Mercantile Bank Education Loan

Table of Contents

Mercantile Bank Education Loan is designed to provide financial support to Bangladeshi nationals with outstanding academic records seeking further education, whether in Bangladesh or abroad. The loan is available to students who have passed their HSC/A-Level examinations and wish to pursue higher education, including studies overseas. Applicants must provide all necessary documents and meet the requirements of their chosen educational institution.

Mercantile Bank Education Loan Features

Loan amount: BDT 5 lac in Bangladesh – BDT 20 lacs for studies in abroad
Loan tenor: 12 months to 72 months
Loan Application fee: Not applicable.

Eligibility Criteria

Only Bangladeshi National
Hold an excellent result in SSC/HSC/O-level/A-level or equivalent
Parents will become joint applicant
Loan will be signed by the parent/guardian along with the student.

Purpose of Mercantile Bank Education Loan

Students are supposed to bear:
Fees payable to the institute
Purchase of books/ equipment/ instruments/ uniforms
Travel expenses/ passages money for studies abroad
Purchase of computers – essential for completion of the course
Boarding and lodging expenses in recognized boarding houses/ private accommodations

Required Documents

Full Bio-Data of the applicant with guardian
Personal net-worth of the guardian
Salary certificate from employer both the applicant & guardian if any
Copies of financial requirements to pursue the course duly issued by the competent authority of the concerned educational institution
Profile of the selected educational institution
NOC of the employer to pursue the study
Photocopy of valid Bangladeshi passport of the applicant in case of studies in abroad
Open student file with MBL

Frequently Asked Questions (FAQs) on Mercantile Bank Education Loan

Q1: What is an education loan?
A: An education loan is designed to facilitate the ongoing process of the education system activities within the required amount. It plays an important role in helping individuals complete higher education in their country or abroad by providing financial support for tuition fees, living expenses, and other educational costs.

Q2: What is the tenor of this Education Loan?
A: The tenor of the Education Loan ranges from 12 months to 72 months, providing flexibility in repayment options to suit the borrower’s financial circumstances.

Q3: What is the interest rate for Education Loan?
A: The interest rate for the Education Loan is 9.00%, ensuring affordability and competitive financing for higher education expenses.

Q4: What is the age limit of the loan?
A: The age limit for applicants seeking an Education Loan from Mercantile Bank is from 18 years to 26 years, ensuring that individuals can access financial support for their education during their early adult years.

Q5: Who can apply for an Education loan from Mercantile Bank?
A: Individuals pursuing higher studies for undergraduate courses in Bangladesh or abroad are eligible to apply for an Education Loan from Mercantile Bank. Whether seeking education locally or internationally, Mercantile Bank aims to support students in their academic pursuits.