Education Loan

Education Loan Scheme
There are many meritious and deserving students aspiring to reach the sky but may not have the means to achieve...At EBL, we ensure that their dreams do not remain unfulfilled due to lack of funds. This scheme provides the right answer for students who wish to persue higher studies in Nepal or abroad, but do not have the means to do so. The criteria for availing the loan and repaying it are given below. At a glance, it will tell you how easily you can avail the loan and repay it on easy installment basis.
   
Eligibility For Education Loan
   1. Should be Nepali national between 16-30 years.
   2. Applicant's guardian(s) should not be less than 21 years.
   3. For Postgraduate and higher studies upper age limit is 35 years.
   4. Students should have score of at least 50% in their last qualifying examination.
   5. Parents/guardians should have regular source(s) of income.

Purpose
Loan allowed for following purpose and for other similar purposes in connection with students of borrowers in the country or aboard .
   1. Admission fees.
   2. Books and stationery.
   3. Instruments required for course undertaken by borrowing scholar.
   4. Monthly fees.
   5. Examination fees.
   6. Boarding & lodging expenses if students putting up in recognised boarding House where charges are standardised & can be paid to management of Boarding House on behalf of boarders.

Amount of Loan
The amount of loan is co-related to expenses involved in taking up course by student and expected earning after qualifying, subject to a maximum of :-
   1. For studies in SAARC countries
      Rs. 15.00 Lacs
   2. For Studies aboard
      Rs. 25.00 Lacs

Margin Money
No margin required

Security/Guarantee
   1. Personal guarantee of either both parent(s) or guardian(s)
   2. Collateral securities equivalent to 100 percent of loan amount is acceptable to bank.

Interest
12.00% p.a. payable in quarterly basis(subject to change).

Disbursement

1. The loan shall be disbursed as term loan.
2. Year-wise limit shall be set up based on total expenses involved in completing the course with the overall limit.
3. Lump sum amount shall be disbursed incase of studies abroad

Repayment

1. Repayment of loan will start one year after completion of studies by borrower(s) or one month after their getting employment,whichever is earlier.
2. Principal amount shall be paid in 48 monthly installments or 84 months