Education Loan

Aspiring students, studying within or outside Bhutan, can realize their dreams of a higher education and soar higher towards a brighter future!

Eligibility

  • Students or Parents/guardians whose relatives are studying in private Schools/Colleges within Bhutan, India and Third Countries.
  • Individuals on self-study
  • Number of children is not restricted as long as the repayment source is sufficient.

 

Classification

A. SALARY BASED
  • Individuals on self-study with confirmed source of repayment.
  • Must be a working employee.
  • Applicants should have completed his/her probation to be eligible.

 

B. COLLATERAL BASED
  • Individual should provide fixed/Immovable collateral.

 

Guarantor

Students or Parents/guardians whose relatives are studying in private Schools/Colleges within Bhutan, India and Requirement of TPG of an employee of same grade or higher with confirmed three years of service, if the loan proposed is salary based.

 

Quantum

Product Quantum
With Mortgage 60% of the value of acceptable collateral (land or (Land and Building) but not exceeding Nu.3,000,000 for students studying in India & abroad and Nu. 900,000/- for students studying in Bhutan-
On Salary 30 times the net salary or maximum Nu.900,000/- with not less than 30% of the gross salary as net take home pay (including proposed loan)

Interest Rate

 

Tenure

7 years

 

Required Documents

Checklist
  • Application duly filled in and signed on all the pages by the applicant. CLICK HERE to Download the Form.

  • CID copy of both the applicant and the guarantor (if applicable).

  • CID copy of children if 15 years and above.

  • One recent Pass Port size photograph of the applicant.

  • Provisional admission or Latest academic admission of the university/college.

  • Fee structure.

  • Fee receipt if already paid to the university.

 

1. Without collateral
  • Latest Pay Slip of the applicant(s) and guarantor (equal or higher grade with three years of confirmed service from same department) dully filled by salary disbursing officer, signed and sealed by salary disbursing officer &recommendations.

  • Appointment letter for applicant & guarantor (if applicable).

  • Undertaking letter (E-PEMS based salary loans).

  • Affidavit.

  • Declaration form filled and signed by applicant in front of the bank staff or in bank premises.

 

2. With collateral
  • Ownership certificate of collateral security offered to bank. Branches must ensure and check properly the title of the ownership as per the Lag Thram (individual, joint, co-ownership or family).

  • For joint and co-ownership land, consent letter from the joint owner or co-owner should be obtained.

  • For family owned land – A copy of, family (household) register issued by Department of Civil Registration and Census, MoHCA and a NOC letter from family members (18 years and above) (if applicable).

  • CID COPIES OF WITNESS, INCASE OF TPG PROPERTY FOR FAMILY AND JOINT PROPERTIES, THE FAMILIY MEMBERS TO COME TO BANK AND SIGN, OR TO BE VERIFIED BY GUP.

  • Property valuation/assessment certificates/drawings of buildings done by BoBL’s engineer.

  • Valid insurance copy of the collateral securities charged in case of buildings.

  • Stamped and witnessed Letter of Consent for extension of charges duly signed by the property owner (if applicable).

  • Letter of Consent (if applicable) if guaranteed.

  • Proof of income to service the loan – rental income statement signed by the tenants and the land lord/BIT/ PIT/Salary Slip duly certified by the Department concerned.

  • Letter from the applicant that rental income will be tied up for payment of loans (if applicable).

  • Call us on: 1095
  • Write to us at: [email protected]
  • Request Callback:+975