J And K Bank Education Loan

The Jammu and Kashmir bank offers up to 30 lacs of education loans to students wishing to study abroad at an interest rate starting from 9%. This amount can be used to fully cover all the requirements of the students for their academic year and living expenses. The following table presents a summary of the loan limits, expenses that can and cannot be financed, the interest rates, the way and time the loans can be repaid, and the criteria for loan qualifications of these education loans.

Tips:

• If the interest falls below the RLLR+0.50% floor limit, the interest concessions won’t be considered. For more information talk to your financial officer from WeMakeScholars.
• Choose a well-known country like the USA, UK, or Australia for a hassle-free education loan from J & K bank.

Courses Eligible for the Loan

• For graduation- Professional or technical job-oriented courses offered by high-rated universities
• For post-graduation- MBA, MS, MCA, etc
• Courses offered by CIMA- London, CPA- USA
• Courses offered in Aeronautical, pilot training, shipping, etc provided by recognized institutions around the world

*Note:- These are not absolute details. However, they indicate the type of courses that are eligible to get an education loan abroad. You can also speak to your financial officer at WeMakeScholars to clear yourself of any confusion.

The Jammu and Kashmir Bank provides both collateral as well as non-collateral education loans to study in India. It provides a loan of up to 10 lacs to study in India. This Education Loan scheme  restricts the loan amount to up to INR 10 lakhs for students who desire to study abroad and helps to cover almost all the expenses that may be required for the purpose. Here is a brief comparison of educational loans with some of their prominent features such as loan limits on students, expenses reimbursable, interest rates, repaying policies, and conditions required to qualify for the loan.

Tip: Try to choose top premier institutions like IIM, IIT, or ISB to have an interest rate concession of 0.50%. Ask your financial officer from WeMakeScholars about more such intricacies in the J&K Education loan.

Check the latest Interest rates!

J&K bank education loan will require you to submit the following documents

Section 1 : Application form

Submit an application form(will be provided by WeMakeScholars financial officer) along with your signature and 2 photographs.

Section 2: Basic documents for Applicant (student), co-applicant, and/or Guarantor

1. Proof of identity

• PAN Card or
• Aadhar card (and Passport of the student if going abroad)

2. Proof of Residence

• Voter ID Card
• Aadhaar card
• Telephone Bill
• Electricity Bill
• Bank account statement
• Ration card

*Note - Provide two different address proofs if your current address and permanent address is different 

3. For co-applicant 

If Salaried - Bank account statement for the last 6 months. 

If Self-employed - business transactions of 1 year.

4. Personal Asset & Liability Statement- Self-attest all the documents

Section 3: Academic documents of the applicant

• Mark sheets of 10th, 12th, and degree
• Admission proof of the course
• Fee structure (i-20 for US if available)
• GMAT/GRE/IELTS Scorecard
• State University’s ranking you are going to

Section 4: Income documents for financial co-applicant

If Salaried

1. Salary slips of last 3 months
2. Form 16 of the last 2 yrs
3. ID card of the Employer
4. ITR of last 2 yrs

If Self-employed

1. 3 yrs ITR
2. Last 3 yrs Balance sheet and Profit & Loss account (for self-employed businessman)

3. Business address proof

Section 5: Other Documents

1. A letter stating the leftover expenses will be carried out by the co-applicant
   Student and co-applicants joint affidavit in Bank’s standard format provided by WeMakeScholars financial officer

Section 6: Additional docs (if applicable)

1. Advancement payment receipts if any made
2. 1-year loan account statement reflecting any pending loan.
3. Provide a letter on 100 rs stamp paper explaining any gap that you have had in your studies. (Format will be provided by WeMakeScholars Financial Officer)

Collateral documents are mandatory only if you go for a collateral loan. They are also different for each state and hence ask your financial officer from WeMakeScholars to provide an accurate list of collateral documents according to your state or watch the below video.

Below are a series of steps that you will need to follow to apply for an education loan from Jammu and Kashmir bank

Offline

• Visit the bank with the list of documents provided above
• Seek the instructions from bank employees and follow them
• Following the instruction of the bank employees might get you an education loan sanction

Online

• Request a callback from WeMakeScholars portal and wait for a financial officer to contact you
• Your financial officer will check your K&K bank loan Eligibility by asking you basic questions like the university you are going to or about the collateral that you can pledge
• He will then send you a document checklist and you can submit the listed documents in your respective bank
• The next steps in your education loan will be taken care of by the assigned lender
• In case of any doubts or queries, you can talk to your financial officer.
• Your education loan from Jammu and Kashmir bank will get sanctioned in the time promised by your financial officer

Why should you not go directly to banks(offline)?

Top reasons to not go directly through banks,

• Partial information or wrong information regarding the process
• Visit the bank multiple times for an accurate list of required documents
• Many important details will be hidden from you, like the type of interest rate
• The chances for you to obtain an education loan are minimal
• The process will take way longer than the online process

Learn about the EMI calculation before taking an education loan as this will help you keep a track of your EMIs. To easily understand the EMI calculation let us take an example to calculate the EMI through Jammu and Kashmir bank EMI calculator.

Suppose you have taken an education loan of 15 lacs at an interest rate of 9%, for a course duration of 2 years and a grace period of 1 year. Also, you plan to repay it in 12 years after the moratorium period. Let us see how much you will pay yearly.

The above-used EMI calculator took into account the following factors to calculate EMI.

• Moratorium period
• Compound and Simple interest
• Semester-wise breakdown
• Grace period
• Rate of interest
• Loan amount
• Repayment duration