Jammu & Kashmir Bank

Jammu & Kashmir Bank Education Loan Scheme provide financial support to deserving/meritorious students for pursuing higher education in India and abroad. The scheme also aims to provide financial assistance to the needy poor to undertake basic education.

Eligibility of Student:

1. Should be an Indian National
2. Should have secured admission to professional/technical courses through entrance test/selection process.
3. Should have secured admission to foreign universities/institutions
4. Should have passed the qualifying examination for admission to the courses.
5. Employed person intending to improve their educational qualification and/or receive training in modern technology in India or abroad can also be assisted under this scheme provided training offers prospects of better placement.

Eligible Courses:

(i) Studies in India:

• Graduate / Courses in :BA, B.Com., B.Sc., etc. Medicine, Surgery, Engineering, Hotel Management, Design, Architecture, Bio-chemistry, Agriculture, Veterinary etc.
• P.G Courses in : Business Management, Chartered or Cost Accounting , Company Secretaryship, Masters & PhD.
• Professional Courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.
• Computer Certificate Courses: of reputed institutes accredited to Dept. of Electronics or institutes affiliated to university.
• Courses like ICWA, CA, CFA etc.
• Courses Conducted by IIM, IIT, IISc, XLRI. NIFT etc.
• Regular Degree/Diploma courses like Aeronautical, pilot training, shipping etc., approved by Director General of Civil Aviation/Shipping, if the course is pursued in India. In case the course is pursued abroad, the Institute should be recognized by the competent local aviation/shipping authority.
• Courses offered in India by reputed foreign universities.
• Evening courses of approved institutes.
• Other courses leading to diploma/ degree etc. conducted by colleges/ universities approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc.
• Courses offered by National Institutes and other reputed private institutions.
• Courses under Distance Education/ learning leading to professional/ technical certificates/ degree/ diploma courses etc offered/ conducted by reputed colleges/ universities/ institutions recognized/ approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc.
• Teacher Training Courses/ Nursing Courses/ B.Ed. conducted by institutions that are approved by Central Government/ State Government provided the said courses lead to degree or diploma and not to certification course.

(ii) Studies in Abroad:

• Graduation: For job oriented professional/ technical courses offered by reputed universities.
• P.G Courses: MCA, MBA, MS, etc.
• Courses conducted by CIMA- London, CPA in USA etc.

Loan Amount:

• Rs.7.50 Lacs for studies in India .
• Rs.15.00 Lacs for studies abroad .

Quantum:

• For studies in India - Rs.10.00 Lacs
• For studies Abroad - Rs.20.00 Lacs

Margin:

• For loans upto Rs. 4 lacs - nil
• For loans above Rs. 4 lacs - Studies in India - 5% AND Studies abroad - 15%

Security:

• Personal guarantee of borrower/ 's
• Collateral security equal to amount of loan.

Interest Rate:

• Upto Rs.25,000 - 9.50% p.a
• Above Rs.25,000 to Rs.5.00 Lacs - 10.50% p.a
• Above Rs.5.00 Lacs to Rs. 10.00 Lacs- 11.50% p.a
• Above Rs. 10.00 Lacs to Rs. 20.00 Lacs- 12.50% p.a

Repayment:

Repayment Holiday/ Moratorium: Course period + 1 year or 6 months after getting job, whichever is earlier.
The loan to be repaid in 5 to 7 years after commencement of repayment. If the student is not able to complete the course within the scheduled time, extension of time for completion of course may be permitted for a maximum of two years.