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NATURE OF FACILITY
- Term Loan
PURPOSE
- Financing fees of coaching classes or institutes that train students for entrance examinations to courses like medicine, engineering and civil services etc. and for other related expenses like lodging / boarding, purchase of Laptop/ PCs / Netbooks / Tablets / Study Material / eTutorials.
CLASSIFICATION
- Priority.
ELIGIBILITY
- Student should be an Indian National and should have completed Class X or above aspiring for admission in Engineering, MBBS, MBA, Post-Graduation courses etc.
- Students pursuing graduation/post-graduation course or employed individuals, desirous of competing for Civil Service Exam of UPSC / State Public Service Commission for employment in IAS, KAS, IPS, KPS etc.
- The students should have secured a minimum of 55% marks in the previous qualifying exam.
- Age not exceeding the maximum for targeted competitive exam
- Parent/Guardian only borrower, if age of the student is below 18 years.
- Parent/Guardian, jointly with the student if age of the student is 18 years or above.
BORROWER ELIGIBILITY
- Permanent Employees of State / Central Government, Government / Semi-Government Undertakings, Autonomous Bodies, Public Limited Companies / Private Limited Companies who have been in current employment for a period of not less than two years.
- Professionals, Self Employed Individuals ,Proprietorship Concerns, Persons engaged in agricultural and allied activities having at least one year satisfactory dealing with J&K Bank.
- Pensioners State/Central Government, Public Sector Undertaking.
BORROWER’S AGE
- Maximum age of Parent/Guardian at loan maturity: 65 years or age of retirement whichever is earlier.
- If Parent/Guardian is a pensioner maximum age at loan maturity: 68 years
MAXIMUM LOAN:
- Rs. 2 Lakh per child for coaching studies in India.
- Maximum Amount per parent/guardian- Rs.4 Lakh only.
- Finance for purchase of Laptop/ PCs / Netbooks / Tablets / Study Material / eTutorials should not exceed Rs. 40,000/= per student within the overall limit of Rs. 2.00 Lakh.
QUANTUM OF FINANCE
- For Permanent Employees / Pensioners: Maximum 18 times of gross monthly salary / pension/ income or 90% of coaching fee (which may include boarding & lodging expenses if available in-house) plus 75% of the other expenses like purchase of Laptop/ PCs / Netbooks / Tablets / Study Material / eTutorials or Rs 2 Lakh per child/student, whichever is lower.
- For Other Eligible Categories: 1.5 times of average gross annual income of last two years or 90% of coaching fee (which may include boarding & lodging expenses if available in-house) plus 75% of the other expenses like purchase of Laptop/ PCs / Netbooks / Tablets / Study Material / eTutorials or Rs 2 Lakh per child/student, whichever is lower
PROCESSING CHARGES
- Rs. 250
MARGIN
- 10% of the coaching fee (which may include boarding & lodging expenses if available in-house).
- 25% of the other expenses like purchase of Laptop/ PCs / Netbooks / Tablets / Study Material / eTutorials
SECURITY
- Primary : NIL
- Collateral: Third Party Guarantee of One person.
- In case of pensioners, guarantee of one person & guarantee of Spouse eligible for family pension shall be obtained.
- No third party guarantee required in respect of permanent employees of State – UT and Central Government, State–UT / Central Government Undertakings & Autonomous bodies drawing salary through our Bank and where letter of undertaking from employer is available.
RATE OF INTEREST (SUBJECT TO CHANGE)
- RLLR + 2% Floating
- Click here for rate of Interest
REPAYMENT
- 36 months including moratorium period of 3 months.
The post J&K Bank Coaching Fee Loan Scheme Check Eligibility and Rate of Interest appeared first on Kashmir Publication.
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( With inputs from : kashmirpublication.in )
