JK Bank Education Loan
• Should be an Indian National.
• Student who have insured admission to a higher education course in distinguished institutions in India and Abroad through relevant Entrance Test or selection based on merit process after completion of HSC(10 plus 2 or equivalent).
For Studies in India
• Graduation and Post-graduation programs like B.Sc, B.Com, M.A., M.Sc&Ph.D approved by UGC / AICTE / ICMR etc
• Professional programs in Engineering, Agriculture Medical,Law , Veterinary,Computer , Dental, Management, etc
• University affiliated computer certificate courses
• ICWA, CA, CFA courses.
• IIM, IIT, IISc, XLRI, NIFT etc
• Regular study in aeronautics, pilot training and shipping etc which are okayed by Director General of Civil Aviation or shipping, in India. If the course has to be studied outside India then the institute where the applicant intends to study has to approved and recognised by the effective local aviation or shipping authority
• Education programs bade in India by esteemed foreign universities
• Evening classes of sanctioned institutes.
For Studies abroad
• Graduation and Post-graduation for courses which are job oriented and professional and/or technical in nature and are conducted by known and reputed universities. Like MCA, MBA, MS, PhD or CIMA-London, CPA etc.
Quantum of loan
Need based funding:
• For studies in India: up to Rs.10.00 lacs
• For studies abroad: up to Rs.20.00 lacs
• For IIT, IIM, ISB Co-obligation of parents/ guardian/ third party guarantee of two people and assignment of future income of the applicant is required. No collateral security is needed. This condition is for loan amount up to 10 lacs.
• Upto Rs.4 Lakhs – No security .Only to take co-obligation of either or both parents/guardian
• From Rs.4 Lakhs to Rs 7.50 Lakhs: Collateral in the form of satisfactory third party guarantee
• Above Rs.7.50 Lakhs: Collateral security of suitable value or co-obligation of parents/ guardians/ third party along with the assignment of future income of the student for payment of instalments
• UptoRs. 4 lakhs – Nil
• Above Rs. 4 lakhs – Study in India-5%, Study abroad-15%
• Starts out one year after completion of the course or Six months after getting job, whichever is earlier.
• Loan with interest is repayable in EMI as follows:
a. Up to Rs.7.5 lakhs – 10 years
b. Above Rs.7.5 lakhs – 15 years
• Simple Interest will be debited quarterly during the repayment moratorium period. When the repayment starts, the accrued interest is added to the principal amount and EMI is fixed on total outstanding loan amount.
• 2% Penal Interest rate will be charged for above 2.00 Lacs for the overdue amount and overdue period subject to conditions of priority sector loans. Which means, up to 25,000 it is nil, more than 25,000 it is 2% at present, it may vary from time to time though.
• Since the rules, interest rates, eligibility criterion, repayments and regulations etc. are revised by the banks timely to keep up with the continuously varying capital market scenario, students and parents are suggested to properly check the terms and conditions of educational loan scheme on offer at the time of application.
Credit Delivery: The loan can be facilitated from the branch closest to the place of permanent residence.
Guarantee: Personal Guarantee of parents/guardian is required to process the education loan.
Jammu and Kashmir Bank Official website: www.jkbank.net