Jammu & kashmir Bank

Education Loan Scheme

Eligibility

  • Student should be an Indian National.
  • Secured admission to professional/ technical courses in India or Abroad through Entrance Test/Merit Based 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.

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.

Loan Amount

For studies in India, maximum Rs. 10 lacs
For Studies abroad, maximum Rs. 20 lacs

Margin

For loans up to Rs.4.0 lacs : No Margin
For loans above Rs.4.0 lacs: Studies in India: 5%, Studies Abroad: 15%

Interest Rate

Upto Rs.25,000 - 9% p.a
Rs.25,001 to Rs.5.00 Lacs - 10.50% p.a
Above Rs.5.00 Lacs - 11.50% p.a

Repayment

1. Repayment Holiday/ Moratorium: Course period + 1 year or 6 months after getting job, whichever is earlier.
2. 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.

Security

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

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.

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.

Loan Amount

Maximum: Rs 25,000.

Margin

10%

Security

Third party guarantee of one person

Rate of Interest

PLR with quarterly rests.

Repayment

12 equal monthly installments.

Budshah Primary Education Finance

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

Class School Maximum Amount (Rs)
Pry.Edu. Private 30,000.
Pry.Edu Govt. 2,000.
Sec.Edu Private 25,000.
Sec.Edu. Govt. 5,000.

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.

Rate of Interest

PLR quarterly rests.

Repayment

12 equal monthly installments. There shall be no moratorium period