Jammu and Kashmir Bank Education Loan
Jammu & Kashmir (J&K) Bank was established in 1938. It is the universal bank of the country of Jammu & Kashmir and is considered a specialised lender in other parts of the country. J&K Bank has a pan India presence with 726 ATMs and 833 branches. The bank provides a variety of financial products such as education loan. Jammu and Kashmir Bank Education Loans offer attractive interest rates and help students with bearing the financial burden of pursuing higher education in India or abroad.
Features and Benefits of Jammu and Kashmir Bank Education Loan:
Purpose of the loan:
The objective of this J&K Bank Education Loan will be to aid pupils from economically weaker families to pursue higher studies in India or overseas.
Amount of Education Loan:
The maximum loan amount offered is Rs 10 lakhs for pursuing courses in India and Rs 20 lakhs for pursuing courses abroad.
Jammu and Kashmir Education Loan Interest Rates:
The Rate of Interest charged for Jammu and Kashmir Bank Education Loan depends on the tenure of the loan. Fixed interest rate is charged on loans with tenure up to 5 years as follows:
- 12.25percent for loans up to Rs 5 lakhs
- 13.25percent for loans above Rs 5 lakhs, up to some maximum amount of Rs 10 lakhs
- 14.00% for loans above Rs 10 lakhs, up to a maximum Quantity of Rs 20 lakhs
Floating interest is charged on loans with tenure of over 5 years as follows:
- Bank Rate + 1.5% OR Prime Lending Rate- 3.00% for loans up to Rs 5 lakhs.
- Bank Rate + 2.5% OR Prime Lending Rate - 2.00percent for loans above Rs 5 lakhsup to some maximum amount of Rs 10 lakhs.
- Bank Rate + 3.75percent OR Prime Lending Rate - 0.75percent for loans above Rs 10 lakhs, up to some maximum quantity of Rs 20 lakhs.
For loan amounts up to Rs 7.5 lakhs
Maximum 10 years
For loan amounts above Rs 7.5 lakhs
Maximum 15 years
6 months after getting employed or the duration of the course plus 1 year (whichever is earlier).
- For loans up to Rs 4 lakhs - No allowance
- For loans over Rs 4 lakhs - 5 percent for research in India; 15 percent for research overseas
- No collateral is required for loans up to Rs 4 lakhs, but parents need to become co-borrowers.
- For loans over Rs 4 lakhs as well as maximum quantity of Rs 7.5 lakhs, third party security security is needed and parents need to behave as co-borrowers.
- For loans over Rs 7.5 lakhs, concrete and acceptable security security is needed and parents need to behave as co-borrowers.
For pursuing classes in IIM / / ISB-Hyderabad / IIT no security protection is required if loan amount is inside Rs 10 lakhs. However, parents need to become co-borrowers and mission of potential future earnings together with third party assurance of two people will be required.
Jammu and Kashmir Bank Education Loan Eligible Courses:
The eligible classes for Jammu and Kashmir Bank Education Loan are as follows:
- Graduate/ post-graduate degree and diploma courses offered by colleges / universities / institutions/ recognized by AICTE / AIBMS / ICMR / Govt. etc.
- Professional classes like Medical, Engineering, Agriculture, Law, Computer etc..
- Courses Provided by IIT, IISc, IIM, NID, XLRI and classes like ICWA, CFA, CA etc..
- Routine diploma and diploma classes (in India) such as pilot instruction, transport, nursing and some other area that's accepted by a government regulatory body.
- Courses which are provided by reputed national and private associations.
- Job oriented specialized or skilled graduation classes and post-graduation classes like MS, MBA and MCA etc. which are provided by recognised universities overseas.
- Courses which are conducted by CPA-USA, CIMA-London etc.
- Approved diploma and degree courses in the discipline of Civil Aviation, Shipping and Pilot Training etc. (in India or overseas ).
Jammu and Kashmir Bank Education Loan Eligibility:
The eligibility standards for Jammu and Kashmir Bank Education Loans are as follows:
- The applicant must be a citizen of India
- The applicant must have been chosen to get a specialized or professional class at a recognized faculty / institution / college in India or overseas.
Jammu and Kashmir Bank Education Loan Subsidy:
The Minority Affairs Ministry of the Government of India provides interest subsidy on education loans for overseas studies to pupils of this minority community. This strategy is made from 1 April, 2013. The Characteristics of this subsidy scheme are as follows:
- The subsidy is offered to the students just once, either in the masters or doctorate degree.
- The strategy is limited only to pupils from minority communities chasing MPhil, PHD and PG courses overseas.
- Pupils must keep their Indian citizenship during the tenure of their loan.
- The subsidy is only available for loans under Rs 20 lakhs.
- Pupils who have availed subsidies under any other Central or State Government strategy are eligible for this subsidy scheme.
- The entire family income of this pupil shouldn't exceed Rs 6 lakhs per annum.
- Pupils will have to give income certification issued by competent authorities.
- The subsidy is only available for the moratorium length of the loan.
To learn more regarding this subsidy strategy and also to know more about the areas or topics covered below this subsidy strategy, contact your closest Jammu and Kashmir Bank branch.
Term Loan from Jammu and Kashmir Bank:
Aside from education loan, J&K Bank also supplies a term loan for B.Ed and M.Ed classes. The features of this loan are as follows:
- It covers admission/ tuition/ laboratory / evaluation fee.
- The utmost amount provided is Rs 25,000.
- There's a margin of 10 percent for this particular loan.
- 3rd party warranty of 1 person is needed as guarantee.
- The repayment period is 1 year old (12 equivalent EMIs).
- There's a processing fee of 0.05percent or Rs 25 (whichever is greater )
- Indian nationals who have finished their schooling from a recognised institution qualify for this loan.
Budshah Primary Education Finance:
The Jammu and Kashmir lender provides this expression loan to assist pupils in pursuing instruction. The loan has been granted to parents of children above 3 decades old. The parents have to get a typical way of revenue. The features of this loan are as follows:
- The purpose of this cover the cost of primary education of a child including uniform, books, school fee etc.
- The utmost amount provided is Rs 30,000 (for primary instruction in private college )
- The loan has a margin of 10 percent.
- The processing fee is 0.05percent of the loan amount or Rs 25 (whichever is greater ).
- 3rd party assurance of 1 person together with personal assurance of a parent/guardian is needed for availing this loan.
- The loan includes a repayment period of 12 months.
The files necessary for applying for this particular Key education loan are recorded below:
- Entry certification from a recognised faculty
- Loan program forwarded from the principal of this school