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Jammu and Kashmir Bank Education Loan

Jammu & Kashmir (J&K) Bank offers the education loan schemes that are thoughtfully tailored to meet the requirements of various demographics. The loans cover a wide range of courses at different levels and age groups, from the primary school level up to the professional courses. The competitive interest rates ensure that these loans are accessible to the common people, making education a possibility for all.

Jammu and Kashmir Bank Education Loan Interest Rates

The interest rates for education loans from Jammu and Kashmir Bank are as follows:

Schemes Maximum Loan Amount Interest Rates (p.a.)
Education Loan Scheme
  • Domestic courses: Rs.10 lakh
  • Overseas courses: Rs.30 lakh
  • Fixed: RLLR + 2.00% to RLLR + 3.50%
  • Floating: RLLR + 1.50% to RLLR + 2.75%
Term Loan for B.Ed. and M.Ed. courses Rs.25,000 Contact the Bank
Budshah School Education Finance
  • Rs.80,000 for admission fee up to 12th standard, one time
  • Rs.30,000 for arrears of monthly fees
Contact the bank
Skill Loan Scheme
  • Minimum: Rs.5,000
  • Maximum: Rs.1.5 lakh
Applicable MCLR + 1.5% (fixed and floating)
Coaching Fee Loan Scheme
  • Studies in India: Rs.2 lakh
  • Studies Abroad: Rs.4 lakh
RLLR + 2% (floating)

Compare Jammu and Kashmir Bank Education Loan Schemes for Students

  1. Education Loan Scheme
    • Interest rate:
      • RLLR + 1.50% to RLLR + 2.75% for floating rate loans
      • RLLR + 2.00% to RLLR + 3.50% for fixed rate loans
    • Processing fees:
      • Courses in India: None
      • Courses abroad: 1% of the loan amount to a maximum of Rs.5,000 which is refundable
    • Collateral: None for loans up to Rs.4 lakh
    • Loan Tenure: 15 years including moratorium
    • Eligibility: Indian nationals who have secured admission into recognised courses in India or overseas through a merit-based selection process for graduation, postgraduation, and diploma courses
  2. Term Loan for B.Ed. and M.Ed. courses
    • Interest rate: Contact the bank
    • Processing fees: 0.05% of loan amount with minimum Rs.25
    • Collateral: One person as third-party guarantee
    • Loan Tenure: 12 equal monthly instalments
    • Eligibility: Indian nationals who are graduates and employed who wish to pursue B.Ed. or M.Ed. courses
  3. Budshah School Education Finance
    • Interest Rate: Contact the bank
    • Processing fees: None
    • Collateral: None
    • Loan Tenure: 5 years after moratorium period
    • Eligibility: Indian nationals who wish to finance their children's education in recognized schools from the primary to the higher secondary level
  4. Skill Loan Scheme
    • Interest Rate: Applicable MCLR + 1.5% (fixed and floating)
    • Processing Fees: None
    • Collateral: None
    • Loan Tenure: Up to 7 years
    • Eligibility: Indian nationals who wish to pursue skill development loans in India in recognised institutes
  5. Coaching Fee Loan Scheme
    • Interest Rate: RLLR + 2% (floating)
    • Processing fee: Rs.250
    • Collateral: None
    • Loan Tenure: 3 years including moratorium
    • Eligibility: Indian nationals who completed class X and requiring financing for coaching fees for engineering, medicine, and civil service exams

Jammu and Kashmir Bank Education Loan EMI Calculator

Jammu and Kashmir Bank of India's education loan EMI calculator is a handy online tool that will help you plan your finances better by giving you a precise analysis of your Equated Monthly Instalment (EMI). After entering the required details, such as interest rate, loan amount, and repayment tenure, click on the ''Calculate'' button and a comprehensive amortisation table will be displayed instantly on the screen.

Let's illustrate this with an example:

If you have taken an education loan from Jammu and Kashmir Bank that amounts to Rs.10 lakh with a repayment period of 15 years and an interest rate of 8.70% p.a., your EMI will be:

  • Equated Monthly Instalment (EMI): Rs.9,965
  • Total interest due: Rs.7,93,697
  • Total amount payable: Rs.17,93,697

The amortisation table for the loan will be:

Principal Paid (A) (Rs.) Interest Paid (B) (Rs.) Total Payment (A+B) (Rs.) Outstanding Loan Balance (Rs.)
25,156 64,528 89,684 9,74,844
36,189 83,391 1,19,580 9,38,656
39,467 80,113 1,19,580 8,99,190
43,040 76,539 1,19,579 8,56,150
46,936 72,644 1,19,580 8,09,213
51,187 68,393 1,19,580 7,58,026
55,822 63,758 1,19,580 7,02,203
60,877 58,703 1,19,580 6,41,326
66,391 53,189 1,19,580 5,74,935
72,403 47,177 1,19,580 5,02,533
78,959 40,621 1,19,580 4,23,575
86,108 33,472 1,19,580 3,37,466
93,906 25,674 1,19,580 2,43,560
1,02,409 17,170 1,19,579 1,41,150
1,11,684 7,896 1,19,580 29,467
29,466 429 29,895 0

How to Apply for Jammu and Kashmir Bank Education Loan

You can apply for the education loan from Jammu and Kashmir Bank visiting your nearest branch.

FAQ's

  1. What is maximum loan tenure available with J&K Bank Education Loan?

    The maximum loan tenure is 15 years for loan amounts above Rs 7.5 lakhs.

  2. What is the margin for a loan of Rs 3 lakhs?

    There is no margin for loan amounts below Rs 4 lakhs.

  3. 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?

    You can avail a maximum amount of Rs 30,000 under this loan scheme.

  4. Will 3rd party security be required for a loan amount of Rs 6 lakhs?

    Yes, 3rd party collateral security will be required for a loan amount of Rs 6 lakhs.

  5. Is there any processing fee for the term loan offered for B.Ed courses?

    Yes, there is a processing fee of 0.05% of the loan amount (minimum Rs 25).

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