Education Loan
Education has paramount importance in this world full of cut-throat competition. We at Nabil Bank understand your wish to give your child or yourself the best possible education that will equip your child or yourself to build a better future. We believe that this journey should not be hindered by financial reasons. With this understanding, Nabil Bank has introduced Nabil Education loan offering competitive interest rates, hassle-free documentation process, and prompt service, with coverage of tuition fees, consultancy fees, airfare, boarding, demand drafts, telegraphic transfers, traveler’s cheques, and foreign currency exchange.
Features
Loan size up to NPR 10 million
Flexible repayment options up to 20 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 & transparent loan processing
The loan will be disbursed as per institutions' (Colleges/Universities) fee structure
Loan processing from wide range of branch networks
Eligibility
- Age of the applicant should be minimum of 18 years at the time of loan origination and the maximum age at the time of loan maturity can be 70 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 the high tension line.
- The plot should be not be owned by third-party collateral.
Terms & Conditions
Identification
- Equated Monthly Installment (EMI) of the borrower should not exceed 50% of the borrower’s Gross Income after deducting other loan obligations.
- 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 then 10 feet wide motorable access is required. In the case of Education Loans for Australia and New Zealand destinations, property having 4 feet access can be considered if the property is located in Kathmandu/Lalitpur Metropolitan city.
- In the case of an Education loan for Australia and New Zealand destinations, 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.
Fees & Charges
| Particulars | Charges | ||||||||
| Loan Administration Fee |
0.75% of the loan amount
| ||||||||
| Commitment Fee |
0.15% of the unutilized limit | ||||||||
| Prepayment Fee |
For Fixed Interest Rate Loans, Prepayment fee of 0.75% on prepaid amount shall be applicable. Note: The above rates are subject to change at the direction of the regulator | ||||||||
| CIC Charge |
On Actual Basis |
All other charges as per directives issued by Nepal Rastra Bank.
Required Document
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/Abhilekhikaran
- Ghar Kayam in Lalpurja in case of existence of the house
- 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 NPR 5 million)
- 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)
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 the vehicle along with route permit (If income is from the commercial vehicle)
- Salary certificate, work permit, valid passport with visa, payslip, and bank account statement (If income is from foreign employment)
- Equated Monthly Installment (EMI) of the borrower should not exceed 50% of the borrower’s Gross Income after deducting other loan obligations
- Valid tax paid receipts/tax clearance certificates for justifying income (where ever applicable)