City Bank Student Loan

City Bank Student Loan: A student loan is a form of financial aid that is given to college students. There are various types of student loans available, some with favorable interest rates and repayment terms. The goal of most student lenders, including City Bank Student Loan, is to make education accessible to the public, with lenders carefully disbursing loans in such a way that they will be able to repay the loan efficiently after graduation.

What is a City Bank Student Loan?

The City Bank stands by with student loans to fulfill your child’s dream of higher education. It can be a major help in meeting other expenses related to your child’s education such as tuition fees, medical insurance, airfare, etc. So, stay with City bank to build a secure future for your child.

Student loans can be used to pay for tuition and housing expenses and to manage other expenses related to education such as buying a computer, transportation expenses, etc.

Features of City Bank Student Loan

  • Loan amount: BDT 20 lac
  • Interest rate: 8.5%
  • Loan Tenure: 12 months to 60 months
  • Top Up: Allowable after 3 months (Minimum BDT 1 Lac)
  • Payment method: Equated Monthly Installment.

Eligibility of the City Bank Student Loan

Eligibility Criteria for City Bank Student Loan:

  • Applicants: Any Bangladeshi citizens
  • Parent/s or Legal Guardian of the student
  • Age Limit: 22 to 60 years

Experience Requirements:

  • Salaried: Minimum 2 Years
  • Professionals: Minimum 2 years of practice
  • Businessman: Minimum 3 years

Minimum Monthly Income Requirements:

  • Salaried: BDT 30,000
  • Professional: BDT 60,000
  • Businessperson: BDT 100,000
  • Landlord: BDT 35,000

Fee and Charge of the City Bank Student Loan

  • Loan Processing Fee: 0.50%
  • Loan Take Over Amount: 0%
  • Early Settlement Fee: 0.50% of the outstanding amount
  • Loan Re-scheduling Fee: 0.25% of the outstanding amount or Tk. 10,000, whichever is lower
  • Partial Payment Fee: (minimum 30% of the outstanding) 0.50% on the partial adjustment amount
  • Penal Charge: 2% on the arrear amount.

Required Documents for City Bank Student Loan

Common Documents for all Segments

  • Copy of National ID/Smart card of loan applicant and guarantor
  • 3 copies of passport-size photographs of Loan the applicant and 2 copies of the guarantor
  • Visiting Card/Business card/Office ID copy of both loan applicant and guarantor
  • Latest copy E-TIN of applicants
  • Copy of utility bill
  • Sanction letter and repayment statement of existing loans (if any).

Documents for Salaried Person

  • Letter of Introduction (LOI)/Salary Certificate/Pay Slip
  • Last 6 month’s bank statement

Self-Employed/Professionals like Doctors, Engineers, Accountants, and Architects Documents list

  • Last 6 month’s bank statement
  • Latest Professional Qualification/ Membership Certificate for self-professional
  • Self-income declaration on professional Pad, Letterhead.

Businessman Documents list

  • Bank Statement Last 1-year
  • Updated Trade License
  • Registered Partnership Deed for Partnership concern
  • MOA & Certificate of Incorporation for limited company
  • Schedule – X, XII, and Board resolution for the limited company
  • Company TIN, BIN, VAT certificate, and Business card of the company.

Documents for Landlord/Land lady

  • Last 6 month’s Bank Statement with rental reflection
  • Ownership Document of Rented Property
  • Mutation copy (if relevant)
  • Rental Deed.

Additional required documents list for Students

  • National ID card
  • Recent 3 copies of photographs
  • Offer letter from the University
  • All Academic Certificates
  • Copy of Valid Passport.

Good to know, interest on a student loan is tax-deductible, so paying off student loans will actually help pay for future taxes.

Frequently Asked Questions (FAQs) on the City Bank Student Loan

Q: What is a student loan?

A: A student loan is a form of financial aid provided to college students.

Q: What is City Bank’s student loan interest rate?

A: City Bank’s student loan interest rate is 8.5%.

Q: What can I use my student loans for?

A: You can use your student loans for various purposes, including:

  • Tuition and fees
  • Room rent and board
  • Medical insurance
  • Purchasing textbooks
  • Acquiring equipment and supplies necessary for your studies
  • Buying a computer
  • Covering airfare, including transportation to and from school.

Q: What documents will I need to complete my application for a Student/Education Loan at City Bank?

A: To complete your application for a Student/Education Loan with City Bank, you will need the following documents:

  • National ID card
  • Recent copies of three passport-sized photographs
  • Offer letter from the university
  • All academic certificates
  • Copy of a valid passport.

Q: What will my monthly installment be for the student loan?

A: The monthly installment for your student loan is influenced by factors such as the loan amount.

Q: What is the payment mode for the loan?

A: The payment mode for the student loan is Equated Monthly Installment (EMI) payment.

Q: What is the maximum loan amount available for City Bank’s student loan?

A: The maximum loan amount for City Bank’s student loan is BDT 20 lac.

Q: What is the loan tenure for City Bank’s student loan?

A: The loan tenure for City Bank’s student loan can be a maximum of 5 years.

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