Friday, September 11, 2020

Best Banks for Education Loan in Nepal

Education Loan is one of the best financial solution for the students aspiring to pursue higher education in Nepal or abroad. Education Loan is extended to students or sponsor of the student to enroll for higher study abroad or within Nepal.

It is a convenient and complete financial solution provided against collateral security for meeting the requirement of Students that shall cover entire or partial expenditure pertaining to educational institutes, transportation fare, stationeries and logistics.

Details of education loan provided by various commercial bank of Nepal are as follows:

1. Himalayan Bank Limited
Get an idea of your repayments and rates using our Himalayan Bank calculator. The results will be based on the representative APR for the amount you enter. Your actual rates and repayments will be based on your personal circumstances, the loan amount and the repayment term.
Himalayan Bank provides education loan to Nepali students for higher studies.


2. Global IME Bank Limited
Global IME Education Loan is provided to suffice financing requirement for students to pursue sound academic career. Our education loan aims to provide financing in such a way that the requirements of the students are met without any hassles.

> To provide education cost of the student to study abroad or within the country in or above +2 in any streams.
> The education cost includes tuition fee, admission fee, ticket expense, accommodation expense and stationary expenses, medical insurance expense, donation.
Features and Benefits
> Competitive premium rate.
> Flexible Repayment Schedule: Monthly (EMI) or quarterly (EQI) basis.
> Fast approval process
> Prompt services
> Facility available in all branches
> Financing up to 80 % of your education
> Counseling to help better financing by our RMs throughout the process


3. Sanima Bank Limited
Sanima Education Loan is a best financial solution for the students aspiring to pursue higher education in Nepal or abroad. It is a convenient and complete financial solution provided against collateral security for meeting the requirement of our valued customers that shall cover entire expenditure pertaining to educational institutes, transportation fare, stationeries and logistics.

Facility is available for:
> Meeting financial needs for Education purpose
> Tenure: Up to 15 Years including moratorium period
> Service Charge: 1% on approved loan limit
> Financing: Maximum up to NPR 10 Million


4. Civil Bank
Education loan is extended to students or sponsor of the student to enroll for higher study abroad or within Nepal

> Minimum/Maximum Tenure: Maximum period of 10 years (including grace period of up to maximum three years)
> Repayment Mode: EMI Based


5. Citizens Bank Limited
Education is the most important investment one makes in life. Therefore, the Bank has brought the Education Loan, which aims to finance meritorious students who choose to pursue a higher education (Professional or technical) in Nepal and abroad. The loan is extended to students/ professionals desiring to pursue higher studies such as Graduation, Post-Graduation, Specialization and Vocational/Technical courses in the country or abroad. Citizens Education loan covers a maximum of 80% of expenses in connection with the studies of the borrower in the country or abroad.

> Purpose: To finance the education cost of the students desiring to pursue higher education in Nepal or Abroad
> Nature: Terminating loan payable in Equal Monthly Installment
> Loan Size: Maximum Up to 5.00 Million
> Tenure: Repayment period maximum 15 years including moratorium period.
< Loan Portion: Up to 100% of the cost pf education but not exceeding 80% of Distress Value of collateral security


6. Bank of Kathmandu
To part finance students (tuition fee, living expenses & travelling expenses), with the support of Parents or any other guarantor from one house family members.
- Loan Amount
> Minimum loan amount - NPR 150,000/- (Nepalese rupees one hundred fifty thousand only).
> Maximum loan amount - NPR 10,000,000/- (Nepalese rupees ten million only).
- Financing %:
> Maximum of 90% of institute/hostel expenses. In case of MBBS/MD courses in Nepal loan amount is allowed up to 100% of the total tuition fees only. However this should not exceed 90% of the total cost of the MBBS/MD program.
> In addition, not exceeding NPR 1,000,000/- for other expenses such as airfare, computer and other incidental.
-Tenure: Maximum 10 years (Exclusive of moratorium period of 12 months).


7. Standard Chartered Bank Limited
> Attractive & competitive interest rate.
> Moratorium period up to maximum of 3 years or course duration whichever is earlier
> Loan amount minimum NPR 1 million maximum up to NPR 10 million
> Additional loan of NPR 0.5 Mio to cover miscellaneous expenses (conditions apply).
> Loan tenure minimum 1 year and maximum up to 10 years
> Repayable on EMI basis after moratorium period.


8. NMB Bank Limited
NMB Bank provides education loans according to the fees payable to the educational institute and accommodation expenses Examination/library/laboratory fee Purchase of books/equipment/instruments Travel expenses. Education Loan is extended to students or sponsors of the student to enroll for higher study abroad or within Nepal.
> Financing Amount - Up to 70% of the Fair Market Value of the collateral security as valued by the Bank’s approved value.
> Financing ratio - Up to 90%
> Tenure: Maximum up to 10 years.
> Repayment Method:  EMI


9. Kumari Bank Limited
Kumari Bank provides education loan to help students pursue their higher education (Professional or technical) in Nepal and abroad

Purpose of Education Loan:
> Pursue higher education (Professional or technical) in Nepal and abroad

Education Loan Financing:
> The parents/ guardians of the student should have adequate source of income for repayment of EMI.
> Admission confirmation from respective education institution is required.
Interest Rate - Competitive


10. Laxmi Bank Ltd.
All expenses related to the course of study as determined by the college/university/institution including the cost of traveling, living and accommodation.

> Once applied your loan can be processed from all the Laxmi Bank Branches, no need to go to the same Bank you applied it from.
> Once you apply for the loan, approval of the loan will be within 7 working days.

Max loan Amount: NPR 7 Million
Max loan Tenure: 15 years
*Loan Extension
> Up to 100% of total cost of study (including the cost of travelling, living and accommodation).
> 75% of FMV of the property.
> 95% of the value of Fixed Deposit or Government Bond.


11. Prabhu Bank Limited
Prabhu Education loan has been designed to meet the aspirations of students for completion of their studies both in and out of the country. Prabhu's education loan scheme provides loan for those students who demonstrate ability, drive and ambition but do not have the financial resources to achieve their goals.

> Minimum Loan Amount NPR 100,000 and Maximum Loan Amount NPR 5 Million.
> Loan can be granted up to 90% of the Distress Value subject to the maximum loan limit.
> Maximum loan tenure of 15 years.
> Management Fee of 1% of the sanctioned loan amount.
> Repayment in equated monthly installments basis.


12. Prime Commercial Bank Ltd.
To achieve your dream for higher education, Prime Commercial Bank offers Prime Scholar Loan for future scholars. By this product, we assist our customers to achieve higher degree from the country & abroad. We have strong belief that no one should be deprived from the light of education due to lack of sufficient fund. So, if are you compromising your education due to insufficiency of funds, then give your worries to us. Prime Scholar Loan is here to take care of your educational need.

> Very low and competitive interest rate.
> Quick processing and prompt approval
> Interest charged quarterly until grace period & repay on EMI thereafter
> Repayment can begin after graduation
> 5 years to repay the loan after the final disbursement
Interest Rate
Applicable Interest Rate:  Refer Rate of Interest Published


13. Siddhartha Bank Limited
Education expense is an investment for your bright future. Siddhartha Bank makes it easy for you to climb the ladder of academic qualifications by providing variety of financial supports for your college expenses.

> To finance education expenses to pursue higher studies (Graduation, Post Graduation, Specialization etc.)
Type of facilities:
- Overdraft
- Short Term Loan
- Long Term Loan
> Maximum up to 80% of the total expenses to be incurred for proposed study
> To be backed by mortgage of land or land and building with at least 40% margin
> Maximum up to 10 years in case of Term Loan including moratorium period
> Competitive interest rate and service charge


14. Machhapuchchree Bank Limited
MBL Education loan is specially designed for students intending to pursue higher education domestically and for abroad. International universities and colleges give a lot of credence regarding demonstration of adequate financial means when an education loan is shown as their financial strength. Due to its stringent approval process MBL education loan has been accepted by most of the international universities and colleges world wide.

Features and Benefits:
> Competitive Interest rates
> Quick Turnover Time: Approving status within 7 days of submission of all required documents
> Flexible Tenor: Maximum 12 years, including 2 years moratorium period.

Moratorium period: Maximum upto 2 years. During moratorium period, only interest amount to be paid on each Nepali quarter end and loan amount (within the approved limit) can be disbursed in maximum of seven installments as per requirement of the student/ University.

- Financing Percentage:
Loan limit can be approved upto 70% of Fair Market Value of real estate collateral or 80% of total education expenses (tuition fee, living expenses, overseas health insurance expenses, travelling expenses and other related expenses) during course period whichever is lower.

- Loan size:
Minimum: NPR. 200,000; Maximum NPR. 6,000,000 or total expenses whichever is lower.

- Loan processing fee: 1% of the loan amount
Pre-payment charge: Pre-payment can be made with nominal charge @ 1%, however pre-payment charge @ 3% will be levied in case of SWAP


15. Mega Bank Limited
Your dream of pursuing higher education has become easier than ever with hassle free financing from Mega Bank. Mega Education Loan is an easy financial solution for the students willing to pursue their higher education both abroad or in Nepal. It is greatly flexible loan provided against the landed collateral which shall cover entire expenditure from admission fee, tuition fee, cost of stationary to logistic expenditure. Provided with the moratorium period up to 4 years wherein the customers have an option of servicing interest only, Mega Education is a largely customer friendly loan.

> Competitive interest rate and service charge
> Prompt processing
> Flexible loan tenure resulting in less EMI burden
> Availability of moratorium period wherein there is an option of servicing interest only till the period of completion of education


16. Nabil Bank Limited
Abroad Studies… this is what you might be thinking in your mind. Focus on pursuing the course of your choice and secure a great education. We bring to you simplified Education loan which aims to finance students who choose to pursue higher education. Now you need not wait for college offer letter to initiate the loan process; all you need to do is submit a document which substantiates the course detail and its cost; which may be generated through college website, self declaration or through consultants’ intimation. This new practice shall enable you to initiate loan process prior to formally obtaining offer letter thereby saving time for loan processing and avoid rush period of seasonal sessions.

Features of Education Loan
> Loan size up to NPR 10 million
> Flexible repayment options up to 15 years
> Attractive & competitive interest rate
> Moratorium period up to maximum of 4 years or course duration whichever is earlier
> Personal counseling throughout the process
> Simplified documentation requirements
> Quick approval and transparent loan processing
> Loan will be directly disbursed to the education institutions (Colleges/Universities) as per the fee structure
> Loan processing from wide range of branch networks
> Insurance options to cover your auto loan at attractive premium


17. NCC Bank
This  product  has  been  structured for  financing  the  parents of the  needy  students  intending  to
pursue  higher  studies  in  Nepal as  well as abroad.

Interest rate up to 6%
Base Rate: 10.77%


18. Nepal Investment Bank Ltd.
Finance for:
> Tuition fee
> Living expenses
> Travelling expenses

> Maximum upto 10 years
> Loan shall be terminated on /or before 60 years of age of the borrower.

Repayment: Equal Monthly Installments (EMI)

Fees and Charges
> Unscheduled payment: 1.5% of payment amount (conditions apply).
> Management fee: 0.50%( Flat) of the loan amount or NPR 5,000 (whichever is higher)
> CIC Charge: on actual basis


19. Everest Bank Limited
Purpose : Advances to pursue higher education in Nepal as well as abroad.

The finance covers :
> Admission Fee
> Books and stationery
> Instruments required for the course undertaken by the borrowing scholar
> Monthly fees/Tuition fees
> Examination Fees
> Caution deposit/building fund/refundable deposit supported by Institution bills/receipts
> Any other expenses required completing the course like study tours, project work, thesis etc.
> Boarding and lodging expenses in recognized Boarding Houses/Private accommodations.*
*In case of private accommodations, the reimbursement may be allowed to students up to prevailing charges of recognized Boarding Houses in the area.

Security: Collateral security/FD equivalent to 100 percent of the loan amount acceptable to the Bank
Interest rate: Competitive rate

> The interest shall be regularly paid on monthly/quarterly basis.
> Repayment shall start one year after the completion of study or one-month after getting employment whichever is earlier in maximum 84 equal monthly installments (7 years)


20. Nepal SBI Bank Ltd.
Maximum loan amount : Rs 80.00 Lacs*
Repayment: The loan shall be repaid in 10 years after the moratorium period on EMI basis.

> Land and building having value of at least 110.00% of loan amount.
> Loan up to 95% of Fixed Deposit/Government securities.

Moratorium :
A maximum period of 5 years or 3 months after  the completion of course designated, whichever is earlier.

Expenses considered
> Fees payable to College /Hostel (Admission fee, tuition fee, examination fee, laboratory fee, library fee)
> Purchase of books, equipments, instruments required for the course
> Cost of passage (for studies abroad)
> Boarding and lodging expenses (Recognized hostels by the institution


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