Hello readers welcome to Jk News Hub ! Here in this article i will provide you the information about the Jammu and Kashmir Bank education lone or student loan. Stay till end of the article i will provide you the whole information regarding this.
J&K Bank Education Lone
Jammu and Kashmir Bank offers its customers three types of schemes for education loans and each of the J&K Bank education loan schemes serve a different purpose. While one scheme provides loan for higher education in India or abroad, a second scheme provides loan for M. Ed or B. Ed courses and the third scheme provides loan for primary education. So providing such different varieties of loan schemes, the bank tries to meet all the requirements of individuals seeking an Education Loan and boosting the morale of financially poor but meritorious students deserving to pursue higher studies without any financial obstacle from alleged educational institutions in India or abroad. Let us take a detailed look at the versions of Education Loans which the bank offers and the features of each.
Eligibility Criteria For Educational Loan
J&K Bank’s education loan eligibility depends on a few factors:
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Citizenship: You must be an Indian national.
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Age: There’s no specific age restriction for the student applicant.
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Education: You should be pursuing higher education in India or abroad. Here’s a general guideline for courses:
- India: Professional courses (engineering, medicine, etc.), management courses, courses conducted by premier institutions (IITs, IIMs, etc.), regular degree/diploma programs approved by relevant regulatory bodies.
- Abroad: Approved courses offered by reputed foreign universities or National Institutes in India.
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Academic Performance: While the bank doesn’t specify a minimum mark requirement, generally, good academic performance in previous qualifying exams is preferred.
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Financial Co-applicant: If you’re below 18 years old, your parent or guardian will be the borrower. For students above 18, it can be a joint application with your parent/guardian.
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Loan Amount and Collateral: There’s no collateral required for loans up to ₹4 lakhs. For higher amounts, collateral security or a third-party guarantee might be needed depending on the specific loan amount and course pursued.
Loan Amount Interest Rate And Other Details
Loan Amount:
- In India: Maximum ₹10 lakhs (without collateral) and up to ₹30 lakhs (with collateral for specific courses)
- Abroad: Maximum ₹30 lakhs
Interest Rates:
- Fixed: RLLR (Retail Lending Rate) + 2.00% to RLLR + 3.50%
- Floating: RLLR + 1.50% to RLLR + 2.75%
Repayment:
- Up to 15 years including a moratorium period (course duration + 1 year or 6 months after employment, whichever is earlier)
Eligibility:
- Indian students pursuing higher education in India or abroad
Collateral:
- No collateral required for loans up to ₹4 lakhs.
- Loans above ₹4 lakhs may require a third-party guarantee or collateral security depending on the amount.
Additional Points:
- Processing fees may apply.
- Interest subsidy might be available for students from minority communities.
- For details and applying online, visit the J&K Bank website: Jammu and Kashmir Bank Education Loan Scheme:
How To Apply For J&K Bank Education Lone
There are two main ways to apply for a J&K Bank education loan:
- Online Application:
- Visit the J&K Bank website: https://www.jkbank.com/loans/personal/customerEducationalLoans.php
- The website likely has a dedicated section for online applications. Look for “Apply Now” or similar options.
- You’ll likely need to fill out an online form with your details, course information, and upload scanned copies of required documents (more on those below).
- Branch Visit:
- Locate your nearest J&K Bank branch https://www.jkbank.com/others/common/ourBranches.php.
- Contact the branch beforehand to inquire about the application process and document requirements.
- During your visit, a bank representative can guide you through the application process and answer any questions you may have.
Documents Required (These may vary slightly, so confirm with the bank):
- Completed application form (available online or at the branch)
- Passport-sized photographs
- Admission offer letter from the educational institution
- Fee structure of the institution
- Proof of academic performance (mark sheets, certificates)
- Identity and address proof (Aadhaar card, PAN card, etc.)
- Income proof of co-applicant (salary slips, ITRs, etc.)
- Collateral documents (if applicable, property papers, etc.)
Additional Tips:
- Ensure you have all the necessary documents before applying.
- Carefully review and fill out the application form.
- Keep copies of all submitted documents for your reference.
- J&K Bank might have processing fees associated with the loan. Be prepared for these charges.
Final Note
I hope you liked this post about J&K Bank students or educational lone. If you have queries regarding this article feel free to leave a comment below.
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