YES

1. The applicant should be a citizen of India
2. The applicant should have been selected for a technical or professional course in a recognised college/institution/university in India or abroad.

1) Graduate/post-graduate degree and diploma courses offered by colleges/universities/institutions/recognized by AICTE/AIBMS/ICMR/Govt. etc.

2) Professional courses like Medical, Engineering, Agriculture, Law, Computer etc.

3) Courses offered by IIT, IISc, IIM, NID, XLRI and courses like ICWA, CFA, CA etc.

4) Regular diploma and degree courses (in India) like pilot training, shipping, nursing and any other discipline that is approved by a government regulatory body.

5) Courses that are offered by reputed private and national institutions.

6) Job oriented technical or professional graduation courses and post-graduation courses like MS, MBA and MCA etc. that are offered by recognised universities abroad.

7)Courses that are conducted by CPA-USA, CIMA-London etc.

8) Approved degree and diploma courses in the field of Civil Aviation, Shipping and Pilot Training etc. (in India or abroad).

Rs 10 lakhs for pursuing courses in India

The interest rate charged for Jammu and Kashmir Bank Education Loan depends on the tenure of the loan. Fixed interest rate is charged on loans with tenure up to 5 years as follows:

1. 12.25% for loans up to Rs 5 lakhs
2. 13.25% for loans above Rs 5 lakhs, up to a maximum amount of Rs 10 lakhs
3. 14.00% for loans above Rs 10 lakhs, up to a maximum amount of Rs 20 lakhs

Floating interest rate is charged on loans with tenure of more than 5 years as follows:

1. Bank Rate + 1.5% OR Prime Lending Rate – 3.00% for loans up to Rs 5 lakhs.
2. Bank Rate + 2.5% OR Prime Lending Rate – 2.00% for loans above Rs 5 lakhs, up to a maximum amount of Rs 10 lakhs.
3. Bank Rate + 3.75% OR Prime Lending Rate – 0.75% for loans above Rs 10 lakhs, up to a maximum amount of Rs 20 lakhs.

1. For loan amounts up to Rs 7.5 lakhs
2. Maximum 10 years
3. For loan amounts above Rs 7.5 lakhs
4. Maximum 15 years
5. Moratorium Period
6. 6 months after getting employed or the duration of the course plus 1 year (whichever is earlier).

1. For loans up to Rs 4 lakhs - No margin
2. For loans above Rs 4 lakhs - 5% for study in India; 15% for study abroad

1) No security is required for loans up to Rs 4 lakhs, but parents have to be co-borrowers.

2) For loans above Rs 4 lakhs and up to maximum amount of Rs 7.5 lakhs, third party collateral security is required and parents have to act as co-borrowers.

3) For loans above Rs 7.5 lakhs, tangible and acceptable collateral security is required and parents have to act as co-borrowers.

4)For pursuing courses in IIM/ISB-Hyderabad/IIT no collateral security is required if loan amount is within Rs 10 lakhs. However, parents have to be co-borrowers and assignment of potential future income along with third party guarantee of 2 individuals will be required.

Budshah Primary Education Finance:
The Jammu and Kashmir bank offers this term loan to help students in pursuing primary education. The loan is granted to parents of children above 3 years of age. The parents need to have a regular means of income.

•  The features of this loan are as follows:-

1. The purpose of this cover the cost of primary education of a child including uniform, books, school fee etc.
2. The maximum amount offered is Rs 30,000 (for primary education in private school)
3. The loan has a margin of 10%.
4. The processing charge is 0.05% of the loan amount or Rs 25 (whichever is higher).
5. 3rd party guarantee of 1 individual along with personal guarantee of a parent/guardian is required for availing this loan.
6. The loan comes with a repayment period of 12 months.

• The documents required for applying for this primary education loan are listed below:

1. Admission certificate from a recognised school
2. Loan application forwarded by the principal of the school

• Jammu and Kashmir Bank Education Loan Subsidy:

The Minority Affairs Ministry of the Government of India offers interest subsidy on education loans for overseas studies to students of the minority community. This scheme is effective from 1 April, 2013.

• The features of this subsidy scheme are as follows:

1. The subsidy is available to the students only once, either at the masters or doctorate level.
2. The scheme is restricted only to students from minority communities pursuing MPhil, PHD and PG courses abroad.
3. Students have to retain their Indian citizenship throughout the tenure of the loan.
4. The subsidy is only available for loans under Rs 20 lakhs.
5. Students who have availed subsidies under any other Central or State Government scheme are also eligible for this subsidy scheme.
6. The total family income of the student should not exceed Rs 6 lakhs per annum.
7. Students will need to provide income certificate issued by competent authorities.
8. The subsidy is only available for the moratorium period of the loan.
9. For more information about this subsidy scheme and to know about the disciplines or subjects covered under this subsidy scheme, contact your nearest Jammu and Kashmir Bank branch.