Thursday May 25,2017

Education Loan

Abroad Studies… this is what you might be thinking in your mind. Focus on pursuing the course of your choice and secure a great education. We bring to you simplified Education loan which aims to finance students who choose to pursue higher education.

Features of Education Loan

  • Loan size up to NPR 10 million
  • Flexible repayment options up to 15 years
  • Attractive & competitive interest rate
  • Moratorium period up to maximum of 4 years or course duration whichever is earlier
  • Personal counseling throughout the process
  • Simplified documentation requirements
  • Quick approval and transparent loan processing
  • Loan will be directly disbursed to the education institutions (Colleges/Universities) as per the fee structure
  • Loan processing from wide range of branch networks
  • Insurance options to cover your auto loan at attractive premium

Education Loan against Property

We offer easy education loan scheme against your property...

Eligibility

  • Age of applicant/co-applicant should be minimum 18 years at the time of loan origination and maximum age at the time of loan maturity can be 65/75 years.
  • The plot should have at least 8 feet wide road with motorable access.
  • The plot should be free from Guthi and/or Mohi.
  • The plot should be far away from high tension line.
  • The plot should be owned not third party collateral.

Required Documentation Checklist

  • Photograph (2 copies each)
  • Citizenship and/or Passport
  • Relationship Certificate
  • Marriage Certificate
  • Bank (deposit & loan) account statement of at least 6 months
  • Firm/Company Registration Certificate
  • PAN/VAT Certificate
  • Article of Association (AOA) and Memorandum of Association (MOA)
  • Partnership Deed
  • PAN Certificate (Loan amount equal or above 1 Crore)
  • Offer Letter/I-20 from Education Institutions (Colleges/Universities) Course of Enrollment (CoE) Letter from Education Institutions (Colleges/Universities) (In case of Visa Extension)
  • Immigration Letter from Australian High Commission (In case of Visa Extension)
  • No Objection Certificate from Ministry of Education (MoE) Location Map (Residence & Office)

2. Security/Collateral

  • Land Ownership Certificate (Lalpurja)
  • Rajinama or Bakaspatra or Ansha-banda
  • Malpot Receipt
  • Tax clearance of building
  • Blue Print and trace map
  • Char Killa Pramanit
  • Approved house map
  • Nirman Sampanna Patra
  • Ghar Kayam in Lalpurja in case of existence of house

3. Income Source

  • Salary certificate
  • Rental agreement (If any) along with tenant’s identification
  • Audited financials of last 2 fiscal years (For business income) Pension document
  • Copy of renewed/valid blue book of vehicle along with route permit (If income is from commercial vehicle)
  • Salary certificate, work permit, valid passport with visa, pay slip and bank account statement (If income is from foreign employment)

Education Loan against Fixed Deposits

We offer you easy and hassle free loan against your Fixed Deposits Your original fixed deposits receipt will be pledged safely with us till the sanctioned loan limit remains valid i.e. minimum one year except in case of visa rejection and/or till the loan/interest is fully repaid and/or the unused loan limit is released.

Special benefits of loan against Fixed Deposit

Loan available up to 90% of the principal amount of the deposits

Lower documentation requirements with quick approval

Required Documentation Checklist

1. Identification

  • Photograph (2 copies each)
  • Citizenship and/or Passport
  • Relationship Certificate
  • Marriage Certificate
  • Bank (deposit & loan) account statement of at least 6 months
  • Firm/Company Registration Certificate
  • PAN/VAT Certificate
  • Article of Association (AOA) and Memorandum of Association (MOA)
  • Partnership Deed
  • PAN Certificate (Loan amount equal or above 1 Crore)
  • Offer Letter/I-20 from Education Institutions (Colleges/Universities)
  • Course of Enrollment (CoE) Letter from Education Institutions (Colleges/Universities) (In case of Visa Extension)
  • Immigration Letter from Australian High Commission (In case of Visa Extension)
  • No Objection Certificate from Ministry of Education (MoE)
  • Location Map (Residence & Office)

Terms & Conditions

1. Identification

  • Equated Monthly Installment (EMI) of the borrower should not exceed 80% of the borrower’s Uncommitted monthly income (i.e. net saving after all expenses except EMI)
  • All the income sources documents provided should also be justified by the transaction volume of the borrower in the Bank’s Account.
  • The property proposed for the mortgage should have at least 8 feet wide motorable access. If the property is 1 ropani or above in area 10 feet wide motorable access is required. For Education loan -Australia and New Zealand destinations, property having 4 feet access can be considered if the property is located in Kathmandu / Lalitpur Metropolitan city.
  • In case of Education loan Australia and New Zealand Destination, the customer can prepay the outstanding amount within one year time but the loan should be active for at least 1 year as such file closure and property release before one year is not allowed except visa rejection case. Prepayment change will not be applicable in case of visa rejection.

Frequently Asked Questions (FAQs)

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Fees & Charges

Particulars Charges

Loan Administration Fee

1% of the loan amount

Commitment Fee

1% of the unutilized limit

Prepayment Fee

2% on amount prepaid if prepaid within a year and 1% on amount prepaid if prepaid after 1 year

Valuation Charge

0.125% of Fair Market Value or NPR 5,000 whichever is higher

Penal Charge

2% of the overdue principal for delayed period and incase of interest overdue, penal interest willbe charged on entire overdue interest amount for the period of delay. Penal rate on interest overdue willbe 2% higher than the highest printed interest rate. 

CIC Charge

On Actual Basis

Late Payment Fee

NPR 500 each in case of principal and/or interest default

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