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J And K Bank Education Loan Options In 2023

J And K Bank Education Loan

Jammu & Kashmir Bank presents a range of meticulously crafted education loan options specifically for students pursuing studies abroad, irrespective of their diverse backgrounds. These loans comprehensively cover a wide array of courses and educational levels, offering competitive interest rates to ensure accessibility and affordability. Students studying abroad can concentrate wholeheartedly on their academic pursuits by availing themselves of a J and K Bank education loan.

The selection of study-abroad loans is tailored to meet the individual needs of students. These loan schemes are designed to remove financial barriers and support students in pursuing their education overseas. J and K Bank education loan schemes for various courses are given below. 

J And K Bank Education Loan Schemes

Loan SchemesLoan AmountProcessing FeeInterest Rates
Education Loan Scheme Indian Courses: I0 LakhAbroad Courses: 30 Lakh15 years including the moratorium periodRLLR + 2.00% to RLLR + 3.50%
Term Loan For B.Ed and M.Ed coursesRs.25,0000.05% of the loan amountContact the bank for Jk Bank education loan interest rate
Budshah School Education FinanceRs. 80,000 for the 12th standardRs. 30,000 to cover monthly paymentsNoneSame as above
Skill Loan SchemeMinimum of Rs 5000Maximum of 1.5 LakhNoneMCLR + 1.5%
Coaching Fee Loan SchemeIndian courses: Rs. 2 LakhAbroad courses: Rs. 4 LakhRs. 250RLLR + 2% (floating)

How To Apply For JK Bank Student Loan? 

Below we have highlighted the steps you will need to take either online or in-person when availing of a J and K Bank education loan:

In-person: 

  • Ensure you visit the bank with the list of documents mentioned above.
  • Consult the bank employees for instructions and diligently adhere to them.
  • By following the guidance provided by the bank employees, you can enhance your chances of obtaining a sanction for a J and K Bank education loan.

Online: 

  • The financial officer will assess your J and K bank education loan eligibility through basic questions about your university choice and collateral options.
  • Once you receive the document checklist, submit the required documents to your respective bank.
  • The assigned lender will handle the subsequent steps of your education loan process.
  • For any doubts or queries, consult your financial officer.
  • Your education loan from Jammu and Kashmir Bank will be sanctioned within the promised timeframe provided by your financial officer.

Documents Required To Apply For J And K Bank Student Loan

Basic Documents Of The Student

Proof of Identity: 

  • PAN Card 
  • Aadhar card
  • Passport (If the student is going abroad) 

Proof of Residence

  • Voter ID Card
  • Aadhaar card
  • Telephone Bill
  • Electricity Bill
  • Bank account statement
  • Ration card

Academic Documents

  • Provide the mark sheets of the 10th, 12th, and degree examinations.
  • Submit the admission proof of the course you have been accepted into.
  • Include the fee structure documentation, and if applicable (for the US), provide the i-20 form.
  • Attach the GMAT/GRE/IELTS scorecard as evidence of your proficiency in the respective exam.
  • Include the ranking of the state university where you have secured admission.

Income Documents Of The Co-Applicant

  • Provide the salary slips from the past three months.
  • Submit the Form 16 documents for the last two years.
  • Include a copy of your employer’s ID card as proof of employment.
  • Attach the income tax return (ITR) documents for the past two years.

If you opt for a Collateral loan, the submission of collateral documents becomes necessary. It’s important to note that the specific collateral requirements may vary by state. Therefore, it is advised to consult your financial officer to obtain an accurate list of collateral documents based on your state’s regulations. 

J And K Bank Loan Insurance

The Jammu and Kashmir bank requires loan insurance ranging from 1 to 2%, which provides coverage for the loan you acquire. In situations where you, the borrower, are unable to repay the J and K bank education loan due to unexpected events such as disability or death, the insurance company will cover the repayment on your behalf. There’s no need to be concerned about making upfront payments, as the loan insurance amount is typically included in the overall loan amount.

Repayment Process Of Loans

Within the education loan offered by Jammu and Kashmir Bank, students are provided with the choice to pay interest during the moratorium period. Alternatively, if they decide not to pay interest during this period, it will be added to their monthly EMIs after the moratorium. Moreover, students have the option to make early repayments through the following methods: 

  • Prepayment
  • opting for a shorter repayment duration. 
  • Transferring the loan to another bank.

Benefits Of Taking A Loan From J&K Bank

  1. Covers All Expenses

Apart from tuition fees, the education loan scheme encompasses a range of expenses. These include fees associated with school or hostel, examination, library, and laboratory. Additionally, it covers expenses related to travel or passage money for studying abroad. For students opting for off-campus accommodation, lodging and boarding charges of up to 20% of the total loan sanctioned are considered. 

  1. Affordable Interest Rates

J and K Bank education loan schemes are offered at competitive interest rates. These schemes are specifically designed to alleviate the financial burden on students, allowing them to pursue their academic goals without being overwhelmed by high fees.

  1. Moratorium Period

J&K Bank recognises that students might encounter challenges in repaying loans immediately after graduation. To address this, a moratorium period, similar to a grace period, is offered. This period allows students a one-year timeframe after graduation to commence loan repayment.

  1. Finances All Courses

Jammu and Kashmir Bank offers education loans for job-oriented courses leading to technical/professional degrees and post-graduate degrees/diplomas. These courses, including MCA, MBA, MS, pilot training, and shipping, need to be recognized by competent regulatory bodies. Additionally, the bank provides a specific loan scheme for B.Ed. and M.Ed. courses.

FAQs

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

The maximum duration for the loan amount in an education loan from Jammu and Kashmir Bank, including the moratorium period, is 15 years.

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

Loan margin is applicable by Jammu and Kashmir Bank on education loans exceeding 4 lacs.

3. Is there any processing fee for Jammu and Kashmir Bank education loans?

For a J and K Bank education loan for studying abroad, there is a refundable processing fee equivalent to 1% of the loan amount. However, this fee is capped at a maximum of ₹5,000. On the other hand, no processing fee is charged for study in-India loans.

If you liked reading our blog on “J And K Bank Education Loan Options In 2023”. Please make sure you read the other ones as well!

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J And K Bank Education Loan

J And K Bank Education Loan Options In 2023

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