Jammu & Kashmir (J&K) Bank offers JK bank education loan for students that are carefully designed to meet the requirements of students to continue their studies. These loans cover a wide range of studies at different levels, from primary school to vocational programs.
Favorable interest rates ensure the availability of these loans to the common public, which allows everyone to get an education.
Education loans help students with skills and opportunities. The loan covers students’ education costs, such as tuition fees, etc. The loan can be used to study in India or abroad.
Any student can apply for JK bank education loan by following certain criteria and documentation.
JK Bank Education Loan Scheme
J&K bank offers various financial products, such as student loans. The purpose of this JK Bank educational loan is to help students from financially weak families to continue their school/higher studies by bearing the financial burden of studying in India or abroad.
Here are the details of the JK bank education loan scheme:
J&K Bank Educational Loan for B.Ed. and M.Ed. Courses
This student loan from Jammu & Kashmir Bank aids students finances their B.Ed. and M.Ed. courses in any recognized institute in India.
Features of B.Ed. and M. Ed. Courses Loan of Jammu & Kashmir Bank
- These loans are intended to help students who have already been selected for B.Ed. and M.Ed. courses in any recognized institution in India.
- This education loan from Jammu & Kashmir Bank will be paid out as a series of payments for the required number of years, not as a lump sum.
- It is possible to take the loan for all costs directly related to the course, including admission and tuition, purchase of books, laptop, and other expenses such as hostel fees, laboratory fees, exam fees, etc.
- Processing fees charged by the bank for this loan is 0.05 percent of the loan amount or Rs. 25 whichever is lower.
Maximum Loan Amount
The maximum loan amount under this scheme that the bank can sanction is Rs. 25,000-00
JK Bank B.Ed. and M.E. Education Loan Eligibility
- The loan taker must be an Indian citizen
- The student must be a graduate in any subject from a recognized university.
- The student must have secured admission in a B.Ed. or M.Ed. courses at a recognized educational institution or university
- The application for the loan should be forwarded by the College Principal.
Documents Required for B.Ed. and M.Ed. Loan
- Application form fully completed and signed by the applicant and/or guarantor with details of the applicant and/or guarantor.
- Applicant’s two passport-size photographs and/or the guarantor.
- A photocopy of the student’s PAN card, which must be produced at the time of application or during the course period.
- Proof of identity: Voter ID card, passport, driver’s license, Aadhaar card, or PAN card
- Proof of address: Home telephone bill, electricity bill, voter ID card, or passport
- Letter of admission, course information, and offer description
- Information on fees with the institution’s demand for fees
- All evidence of past academic education, including certificates and marks sheet.
JK Bank Interest Rates on B.Ed. and M.Ed. Course Loans
Interest rates for the loan under this scheme are 7.70 percent to 8.30 percent annually, and the tenure of the loan is 12 months.
JK Bank Budshah Education Loan
Budshah education loan from JK Bank is named after King Zain-ul-Abidin, the great ruler of Kashmir, known as Budshah, who is considered a pioneer of basic education in Kashmir. The product offers all children a fair opportunity to complete a quality basic education.
All costs of educating children, including tuition, uniforms, books, etc., are covered by the loan scheme. The loan is provided with the personal guarantee of the parent or guardian and the guarantee of a third party by the individual.
However, if the applicant is a government employee, receiving a salary through the Bank, a third-party guarantee is not needed.
This scheme covers all the children over the age of 3 years. This means for parents the JK Bank Budshah education loan program is a financial cushion for admitting their children in nursery, lower kindergarten, and upper kindergarten.
Features of the JK Bank Budshah Education Loan
- This loan is intended to help parents who have problems paying tuition fees for their children because of natural disasters, chaos, health problems, etc.
- Jammu & Kashmir Bank Budshah education loan can be utilized to pay the fees up to 12th grade for up to 2 children
- You can take out the loan more than once to pay the monthly fee provided that the first loan taken is fully repaid.
Maximum Loan Amount
Under this scheme Rs. 80, 0000 is the maximum loan amount that an applicant can get as one-time admission fees, and Rs. 30, 000 to pay monthly fees.
Eligibility for Budshah Education Loan
- Applicant should be Indian national
- The age of the child should be more than 3 years
- The school in which the child is admitted should be registered by the government.
- The applicant must have a stable income that is sufficient to repay the monthly loan installments.
- For admission fees applicant must submit the admission certificate of the student and the admission fees estimate payable to the school.
- For paying monthly fees arrears the applicant must submit the admission certificate of the student and monthly arrears payable to the school (maximum 6 months).
Documents Required for JK Bank Budshah Education Loan
- Duly filled application form signed by the applicant and/or guarantor and details of the applicant and/or guarantor.
- Two passport photos of the student, the applicant, and/the guarantor
- A photocopy of the student’s PAN card, which must be submitted with the application or during the course period.
- For identification: passport, driving license, PAN card, Aadhaar card, or voter ID card.
- For address proof: Voter ID card, electricity bill, home phone bill, or passport.
- Letter of admission, prospectus, and details of course.
- Details of fees and fee demand by the school.
- Proof of past academic records, certificates, and marks sheets.
Interest Rates on Budshah Education Loan
For interest rates of Budshah education loan contact the JK Bank. There is no processing fee for this loan, and the tenure period of the loan is 5 years after the moratorium period.
JK Bank Education Loan helps students with skills and opportunities. The loan covers their education costs, such as tuition fees, etc. The loan can be used to study in India or abroad. In any case, Jammu & Kashmir Bank helps students to continue their studies.
Any student who wishes to continue studies or want to go for higher education can apply for a student loan at Jammu and Kashmir Bank.