Overview
Education Loan is extended to students or sponsors of the student to enroll for higher study abroad or within Nepal.
Eligibility
| Age | 18-50 years |
| Eligible income of sponsors | Salaried individual self-employed professionalsBusinessmenRental income remittance income holder |
| Nationality | Nepali |
| Gender | All genders |
| Eligible expenses | Fees payable to the educational institute and accommodation expense examination/library/laboratory fee purchase of books/equipment/instruments travel expenses |
Documentation
Along with the Education Loan application, you will have to provide certain documents to allow us to process your loan at the earliest. Here is the list of documents required for processing the Education Loan.
Identification Documentation
Photograph and copy of citizenship of the applicant/sponsor/guarantor.
Net worth statement of applicant/guarantor/sponsor.
Map of the applicants’/sponsor’s/guarantor’s residence.
Copy of title deed or other property owned by the borrower and his/her one house family members/ guarantors as declared in a net-worth statement.
Copy of Individual PAN certificate (where applicable)
Income-related documents
For salaried individuals
Salary certificate from the employed organization/company (not older than 3 months).
Latest two salary slips (if any).
Bank Statement, as applicable.
For self-employed professionals
Certificate of registered professional.
Detail of income source/ profession.
Proof of last 3 years of continuous practice (if any).
Bank Statement, as applicable.
For business person
Latest audited financial statement as per prevailing Company/Tax Act of Nepal.
Bank Statement, as applicable.
Certificate of Incorporation (in case of an organization)
Valid Firm/Company registration certificate.
MOA/AOA, Share Lagat, partnership deed (as applicable)
Recent tax paid receipt.
For other sources
Latest lease payment receipt or agreements, the title deed of the property. Future rental income will not be considered.
Other rental income details. If the asset generating rental income is under a loan from another financial institution, the Bank must take into consideration the residual income from such asset.
Pension slip, interest received the statement, etc.
Bank Statement, as applicable.
Other verifiable income.
Collateral related documents
Land ownership certificate
Blueprint/trace map
Four wall boundary
Building construction permission certificate from competent authority, construction completion certificate ( as applicable )
Collateral transfer deed (for the recently purchased property)
latest revenue receipt of land or land or/and building offered as collateral
Features
Financing Amount: up to 70% of the Fair Market Value of the collateral security as valued by the Bank’s approved value.
Financing ratio:
Up to 100 percent of the cost of education including traveling cost (for abroad) and accommodation (for abroad).
Up to 100 percent of the cost of tuition fee for study within Nepal
Tenure: Maximum up to 15 years.
Repayment Method: EMI.