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  • Jammu and Kashmir Bank Education Loan

    Jammu and Kashmir Bank Education Loan
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    Overview:

    Jammu & Kashmir (J&K) Bank was established in 1938. It is the universal bank of the state of Jammu & Kashmir and is regarded as a specialised bank in other parts of the country. J&K Bank has a pan India presence with 726 ATMs and 833 branches. The bank offers a variety of financial products including 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 purpose of the J&K Bank Education Loan is to help students from economically weaker families to pursue higher studies in India or abroad.

    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 interest rate 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:

    • 12.25% for loans up to Rs 5 lakhs
    • 13.25% for loans above Rs 5 lakhs, up to a maximum amount of Rs 10 lakhs
    • 14.00% for loans above Rs 10 lakhs, up to a maximum amount of Rs 20 lakhs

    Floating interest rate is charged on loans with tenure of more than 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 – 2.00% for loans above Rs 5 lakhs, up to a maximum amount of Rs 10 lakhs.
    • Bank Rate + 3.75% OR Prime Lending Rate – 0.75% for loans above Rs 10 lakhs, up to a maximum amount of Rs 20 lakhs.

    Repayment Tenure:

    For loan amounts up to Rs 7.5 lakhs

    Maximum 10 years

    For loan amounts above Rs 7.5 lakhs

    Maximum 15 years

    Moratorium Period

    6 months after getting employed or the duration of the course plus 1 year (whichever is earlier).

    Margin:

    • For loans up to Rs 4 lakhs - No margin
    • For loans above Rs 4 lakhs - 5% for study in India; 15% for study abroad

    Security:

    • No security is required for loans up to Rs 4 lakhs, but parents have to be co-borrowers.
    • For loans above Rs 4 lakhs and up to maximum amount of Rs 7.5 lakhs, third party collateral security is required and parents have to act as co-borrowers.
    • For loans above Rs 7.5 lakhs, tangible and acceptable collateral security is required and parents have to act as co-borrowers.

    For pursuing courses in IIM / ISB-Hyderabad / IIT no collateral security is required if loan amount is within Rs 10 lakhs. However, parents have to be co-borrowers and assignment of potential future income along with third party guarantee of 2 individuals will be required.

    Jammu and Kashmir Bank Education Loan Eligible Courses:

    The eligible courses 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 courses like Medical, Engineering, Agriculture, Law, Computer etc.
    • Courses offered by IIT, IISc, IIM, NID, XLRI and courses like ICWA, CFA, CA etc.
    • Regular diploma and degree courses (in India) like pilot training, shipping, nursing and any other discipline that is approved by a government regulatory body.
    • Courses that are offered by reputed private and national institutions.
    • Job oriented technical or professional graduation courses and post-graduation courses like MS, MBA and MCA etc. that are offered by recognised universities abroad.
    • Courses that are conducted by CPA-USA, CIMA-London etc.
    • Approved degree and diploma courses in the field of Civil Aviation, Shipping and Pilot Training etc. (in India or abroad).

    Jammu and Kashmir Bank Education Loan Eligibility:

    The eligibility criteria for Jammu and Kashmir Bank Education Loans are as follows:

    • The applicant should be a citizen of India
    • The applicant should have been selected for a technical or professional course in a recognised college / institution / university in India or abroad.

    Jammu and Kashmir Bank Education Loan Subsidy:

    The Minority Affairs Ministry of the Government of India offers interest subsidy on education loans for overseas studies to students of the minority community. This scheme is effective from 1 April, 2013. The features of this subsidy scheme are as follows:

    • The subsidy is available to the students only once, either at the masters or doctorate level.
    • The scheme is restricted only to students from minority communities pursuing MPhil, PHD and PG courses abroad.
    • Students have to retain their Indian citizenship throughout the tenure of the loan.
    • The subsidy is only available for loans under Rs 20 lakhs.
    • Students who have availed subsidies under any other Central or State Government scheme are also eligible for this subsidy scheme.
    • The total family income of the student should not exceed Rs 6 lakhs per annum.
    • Students will need to provide income certificate issued by competent authorities.
    • The subsidy is only available for the moratorium period of the loan.

    For more information about this subsidy scheme and to know about the disciplines or subjects covered under this subsidy scheme, contact your nearest Jammu and Kashmir Bank branch.

    Term Loan from Jammu and Kashmir Bank:

    Apart from education loan, J&K Bank also offers a term loan for B.Ed and M.Ed courses. The features of this loan are as follows:

    • It covers admission/ tuition/ lab/ examination fee.
    • The maximum amount offered is Rs 25,000.
    • There is a margin of 10% for this loan.
    • 3rd party guarantee of 1 individual is required as guarantee.
    • The repayment period is 1 year (12 equal EMIs).
    • There is a processing fee of 0.05% or Rs 25 (whichever is higher)
    • Indian nationals who have completed their graduation from a recognised institution are eligible for this loan.

    Budshah Primary Education Finance:

    The Jammu and Kashmir bank offers this term loan to help students in pursuing primary education. The loan is granted to parents of children above 3 years of age. The parents need to have a regular means of income. 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 maximum amount offered is Rs 30,000 (for primary education in private school)
    • The loan has a margin of 10%.
    • The processing charge is 0.05% of the loan amount or Rs 25 (whichever is higher).
    • 3rd party guarantee of 1 individual along with personal guarantee of a parent/guardian is required for availing this loan.
    • The loan comes with a repayment period of 12 months.

    The documents required for applying for this primary education loan are listed below:

    • Admission certificate from a recognised school
    • Loan application forwarded by the principal of the school

    J&K Bank Education Loan FAQs:

    1. What is maximum loan tenure available with J&K Bank Education Loan?
    2. The maximum loan tenure is 15 years for loan amounts above Rs 7.5 lakhs.
    3. What is the margin for a loan of Rs 3 lakhs?
    4. There is no margin for loan amounts below Rs 4 lakhs.
    5. I want to apply for an education loan under the Budshah Primary Education Scheme. What is the maximum amount that I can avail under this loan scheme?
    6. You can avail a maximum amount of Rs 30,000 under this loan scheme.
    7. Will 3rd party security be required for a loan amount of Rs 6 lakhs?
    8. Yes, 3rd party collateral security will be required for a loan amount of Rs 6 lakhs.
    9. Is there any processing fee for the term loan offered for B.Ed courses?
    10. Yes, there is a processing fee of 0.05% of the loan amount (minimum Rs 25).
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