans offered by the banks in India. They just need to gather comprehensive information on the scheme of all these loans before approaching a bank with their requirement. Even Punjab National Bank offers personalized educational loans for various kinds of academic programs. The scheme of Punjab National Bank (PNB) Educational Loan is also known as Vidyalakshyapurti. It also includes insurance coverage for the borrowers of educational loans in collaboration with Kotak Mahindra Insurance. 

Courses:

Punjab National Bank offers educational loans for graduate and postgraduate programs. A student, who is pursuing a professional course or a vocational course from a recognized body, university or nationally known institute can apply for PNB educational loan as well. 

Education Loans are also given for studying certificate or diploma programs. 

Eligibility:

PNB has laid down a set of eligibility criteria for sanctioning the education loans.

• A student, who is an Indian national, can apply for the loan.
• An applicant is considered eligible for PNB educational loan, if he gets admitted to a professional or vocational course through a selection process or into a foreign institute.
• A student applying for a graduate program can also get the loan if he obtains at least pass marks in the qualifying exam.

Expenses, taken into account:

The education loan of Punjab National Bank covers the college, school or hostel fee and expenses for buying books, instruments or uniform. It also includes exam, laboratory or library fee apart from money for buying computer, if necessary for pursuing the program. Your travel and lodging expenses will also be covered by the loan. Even Caution Deposit, refundable deposit or building fund and any other cost essential for studying the program will be considered for loan. 

Amount, Ceiling, Margin & Security of Loan

The amount of PNB Loan is sanctioned evaluating the need and the repaying capability of the parent or the student. Additionally, some ceilings and margins are also applied by PNB.

• You can borrow a maximum of Rs 7.5 lacs and Rs 15 lacs for studying in India or abroad respectively.
• Besides, there is a margin of 5% if you borrow above Rs 4 lacs for studying in India. The margin is 15% for studying abroad.
• An applicant needs to present a 3rd party as guarantee for borrowing above Rs 4 lacs.
• If the amount is above Rs 7.5 lacs, the bank asks for a collateral security or guarantee of a 3rd party.

Mode of repayment:

You can repay the principal sum and the interest in a time period of 5 to 7 years after you begin repaying. In case, a student fails to complete his study in the stipulated time period, he will be given an extended time of 2 years in maximum for completing the program.

To know more about the rate of interest and other details of Punjab National Bank (PNB) Educational Loan, you can go towww.pnbindia.com/

• Jammu and Kashmir Bank Educational Loan
• ICICI Bank Educational Loan