Jammu and Kashmir Bank Education Loan
Jammu & Kashmir (J&K) Bank offers the education loan schemes that are thoughtfully tailored to meet the requirements of various demographics. The loan offers flexible financing up to Rs.40 lakh for studies in India and abroad. The interest rate ranges from RLLR+1.50% to RLLR+2%. Loans cover a wide range of courses at different levels and age groups, from the primary school level up to the professional courses.
The competitive interest rates ensure that these loans are accessible to the common people, making education a possibility for all. There are subsidies for eligible students and no prepayment penalties which makes the loan scheme a great aid for students planning for studies abroad.
Jammu and Kashmir Bank Education Loan Interest Rates
The interest rates for education loans from Jammu and Kashmir Bank are as follows:
Schemes | Maximum Loan Amount | Interest Rates (p.a.) |
Education Loan Scheme |
| RLLR + 1.50% Floating with monthly rests |
J&K Bank Education Loan Processing Fees
- Courses in India: None
- Courses abroad:
- For Loan amount up to Rs.75% lakhs: NIL
- For loan amount above 7.50% lakhs: 1% of the loan amount to a maximum of Rs.5,000 which is refundable.
Collateral Rules for J&K Bank Education Loan
None for loans up to Rs.4 lakh
Loan Tenure
15 years including moratorium
Eligibility for Jammu and Kashmir Bank Education Loan
Indian nationals(including NRIs) who have secured admission into recognised courses in India or overseas through a merit-based selection process for graduation, postgraduation, and diploma courses.
Jammu and Kashmir Bank Education Loan EMI Calculator
Jammu and Kashmir Bank of India's education loan EMI calculator is a handy online tool that will help you plan your finances better by giving you a precise analysis of your Equated Monthly Instalment (EMI).
After entering the required details, such as interest rate, loan amount, and repayment tenure, click on the ''Calculate'' button and a comprehensive amortisation table will be displayed instantly on the screen.
Education loan offered by other banks in India
- Maharashtra Gramin Bank Education Loan
- Karnataka Gramin Bank Education Loan
- Baroda Gujarat Gramin Bank Education Loan
- Kerala Gramin Bank Education Loan
- Baroda UP Gramin Bank Education Loan
- YES Bank Education Loan
- CSB Bank Limited Education Loan
- Gyani (Education Loan) Nainital bank Ltd.
- CSB Bank Limited Education Loan
- IDFC FIRST Bank Education loan
- Bandhan Bank Education Loan
- Kotak Mahindra Bank Education Loan
- DBS Education Loan
- United Bank of India Education Loan
- Credila Education Loan
- ICICI Bank Education Loan
- Vidya Lakshmi Education Loan
- IDFC FIRST Bank MBA Scholarship
- SBI Interest Subsidy on Education Loans
- Avanse Education Loan
- Axis Bank Education Loan
Let's illustrate this with an example:
If you have taken an education loan from Jammu and Kashmir Bank that amounts to Rs.10 lakh with a repayment period of 15 years and an interest rate of 8.70% p.a., your EMI will be:
- Equated Monthly Instalment (EMI): Rs.9,965
- Total interest due: Rs.7,93,697
- Total amount payable: Rs.17,93,697
The amortisation table for the loan will be:
Principal Paid (A) (Rs.) | Interest Paid (B) (Rs.) | Total Payment (A+B) (Rs.) | Outstanding Loan Balance (Rs.) |
25,156 | 64,528 | 89,684 | 9,74,844 |
36,189 | 83,391 | 1,19,580 | 9,38,656 |
39,467 | 80,113 | 1,19,580 | 8,99,190 |
43,040 | 76,539 | 1,19,579 | 8,56,150 |
46,936 | 72,644 | 1,19,580 | 8,09,213 |
51,187 | 68,393 | 1,19,580 | 7,58,026 |
55,822 | 63,758 | 1,19,580 | 7,02,203 |
60,877 | 58,703 | 1,19,580 | 6,41,326 |
66,391 | 53,189 | 1,19,580 | 5,74,935 |
72,403 | 47,177 | 1,19,580 | 5,02,533 |
78,959 | 40,621 | 1,19,580 | 4,23,575 |
86,108 | 33,472 | 1,19,580 | 3,37,466 |
93,906 | 25,674 | 1,19,580 | 2,43,560 |
1,02,409 | 17,170 | 1,19,579 | 1,41,150 |
1,11,684 | 7,896 | 1,19,580 | 29,467 |
29,466 | 429 | 29,895 | 0 |
How to Apply for Jammu and Kashmir Bank Education Loan
You can apply for the education loan from Jammu and Kashmir Bank visiting your nearest branch.
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FAQs on Jammu and Kashmir Bank Education Loan
- What is maximum loan tenure available with J&K Bank Education Loan?
The maximum loan tenure is 15 years for loan amounts above Rs.7.5 lakhs.
- What is the margin for a loan of Rs.3 lakhs?
There is no margin for loan amounts below Rs.4 lakhs.
- Will 3rd party security be required for a loan amount of Rs.6 lakhs?
Yes, 3rd party collateral security will be required for a loan amount of Rs.6 lakhs.
- How much education loan can I get from J&K Bank?
You can get education loan up to Rs.40 lakhs from J&K Bank.
- Can I get loan from J&K Bank?
Yes, you can get wide range of loans like consumer durable loans, education loan, skill loan, gold loan, festival advance loan, and others from J&K Bank.
- Does J&K Bank check CIBIL score?
Yes, J&B Bank checks the CIBIL score of the applicant before approving a loan or issuing a credit card.
- Is J&K Bank government or private?
Founded in 1938, Jammu and Kashmir Bank (J&K Bank) is one of India's oldest private sector banks and a Scheduled Commercial Bank.
- What is the minimum balance charges of J&K Bank?
The bank charges Rs.7.5 per Rs.100 of the variance, or portion thereof, from the average monthly balance requirement, up to a monthly maximum of Rs.375 + GST whatever portion thereof is less than the average monthly balance requirement or Rs.1500 per month + GST.
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