J&K Bank Education Loan: Jammu and Kashmir Bank is a commercial bank and also it is one of the leading and first private sector banks in India founded in 1938. And this bank helps students who are economically backward through their education loan scheme. The education loan scheme will provide Rs. 10 lakhs to qualified students.
Have a deep look into the article, to know completely about the J&K bank education loan to study in India and Abroad like eligibility details, documents required, schemes for students, and many more. Read on!!!
Highlights of J&K Bank Education Loan
Have a look at the complete details of the Jammu and Kashmir education loan.
| Limit of the Loan | 10 Lakhs |
| Loan Security | Upto INR 4 Lacs: Nil
INR 4 to 7.5 Lacs: Third-party guarantee Above INR 7.5 Lacs: Collateral security equal to the loan amount |
| Loan Repayment | 15 years |
| Margin | Up to 4 Lacs: Nil
Above 4 Lacs: 5% |
| Processing Fee | NILL |
Eligibility Criteria of J&K Bank Education Loan
Here is the list of prerequisites that are needed for the J&K bank education loan scheme. If you meet all the conditions that are given below, then you will be able to get the loan.
- The applicant should be a citizen of India.
- Students need to qualify for 10 + 2 and if there is any graduation course.
- If a student had written any entrance exam, he/she should be eligible.
- Needed an admission letter from the institute/university where you are going to study.
- If you are a nonemployed personnel the age is upto 35 years, and if you are a working employee age is upto 45 years.
Required Documents For J&K Bank Education Loan In India & Abroad
Here is the set of documents that are required for the students to get a J&K Bank education loan. Do check them out and keep them ready with you, if you are thinking to apply for it.
- Admission letter with all essential details
- Attested copies of age proof, residence proof, and others.
- Copies of qualifying courses
- Income proof or ITR of co-applicant, parents, and guarantor.
- Passport size photos
- Bank account statement.
- Details of collateral security along with the government-approved valued certificate.
- KYC documents of the Applicant and joint borrower.
- Age proof.
How to Apply For Jammu & Kashmir Bank Education Loan?
We are going to provide you with the step-by-step process of applying for an education loan at J&K Bank. And in this also we have two types, one is online and the other one is offline.
Online Process of J&K Bank Education Loan
- Visit the official website of J&K Bank.
- Then, click on “ Apply Now”.
- Fill up the form by providing all the required information.
- Once after completion, click on Submit button.
- Then, visit the bank branch for further proceedings.
Offline Process of J&K Bank Education Loan
- Go to the nearest J&K bank for an education loan.
- Provide all the documents that are required and fill out the form.
- Submit the form and know when you need to go again and leave.
Expenses Covered Under J&K Bank Education Loan
Most of us think that when we apply for an education loan we need to spend that money only on institution fees, but no if you take a loan from Jammu and Kashmir Bank you can use an education loan for all the below expenses.
- Institute/University Fee
- Examination Fee
- Books, Instruments
- Laptop or Computer
- Project work, study hours, and others.
- Hostel Fee
- Laboratory Fee
J&K Bank Education Loan Schemes For Students
Here we have provided the types of loan schemes that are provided by J&K education loan. Look into them and get information about loan schemes and choose the best that will be good for you.
Coaching Fee Loan Scheme
- Interest Rate: RLLR + 2% (floating)
- Collateral: None
- Processing fee: Rs.250
- Loan Tenure: Three years including moratorium
- Eligibility: Indian nationals who completed class X and if you require finance for coaching fees for engineering, medicine, and civil service exams
Budshah School Education Finance
- Processing fees: None
- Collateral: None
- Loan Tenure: Five years after the moratorium period
- Interest Rate: Contact the bank
- Eligibility: Indian nationals who wish to finance their children’s education in recognized schools from the primary to the higher secondary level
Skill Loan Scheme
- Interest Rate: Applicable MCLR + 1.50% (fixed and floating)
- Loan Tenure: Up to seven years
- Collateral: None
- Processing Fees: None
- Eligibility: Indian nationals who wish to pursue skill development loans in India in recognized institutes
Term Loan for B.Ed. and M.Ed. Courses
- Interest rate: Contact the bank
- Processing fees: 0.05% of loan amount with a minimum Rs.25
- Collateral: One person as a third-party guarantee
- Loan Tenure: 12 equal monthly installments
- Eligibility: Indian nationals who are graduates and employed who wish to pursue B.Ed. or M.Ed. courses
Education Loan Scheme
- Processing fees: Courses in India: None, Courses abroad: 1% of the loan amount to a maximum of Rs.5,000 which is refundable
- Collateral: None for loans up to Rs.4 lakh
- Loan Tenure: 15 years including moratorium
- Eligibility: Indian nationals who have secured admission into recognized courses in India or overseas through a merit-based selection process for graduation, postgraduation, and diploma courses.
Jammu & Kashmir Education Loan Interest Rates For Abroad and India
Know about interest rates that are provided by the Jammu and Kashmir Bank. Here we have provided you with loan amounts and provides interest rates for courses in India and for courses in abroad.
| Loan Amount | Courses in India | Courses in Abroad |
| Loans up to Rs. 5 lahks | 12.25 %, for Girls – 10.00% | 12.25 %, for Girls – 10.00% |
| Loans Rs. 5.0 – 10 lakh | 13.25 %, for Girls – 10.00% | 13.25 %, for Girls – 10.00% |
| Loans > Rs. 10 lahks | 14.00 %, for Girls – 10.25% | 14.00 %, for Girls – 10.25% |
List of Approved Institutes by J&K Bank Education Loan
Know about the list of approved institutes by J&K Bank if you are thinking to take an education loan from the Jammu and Kashmir Bank.
- Medical College
- Engineering College
- Biotechnology
- Architecture College
- Law College
- Management College
- Physical education college
- Pharmacy College
- Science, Commerce, and Arts College
- B.ED College
Repayment Process of Jammu & Kashmir Bank Education Loan
Repayment can be done once after the applicant finish his course and the bank will provide you the moratorium period which is 1 year and 6 months long, as they need to have financial security. The loan can be repaid in the moratorium period, if you want, or after 5 to 7 years of the moratorium period.
If the applicant cannot able to complete the course in a particular period of time, the bank can extend the repayment time for extra two years. Still, if you want to know more about the moratorium period, check out what is moratorium period in education loan.
FAQs on Jammu and Kashmir Education Loan
- What schemes does J&K bank consider for its education loans?
Below are the schemes that J&K Bank considers for its education loan.
- CSIS Scheme
- Padho Pradesh
- Skill Loan Scheme
- Are minors eligible to apply for a J&K bank education loan?
Yes, minors who are aspiring for further studies can apply for education loan with the help of their parents or guardian.
- What is the maximum loan tenure that is available with a J&K bank education loan?
The maximum loan tenure that is available with a J&K bank education loan is 15 years with loan amount of Rs. 7.5 lakhs.
- What is the maximum amount of education loan that a student can get from J&K bank?
Rs. 20 Lakh is the maximum amount of education loan that a student can get from J&K bank.
Key Takeaways
Hope that the knowledge we have shared on J&K bank education loan is beneficial for you. J&K Bank helps students to improve their skills and opportunities by providing education loan. If you are interested checkout and get a loan. Otherwise, share it with your friends who are in need of it.
For more interesting articles like Study in India Education Loan, Study in Abroad Education Loan, and many more, check out our student education loan page on learncbse.com website.
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