Jamuna Bank Education Loan

Education is the backbone of the nation, so to achieve higher education in nation-building requires economic prosperity along with talent. Maybe most of the students have financial well-being but those who live in a poor families can easily continue their education if they want. Generally, various scholarships are given by the government, but they are not enough. That’s why one can complete academic or professional courses through loan schemes from banking institutions. Information about Jamuna Bank Education Loan is given here. If one is a student of reputed Public/Private Universities, Medical/Engineering/Nursing Colleges, and Institutes Professional courses like CA, CMA, CIMA, Marine, MBM, MBA, FCPS, FRCS, and Bar-at-Law. Minimum Educational Qualification of the Student: HSC/A-Level Pass. To pursue foreign education in any reputed educational institution, the student can apply with all valid documents and offers of the foreign institution by training or course requirements.

Education Loan Features

• Loan amount: BDT 1 lac – BDT 10 lacs
• Loan tenor: 48 months
• Up to Tk.50 Lac-maximum@0.50% & above Tk.50 Lacs @0.30% not exceeding Tk.20,000/-
• Early Settlement: @0.50% on outstanding loan amount
• Loan Application fee: Not applicable.

Education Loan Eligibility Criteria

• The applicant must have (a) Chatro-Bondhu Account (EL-19) or (b) Overseas Student File or (c) Overseas Scholarship/University Acceptance
• Guarantor net income Tk. 30,000/- per month
• Age limit:
  • Student: 18 to 40 years
  • Grantor: 35 to 57 years
• Educational Qualification: Minimum HSC/A-Level Pass
• Overseas Scholarship/University Acceptance.

Purpose of the Loan

• Tuition Fees
• Living Costs
• Other Educational Expenses
• Consultants Fee
• Visa Processing fees
• Traveling Costs
• Document/Other verification Fees
• Purchase of Educational Equipment/Gadget
• Any other cost not stated above but acceptable to the bank.

Security/ Collateral

• Mortgage of any tangible asset having forced sale value of at least double the loan amount or Lien on financial asset having value at least equivalent to the loan amount
• Any other security acceptable to the bank
• Personal guarantee of the applicant & applicant’s spouse
• Third party Guarantor shall be equal to or more creditworthy than the principal applicant.

An education loan can give a student a higher degree from a good quality institution and can be the first loan in a person’s life. If you repay your loan on time without any default then it will be easier for you to get home loan, car loan etc. in the future.

FAQs on Education Loan

Q: What is an education loan?
A: An education loan is a financial assistance program designed to support individuals in financing their higher education expenses. It helps students pursue their educational goals by covering tuition fees and related expenses, both domestically and internationally.

Q: What expenses does an education loan cover?
A: An education loan typically covers various expenses associated with pursuing higher education. This includes tuition fees, accommodation costs (such as college or university housing), examination fees, and other miscellaneous expenses required for academic purposes.

Q: Who is eligible to apply for an education loan?
A: The primary borrower for an education loan is the student. However, a parent, spouse, or sibling can act as a co-applicant to support the loan application process. This ensures that the student has the necessary financial backing to pursue their educational endeavors.

Q: What is the maximum term for an education loan?
A: The maximum term for an education loan is typically 48 months. This duration provides borrowers with a reasonable timeframe to repay the loan after completing their education and entering the workforce.