In Nepal, many students are opting for education loans to fund their studies, both in Nepal and abroad. Education loans in Nepal can be utilized for various study-related expenditures, easing the financial burden and helping them focus entirely on studies. Here is a step-by-step guide on education loan in Nepal:
What Does an Education Loan Cover?
When you take an education loan in Nepal, it covers all sorts of expenses incurred during your study and this applies for both national as well as abroad study. And the leading banks of Nepal, like Global IME Bank, offer education loans which can cover:
Tuition Fees: The cost of your course or study program.
Books and Materials: Fees for textbooks, study materials, and other study materials.
Accommodation: If you are pursuing studies away from home, it can cover your room or hostel fees.
Travel Charges: For those who are going abroad to study, it can cover travel charges, such as airplane fares.
Other Educational Charges: This might be lab charges, project expenses, etc.
Global IME Bank is the best for education loan because it covers almost all of what you need for your studies—either studying within the country or abroad.
Who is Eligible for an Education Loan in Nepal?
In order to be eligible for an student loan at Global IME Bank, you would generally have to:
- Be a citizen of Nepal
- Be enrolled at an accredited school or university
- Have a cosigner (usually a parent or guardian) with stable income
- You can apply for an education loan even at the age of 18.
Note: Each bank may have its own terms, so it’s always better to check with them directly. As for further clarification, you can visit the bank’s appointment page .
What is the Interest Rate on Education Loan in Nepal?
The education loan interest rates generally vary depending on loan condition and base rate. The rate varies depending on the bank as well as the type of loan you take. Some banks might offer special rates or discounts to students in particular programs. However, Global IME Bank offers a very competitive interest rate on its education loans:
- Base rate + up to 3.50%
- Fixed Rate from 11.99% to 12.99%.
These rates make Global IME Bank one of the best options for students seeking student loan in Nepal.
How Much Can I Borrow for an Education Loan?
The limit of the loan will be subject to your course fees and bank regulations or policies. Global IME Bank covers upto 80% of your educational cost which would include your tuition fees, accommodation costs, travel and other additional costs.
Special Opportunity for education loan in Nepal: September Intake Scholarships
As you are getting ready to go to your higher education, the September intake offers tremendous scholarship chances to study abroad. While applying for an education loan at Global IME Bank, you also stand a chance to be shortlisted for scholarships that can significantly reduce your load of money.
Conclusion
Education loans are a great way to fund your studies in Nepal and abroad. Tip: If you are planning to take a loan, make sure you know the conditions and make sure you choose right time period to repay the loan. With a decent loan, you can focus on studying and not your account balance!
Relevant Questions
How do I repay my education loan in Nepal?
Most education loans provide you with a grace period of 6 months to 1 year after completing your studies before repayment. The repayment period usually ranges from 5 to 10 years. At Global IME Bank you can get flexible repayment terms, upto 15 years.
Can I apply for an education loan if I want to study abroad?
Yes! You can obtain an education loan in Nepal if you are leaving the country to study. You’ll need to provide additional documents, like your offer letter, visa documents(if required), and course fees. The loan will pay for tuition fee, travel, hostel, and other expenses.
What documents do I need to provide to apply for an education loan?
These are the minimum documents, you’ll need to provide at Global IME Bank to apply for an education loan in Nepal:
Proof of identity (Copies of citizenship certificate, passport etc)
Proof of admission (Admission/offer letter from the educational institution)
Academic records (marksheets, certificates)
Proof of income (for the applicant, co-applicant and/or guarantor)
Bank statements
Collateral documents
Are there any government schemes for education loan in Nepal?
Yes, the Nepalese government offers special schemes to students, perhaps with lower interest rates and other perks. Such schemes are usually for students pursuing courses that are essential for Nepal’s development. Get information from local banks or government offices about available offers.
Can I get an education loan without a co-signer or a guarantor?
It’s generally hard to get an education loan in Nepal without a co-signer because most banks require someone with a steady income to back up the loan. However, some banks may grant loans to students with an outstanding study record or some other collateral to offer as security.
What if I’m unable to repay my education loan?
If you cannot pay back your loan, the bank may sue you in court to have it repaid. This may entail taking property or dismissing your credit. You should talk to the bank if you’re at risk of not being in a position to repay so you can discuss options.
What’s the difference between an education loan and a student loan?
In Nepal, “education loan” and “student loan” are used interchangeably. Both are student loans to finance students to cover their education. A student loan is nothing but a loan to students, while an education loan could potentially cover a wider range of education-related expenses.
Which bank’s education loan is best in Nepal?
When choosing the best bank for an education loan, it’s important to consider factors like interest rates, loan amounts, approval speed, and repayment terms. Global IME Bank offers education loans with competitive interest rates and support for both domestic and international studies. Plus at Global IME Bank, you can pause your loan payment for some time if any problem arises.
Which bank has the lowest interest rate for education loan in Nepal?
Among the various options available, Global IME Bank offers education loans at very competitive interest rates. This makes Global IME
The maximum loan amount depends on the bank and the type of course you are pursuing. At Global IME Bank, 80% of your tuition fees would be covered from the bank’s side irrespective of your fees amount.
Which bank is fast for education loan in Nepal?
Global IME Bank is known for its quick and efficient loan approval process. With easy documentation and fast processing times, you won’t have to worry about delays in securing your education loan.
Can I get a loan for MBBS in Nepal?
Yes, you can get an education loan for pursuing MBBS in Nepal. Many MBBS aspirants have successfully taken an education loan from Global IME Bank.
What is the minimum salary for applying for an education loan in Nepal?
Banks generally require a minimum salary for loan eligibility, especially for personal loans.
Inquire Global IME Customer support to inquire about the specific minimum salary requirement for loan.
Which bank is best for education loans for abroad?
Global IME Bank in Nepal provides one of the best education loan for abroad, covering up to 80% of educational costs for students pursuing higher education, both within Nepal and abroad. The loan can be used for various expenses like tuition fees, travel, and other related costs.
Can I pause my loan payment for some months?
Yes, you can pause loan payment for 1 year upon need basis at Global IME Bank. This is termed as moratorium period for your loan.
Disclaimer: The rate and conditions may change per the regulatory changes and market condition.
