ELIGIBILTY
- All Bhutanese residing in a third country with sufficient repayment capacity and collateral. Bhutanese individuals living abroad can avail education loan for advancing their studies or covering the educational costs of family members and relatives both within and outside Bhutan.
QUANTUM
70% of the value of the collateral or 90% of the cash collateral but not exceeding Nu. 10.00 million.
INTEREST RATE
CLICK HERE to view the Floating/Prevailing interest rate.
TENURE
10 years
CHECKLIST
- Application form duly filled in and signed on all the pages (Full Signature).
- CID copy of the applicant, guarantor (if applicable) and children/student (above 15 years).
- One recent passport size photo of the applicant.
- Fee Structure and offer letter.
- Power of Attorney (POA) to execute the loan documents. POA should be issued to a family member.
- Family tree from MoHCA to authenticate if the guarantor/individual to whom POA is issued is a family member or not.
If repayment is tied to salary
- Salary slip/ Tax certificate/Bank statement (from any FIs to justify income) of applicant and guarantor (if applicable)
- Appointment letter for applicant and guarantor (if applicable)
- The combined salary of the spouse or family member (children) shall be considered. However, children must be of legal age.
Additional Checklist if immovable collateral is provided
- Ownership certificate(s) of the collateral security offered to the bank.
- Consent letter from the joint owner or co-owner if the collateral provided is joint/co-owned.
- A copy of a family tree generated within past one month at the time of application submission to authenticate whether the guarantor/individual to whom Power of Attorney (POA) is issued is a family member or not. A family tree should also be submitted, if the property is family-owned, along with a copy of the No Objection Certificate (NOC) from family members aged 18 years and above.
- Income source (Tax receipt, rental income or interest income, etc)
General Terms and Condition
- Email the duly filled loan form and other required documents to the Bank at [email protected]
- The land rate shall be based on the prevailing valuation of the Bank/common land rate.
- Original documents should be mailed to CRM, Loan Section at Thimphu Main Branch, BoB.
- Power of Attorney (POA) given by the rightful owner for execution of loan documents may be accepted only in case of people residing outside Bhutan/unable to present themselves in the Bank. However, it should be witnessed by a person having a good track record with the bank. For acceptance of POA, refer to the following Guidelines on issuance of Power of Attorney by the client.
- POA issued by an Individual has to be special or Limited POA issued for one-time financial or banking transaction;
- POA issued by an individual has to be issued to a family member(Transaction pertaining execution of Legal documents, agreements);
- An Individual issuing a POA to a person has to specify the purpose for which the POA has been issued. The POA issuer has to fill up Bank’s POA form witnessed by a Bank’s client having a good track record.