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JK Bank School Education Loan Scheme Check Eligibility and Rate of Interest

JK Bank School Education Loan Scheme Check Eligibility and Rate of Interest

 

 

 

 

ELIGIBILITY

  • Parents of the Children above the age of 3 years whose child (ren)have got admission in the recognized/registered school upto Higher Secondary Level.
  • Parents of the Children above the age of 3 years whose children are studying in any recognized/registered school and who have for any reason and tenable reason like natural calamity, turmoil, political disturbance, health issues etc. not been able to pay monthly fee of the children/wards for upto six months in a row. The loan for monthly fee can be granted more than once provided the previous facility granted is adjusted in full.

 

 

 

 

 

SCALE OF FINANCE

  • Maximum of0.80 Lakh per child/ward for Admission Fee (one time only upto 12th Class).
  • Maximum of 0.30 Lakh per child/ward for Arrears of Monthly Fee.

The facility shall be allowed to an applicant borrower/parent for the studies of maximum two children. The interest charged during the moratorium period on the loan shall be capitalized and form a part of overall limit sanctioned and shall not exceed the prescribed loan limit.

  • Collateral: Third Party guarantee of one person*.* No Third party guarantee required in respect of permanent employees of State and Central Government, State/ Central Government Undertakings & Autonomous bodies drawing salary through our Bank.

 

 

 

 

 

CRITERIA FOR SELECTION

  • Child should be 3+ years of age.
  • The applicant should produce a Certificate from the concerned school that the child has been selected for Admission alongwith estimate of Fee payable. In case of finance for Arrears of monthly fee for (maximum 6 months), the letter from school regarding amount of the monthly fee of the student having remained in arrears should be obtained.
  • The parent/guardian should have an independent regular source of income sufficient to cover the monthly repayments of loan/s after providing for 40% of home take salary/income.
  • Income of parents will be jointly considered for calculation of repayment capacity.
  • The school should be recognized /registered by Government.
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