Uttara Bank PLC Education Loan
Explore the growing importance of education in today’s world, and how the rising costs of education can be managed through options like the Uttara Bank Education Loan. Discover how this financial support not only covers tuition fees but also provides additional benefits for students and families. Uttara Bank Education Loan. Education Loan in Bangladesh. Rising Education Costs. Quality Education. Financial Support for Students. Managing College and School Fees. Higher Education Financing. Education Loan Benefits. Affordable Education Options.
The standard of education is constantly increasing and everyone from the city to the village has understood the importance of education so no one wants to remain uneducated. Those who are rich and have well-to-do families are giving education to their children anyway. The problem remains only those who depend on daily income and the lower middle class, this class of people cannot bear the burden of education by asking for money from others, and cannot give up. In the meantime, modernity has entered the education system, so it has become a little more difficult to meet the cost of education for children. The cost of education in Bangladesh and abroad is increasing day by day and increasing college and school fees have made it difficult for these students to receive a quality education. Considering these aspects, it can be seen that the only way to deal with the rising costs is through an education loan. Apart from only paying school fees, other benefits have also been added to this education cost.
What is Uttara Bank Education Loan?
An education loan is a loan when a student applies to a bank to pay for their education to study in Bangladesh or abroad. Various banks and financial institutions provide conditional education loans to candidates to help meritorious students afford quality education.
Types of Education Loans
Education loans can be divided into two categories on the basis of collateral –
Secured loans
Secured education loans generally offer lower interest and flexible repayment options and take relatively longer than unsecured loans.
Since student loans are secured, secured loans involve a huge risk in case of failure to repay in full and there is a possibility of losing the secured loan in case of delinquency.
Unsecured loans
Unsecured loans are loans that do not require any collateral. These loans are considered by the student’s creditworthiness and future earning potential. That’s why the bank adds one person as a co-signer and shares the risk of the loan with you.
Study loans are classified by degree:
Undergraduate student loans
Students who have completed secondary education and are looking for institutes in Bangladesh or abroad for higher education can get this type of student loan. The duration of this course can generally range from three to four years.
Graduate student loans
Such student loans have completed their undergraduate degree but are looking for a better institute to enroll for an advanced degree. These types of students can get graduate loans to get an advanced degree from a good university.
Skill Development Course
Those who can’t study further or want to develop their skills after completing their graduation degree. This type of student loan can be availed to those who have started a course related to a particular industry. This course develops basic skills like Mechanics, Operator, Health or Computer, etc.
Uttara Bank Education Loan Features
| Feature | Details |
|---|---|
| Interest Rate | 9.00% |
| Loan Amount | Maximum BDT 3 lac |
| Loan Tenure | Up to 5 years |
| Loan Ratio | 70% of the cost to be paid by the borrower |
| Repayment Method | Equal Monthly Instalments (EMI) |
| Availability Period | Maximum 6 months from the date of sanction advice |
| Loan Disbursement | By making credit to the customer’s savings/current account |
Fees for the loan
Processing fee:
- Up to Tk. 50.00 Lac @0.50%, on Loan Amount +VAT, Maximum Tk. 15,000
- Above Tk. 50.00 Lac @0.30%, on Loan Amount +VAT, Maximum Tk. 20,000
Early Settlement Fee: 0.50% on outstanding amount + VAT
Uttara Bank Education Loan Eligibility
- Age:
- Minimum 25 years (At the time of application)
- Maximum loan maturity of up to 60 years
- Permanent and confirmed salaried person minimum of three (3) years experience with 1 year in the same organization
- Minimum Yearly income (Net BDT): At least three times the total yearly installments amount of the applied loan
- Borrower must reside for at least 6 months in the same address
- Two Personal Guarantees with the net worth declaration
- Post-dated Cheque for all installments
- Personal Guarantee of spouse/parents or any other family members acceptable to the bank.
- One undated Cheque covering the total amount of all installments.
Required Documents to apply for Uttara Bank Education Loan
- Recent Passport size photographs of the applicant(s) and guarantor (s)
- Photocopy of National ID/Passport of applicant (s) and guarantor (s)
- Latest Utility Bill (Gas/Water/Electricity)
- Study plan with budget
- Business Card/Office ID of the applicant (s) and guarantor (s), if any
- Latest Tax Certificate / E-TIN
- Personal Net Worth statements of the applicant (s) and guarantor (s)
- Bank Statement of last 12 months for businessmen and 6 months for others
- Rent or Lease agreement of house/property (if applicable)
- Salary Certificate / Letter of Introduction from the present organization
- Professional Certificate issued by the concerned Institution.
FAQs on Uttara Bank Education Loan
Q: How do I apply for Uttara Bank Education Loan?
A: You can apply for a Uttara Bank education loan by visiting the bank’s official website, the nearest branch, or through the online application process.
Q: What is the maximum loan amount?
A: The maximum loan amount for Uttara Bank Education Loan is BDT 3 lac.
Q: What is the maximum loan tenure?
A: The maximum loan tenure for Uttara Bank Education Loan is 60 months.
Q: What is the minimum age to get an auto loan?
A: The minimum age requirement to get an auto loan is 25 years.
Q: What is the maximum age to get an auto loan?
A: The maximum age to qualify for an auto loan is 60 years.
Q: How can I pay my Uttara Bank Education Loan EMIs?
A: You can pay your Uttara Bank Education Loan EMIs using various methods, including post-dated Cheques, Electronic Clearing Service, or by visiting the nearest branch to make a cash payment.
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