Banks and other financial institutions in Nepal have simplified the education loan process and offered competitive schemes to Nepalese students who are looking for a bright educational future. All the banks in Nepal provide educational loans to interested students. Students must evaluate the loan based on various factors, terms, and conditions. The total loan cost, monthly installments, interest rate, loan processing cost, grace period, loan processing time, repayment plan, moratorium period, etc. To get an educational loan in Nepal, you need to understand and go through the following procedures: Step 1: Understand the Basic Requirements:1. Who can apply for an education loan
?Students who have completed their 10+2 level education are eligible to apply for an education loan in Nepal. Education loan is generally provided to the students for professional and higher studies in Nepal and abroad. The eligibility for an education loan also depends upon the annual income, academics, potential future earnings and collateral of the borrower. Check bank wise eligibility criteria and other details. 2. What expenses does the educational loan in Nepal cover? An education loan covers various expenses like tuition fees, library, laboratory and hostel charges, travel expenses for studies abroad and so on are covered. 3. What are the eligible courses and institutes? To get an education loan, the student must be studying Undergraduate/Bachelors, Graduate/Masters & above, or any professional course in any institution recognized by the Government of Nepal. Step 2: Visit the Banks and Gather the related information:4. How much money can you borrow?It varies among the banks and depends upon the course that you are pursuing and the regular income of the student’s parents/guardian to service interest and EMI. 5. What is the cost for the loan?The cost of an education loan depends upon various factors like interest rate, loan margin, loan processing fees, subsidies, grace period, term period, and moratorium period. The borrowers must find out the amount as well as the total cost of the loan at the time of reimbursement before opting for an education loan.6. What is the repayment module?The repayment in education loan has to be done through Equated Monthly Installments (EMIs) that commences after the moratorium period (i.e. It is a period when the borrower doesn't have to make the loan EMI payments). However, interest accrues during the moratorium period and the borrower must pay it.7. What are the terms and conditions of the Education loan in Nepal?It is important to understand all the terms and conditions of the loan if you are applying. Don't hesitate to ask the loan officer if you have any confusion about terms and conditions. Make sure you are aware of all the information, including the total loan cost, monthly payments, fees, whether the interest rate is fixed or may vary as per the market, collateral, and security, loan amount, etc.8. Compare the related parameters:Before applying for the education loans, students are highly recommended to compare the education loan on different parameters like interest rate, things that the education loan covers, grace period, term period, loan processing fees, subsidies, loan processing time, moratorium period and so on.Step 3: Do the necessary paperwork9. Find the Co-signer Co-signer of the Students must be trustworthy to apply for an education loan in Nepal. In case the borrower fails to repay the loan then the cosigner is legally obliged to pay the education loan.10. Verify the Security/Collateral:All the Commercial banks of Nepal provide educational loans against fixed assets collateral and fixed deposits. Land, building, securities & bonds, gold, and fixed deposits etc can be used as collateral. 11. Submit the Necessary Documents: Documents required for the education loan varies among banks as per their own rules and regulations, it is always advised to check the list of the documents required with the respective bank and you can also contact Saral Banking Sewa for further information and assistance. 12. Disbursal of the loan: After completion of all the above processes, the bank will disburse the loan.Inoeder to get an educational loan in Nepal for studying abroad (such as USA, Canada, UK or Australia), be sure to research all of your available options.With the correct approach and a little bit of perseverance, one can successfully secure an education loan to help fund studies. How Saral Banking Sewa Help You?Saral Banking Sewa will make it easy for you to understand, compare & choose and get educational loans from various banks. We have given detailed information on our website about educational loan, which will give you a basic idea and help you choose the most suitable bank for you. For Guidance and Information on Banking products and Services, you can contact us at: Website: saralbankingsewa.comViber/WhatsApp: 9801261107You can also call us at 01-5269107
Sign up to discover Saral Banking Sewa