Education loan JK bank
Jammu & Kashmir (J&K) Bank offers the education loan schemes that are thoughtfully tailored to meet the requirements of various demographics. The loans cover a wide range of courses at different levels and age groups, from the primary school level up to the professional courses. The competitive interest rates ensure that these loans are accessible to the common people, making education a possibility for all.
Jammu and Kashmir Bank Education Loan Summary Table
| Jammu and Kashmir Bank Education Loan Limit | For India – INR 10 Lakhs For Abroad – 30 Lakhs (Up to ₹ 7.5 lakh without collateral) |
| Jammu and Kashmir Bank Education Loan Interest Rate | 13% per annum |
| Jammu and Kashmir Bank Education Loan Margin | For loan above INR 4 Lakhs In India: 5%In abroad: 15% |
| Jammu and Kashmir Bank Education Loan Processing Fee | Up to INR 4 Lakhs: Nil Above INR 4 Lakhs: Nil |
| Jammu and Kashmir Bank Education Loan Security | Up to 7.50 Lakhs: Only Parent/ Guardian as co-borrower. No Collateral Security or third party guarantee.Above INR 7.50 Lakhs: Tangible security along with parents as co-borrower |
| Jammu and Kashmir Bank Education Loan Repayment | Starts After 1 year of course completion or 6 months after getting a job |
Jammu and Kashmir Bank Education Loan Interest Rates
The interest rates for education loans from Jammu and Kashmir Bank are as follows:
| Schemes | Maximum Loan Amount | Interest Rates (p.a.) |
|---|---|---|
| Education Loan Scheme | Domestic courses: Rs.10 lakhOverseas courses: Rs.30 lakh | Fixed: RLLR + 2.00% to RLLR + 3.50%Floating: RLLR + 1.50% to RLLR + 2.75% |
| Term Loan for B.Ed. and M.Ed. courses | Rs.25,000 | Contact the Bank |
| Budshah School Education Finance | Rs.80,000 for admission fee up to 12th standard, one timeRs.30,000 for arrears of monthly fees | Contact the bank |
| Skill Loan Scheme | Minimum: Rs.5,000Maximum: Rs.1.5 lakh | Applicable MCLR + 1.5% (fixed and floating) |
| Coaching Fee Loan Scheme | Studies in India: Rs.2 lakhStudies Abroad: Rs.4 lakh | RLLR + 2% (floating) |
Compare Jammu and Kashmir Bank Education Loan Schemes for Students
- Education Loan Scheme
- Interest rate:
- RLLR + 1.50% to RLLR + 2.75% for floating rate loans
- RLLR + 2.00% to RLLR + 3.50% for fixed rate loans
- 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 recognised courses in India or overseas through a merit-based selection process for graduation, postgraduation, and diploma courses
- Interest rate:
- Term Loan for B.Ed. and M.Ed. courses
- Interest rate: Contact the bank
- Processing fees: 0.05% of loan amount with minimum Rs.25
- Collateral: One person as third-party guarantee
- Loan Tenure: 12 equal monthly instalments
- Eligibility: Indian nationals who are graduates and employed who wish to pursue B.Ed. or M.Ed. courses
- Budshah School Education Finance
- Interest Rate: Contact the bank
- Processing fees: None
- Collateral: None
- Loan Tenure: 5 years after moratorium period
- 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 + 1.5% (fixed and floating)
- Processing Fees: None
- Collateral: None
- Loan Tenure: Up to 7 years
- Eligibility: Indian nationals who wish to pursue skill development loans in India in recognised institutes
- Coaching Fee Loan Scheme
- Interest Rate: RLLR + 2% (floating)
- Processing fee: Rs.250
- Collateral: None
- Loan Tenure: 3 years including moratorium
- Eligibility: Indian nationals who completed class X and requiring financing for coaching fees for engineering, medicine, and civil service exams
Jammu and Kashmir Bank Education Loan Eligibility
| Parameters | Eligibility Criteria |
| Applicant’s Age | Non-employed personnel: Up to 35 yearsWorking employees / Executives: Up to 45 years |
| Who Can Apply? | An Indian National: With secured admission to professional/technical courses in recognized institutions.Permanent employees: Who are employed for not less than three years with any organization and have secured admissions in a reputed institute or who intend to acquire higher professional qualifications. |
| Maximum Loan Amount | For studies in India: Up to Rs. 1,000,000For studies Abroad: Up to Rs. 3,000,000 |
| Frequency Of Repayment | Quarterly or monthly.Starts 1 year after completing the course of six months after getting a job, whichever is first.Loan interest re‐payment will start immediately after disbursement of the first instalment of the loan. |
| Repayment Period | Tenure: Education Loan consists of Duration of Study, Grace Period after the Study, and Repayment Period.For Indian courses: Repayment tenure is a maximum of 12 years after the commencement of repayment.For Abroad courses: Repayment tenure is a maximum of 12 years after the commencement of repayment. |
Jammu and Kashmir Bank Education Loan EMI Calculator
Jammu and Kashmir Bank of India’s education loan EMI calculator is a handy online tool that will help you plan your finances better by giving you a precise analysis of your Equated Monthly Instalment (EMI). After entering the required details, such as interest rate, loan amount, and repayment tenure, you will get a comprehensive amortisation table will be displayed instantly on the screen.
Let’s illustrate this with an example:
If you have taken an education loan from Jammu and Kashmir Bank that amounts to Rs.10 lakh with a repayment period of 15 years and an interest rate of 8.70% p.a., your EMI will be:
- Equated Monthly Instalment (EMI): Rs.9,965
- Total interest due: Rs.7,93,697
- Total amount payable: Rs.17,93,697
The amortisation table for the loan will be:
| Principal Paid (A) (Rs.) | Interest Paid (B) (Rs.) | Total Payment (A+B) (Rs.) | Outstanding Loan Balance (Rs.) |
|---|---|---|---|
| 25,156 | 64,528 | 89,684 | 9,74,844 |
| 36,189 | 83,391 | 1,19,580 | 9,38,656 |
| 39,467 | 80,113 | 1,19,580 | 8,99,190 |
| 43,040 | 76,539 | 1,19,579 | 8,56,150 |
| 46,936 | 72,644 | 1,19,580 | 8,09,213 |
| 51,187 | 68,393 | 1,19,580 | 7,58,026 |
| 55,822 | 63,758 | 1,19,580 | 7,02,203 |
| 60,877 | 58,703 | 1,19,580 | 6,41,326 |
| 66,391 | 53,189 | 1,19,580 | 5,74,935 |
| 72,403 | 47,177 | 1,19,580 | 5,02,533 |
| 78,959 | 40,621 | 1,19,580 | 4,23,575 |
| 86,108 | 33,472 | 1,19,580 | 3,37,466 |
| 93,906 | 25,674 | 1,19,580 | 2,43,560 |
| 1,02,409 | 17,170 | 1,19,579 | 1,41,150 |
| 1,11,684 | 7,896 | 1,19,580 | 29,467 |
| 29,466 | 429 | 29,895 | 0 |
Jammu and Kashmir Bank Education Loan Documents Required
Under Know Your Customer Policy (KYC), the bank requires certain documents. These documents are required from both the student and co-borrower:
| Identity Proof | One of any mentioned documents for Identity proof:PassportPAN CardAadhaar CardVoter’s ID CardDriving LicencePhoto Credit CardCentral and State Govt. issued Photo ID ProofDefence ID Card. |
| Residence Proof | One of the following documents for Residence proof (It should not be more than 3 months old): Aadhaar CardRation CardPassportBank Account StatementVoter’s ID CardLetter from any recognized public authorityTelephone BillElectricity BillWater Bill |
| Income Proof in case of salaried co-borrower | Salary Slips (not more than 3 months old)Bank Statements (not more than 3 months old)ITRForm-16 (for the last 2 years)bank account statement (for the last 6 months of salary account) |
| Income proof for self-employed co-applicant | Business address proofIT returns for the last two years (If IT payee)TDS certificateForm 16A if applicableCertificate of qualification (for CA, doctor, and other professions)Bank account statement for the last 6 months. |
Additional documents: Aside from KYC documents:
| Student Applicant | Mandatory Passport submission |
| Academic Records: X, XII grade results. Graduation results semester wise. Entrance Exam results that formed the basis of admission | |
| Proof of admission: A conditional application letter may be considered | |
| Cost of education, schedule of expenses. | |
| 2-passport size photographs | |
| If the loan was taken out before then loan account statement for the last 1 year. | |
| Co-applicant | 2-passport size photographs |
| If the loan was taken out before then loan account statement for the last 1 year. |
Jammu and Kashmir Bank Education Loan Offered Courses
The Education Loan covers courses that are only regular full-time Degree or Diploma courses that the student secured through selection or merit. Jammu and Kashmir Bank Education Loan also considers Full-time Executive Management Courses like PGPX.
How To Apply For Jammu and Kashmir Bank Education Loan
- Visit Nationalinfo fb page for an education loan.
- Go to the Jammu and Kashmir Bank Education Loan page.
- Check out the eligibility and documents required for an education loan.
- Fill out all the details required in the Education Loan application form.
- Our representative will soon contact you for a further stress-free process.
List of Approved Institutes
- Architecture college
- Law college
- Medical college
- Pharmacy college
- Engineering college
- Bio-technology
- college
- Management college
- Science, Commerce, and Arts college
- Physical education college
- B.ED college
How to apply for Education Loan jk bank?
You can apply for the education loan from Jammu and Kashmir Bank visiting your nearest branch.
FAQ’s
What is maximum loan tenure available with J&K Bank Education Loan?The maximum loan tenure is 15 years for loan amounts above Rs 7.5 lakhs.
What is the margin for a loan of Rs 3 lakhs?
There is no margin for loan amounts below Rs 4 lakhs.
I want to apply for an education loan under the Budshah Primary Education Scheme. What is the maximum amount that I can avail under this loan scheme?
You can avail a maximum amount of Rs 30,000 under this loan scheme.
Will 3rd party security be required for a loan amount of Rs 6 lakhs?
Yes, 3rd party collateral security will be required for a loan amount of Rs 6 lakhs.
Is there any processing fee for the term loan offered for B.Ed courses?
Yes, there is a processing fee of 0.05% of the loan amount (minimum Rs 25).