EDUCATION LOAN

• Maximum loan amount : Rs. 40.00 lacs.
• Student eligibility
  1. Should be a Nepalese citizen.
  2. The student should have at least intermediate/higher secondary level (plus two) academic qualification.
  3. The student’s parents/guardian should have sufficient regular income to service interest. Their uncommitted monthly income should be at least 1.33 times of the interest payable.
  4. Should be between the age of 16 years to 35 years
• Eligible Courses
  1. Graduate / Masters and above
  2. Professional courses (graduate and above)
• Expenses considered
  1. Fees payable to College /Hostel (Admission fee, tuition fee, examination fee, laboratory fee, library fee)
  2. Purchase of books, equipments, instruments required for the course.
  3. Cost of passage (for studies abroad)
  4. Boarding and lodging expenses (Recognized hostels by the institution)
• Pricing
  1. Processing fee: 
     0.5% of the loan amount or Rs. 5000.00 whichever is higher.
  2. Prepayment charge: 
     A prepayment charge at the rate of 2% on the prepaid amount shall be recovered. If loan is repaid after 12 months of the date of sanction, the prepayment charge shall be 1%.
  3. Commitment fee:
     A commitment fee at the rate of 0.25% of unutilized loan shall be charged.
  4. CIC report fee: 
     Rs. 500.00 and Rs. 250.00 per additional page. 
• Repayment Programme 
  
  Moratorium : 
  A maximum period of 5 years or the completion of course designated, whichever is earlier. 
  
  Repayment : 
  The loan shall be repaid in 5 years after the moratorium period on EMI basis. 
  
  Interest during moratorium period : 
  The parents/guardian of the student shall pay the interest during the moratorium period on quarterly basis as per Nepali calendar. 
• Security
  1. Land and building having value133% of loan amount.
  2. Loan upto 95% of Fixed Deposit/Government securities. 
• Supporting documents required
  1. Duly filled Loan Application form
  2. Mark sheet of last qualifying examination
  3. Copies of Letter Conferring scholarship, if any
  4. Proof of admission to the course
  5. Schedule of expenses for the course
  6. Two copies of recent passport size photograph of the students and their parents/guardian/guarantor
  7. Copies of foreign exchange permit, where required.
  8. Copies of citizenship/pass port of the students and their parents/guardian/guarantor.
  9. Statement of regular income sources of parents/guardian, along with supporting documents where required.
  10. Brief statement of assets and liabilities of parents/guardian
  11. Copies of ownership certificates of the proposed property to be mortgaged or Government Securities/FDRs to be pledged.