Education Loan

Education Loan
 
Who can apply for the loan?
The applicant must be a Nepali citizen who is employed with a stable job or self-employed with a regular income source. Otherwise, the guardian who is sponsoring the applicant must be employed with a stable job or self-employed with a regular income source.
 

Purpose
For the payment of admission fees, living expenses, travelling expenses, monthly fees, examination fees, books, stationery and instruments required for course undertaken by borrowing scholar.
Document Required (Identification Documents)
1. Citizenship certificate or Passport of applicants/joint applicants & guarantors
2. Personal net worth and family detail of applicants and guarantors
3. Acceptance letter from University / College / School
4. No objection letter from Ministry of Education
 

Other Features :
1. Collateral for all above products required.
2. At least 8 feet wide, motor able access to the land.
3. Land to be free of guthi or mohi.
4. Land to be far from high tension line.
5. Third Party Collateral – not acceptable.
 

Prepayment & Service Charges
1. 2% of amount prepaid before 1 year.
2. 1% of amount prepaid after 1 year.
3. Service charge 1% of loan amount
 

Tenure
1. Maximum of up to 5 years
2. Repayment : Equal Monthly Installments (EMI)
 

Loan Documentation Fee
Charges as per company’s rules
 

Interest Rate
1. 15% to 16% p.a
2. Loan Amt. up to NPR 10,00,000
 

Insurance Charge
1. Insurance charge as per loan amt.
 

Security
1. Other forms of security may be accepted upon terms and conditions.