Caution

If you receive any calls (except from BoB Contact Center when you have lodged a concern with them +975 2 349903), SMS and email asking for personal details such as account number or ATM card number, please do not share. Bank of Bhutan will never ask for personal details of clients. It’s all spam.

Notification on ATM Withdrawal Charge

All customers are requested to note that cash withdrawals from other bank’s ATM machines are chargeable @Nu 9/- per withdrawal transaction from the sixth transaction onwards, and is recovered at each month end. This is a common charge across banks and as mandated by the Central Bank.

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

ELIGIBILITY

  • Any individual/student studying/attending conferences/online classes/vocational trainings/day care centers, OR
  • Any individual/student opting reimbursement of tuition fee incurred for past years. However, the reimbursement shall be considered only for the course completed within the recent two years.

QUANTUM

A. WITH MORTGAGE

  • 70% of the value of the collateral but not exceeding 10,000,000.00 for student studying in India or abroad and Nu. 1,500,000.00 for student studying in Bhutan.
  • For students opting for green and sustainable studies – The maximum LTV shall be 75% of the value of the collateral security or maximum financing limit whichever is lower.
  • 90% of the cash collateral such as Term Deposits or lien on CASA accounts.

B. ON SALARY

  • Government Departments (Bhutanese and expatriates), Autonomous Body, and SOE 70% of LTI OR total tuition fee including other related expenses, whichever is lower.
  • Private Employees or business owners: 50% of LTI OR three times the PF & gratuity accumulation OR total tuition fee including other related expenses, whichever is lower.

GUARANTOR CONDITIONS FOR SALARY BASED

  • Regular Employees
  • For e-PEMS guarantor is not required.
  • For non e-PEMs guarantor is not required if the applicant is in service for more than 3 years including probation period.
  • Guarantor is required if the applicant is less than 3 years in service. The guarantor should be equal or higher grade from same office/Ministry with 3 years or more in service.
  • Contract Employees
  • Applicant is required to provide guarantor of same or higher grade from the same agency or equivalent position from the Civil Service/DHI owned Companies/SOEs with 3 years or more in service.
  • Private Employees
  • Applicant is required to provide employer guarantee or TPG from a civil service/ DHI owned Companies/SOEs with 3 years or more in service. However, the private company should be in operation for more than 5 years.

INTEREST RATE

Floating/prevailing interest rate

TENURE

Maximum Ten (10) years inclusive of two (2) years gestation period.

REQUIRED DOCUMENTS

CHECKLIST

  • Application form duly filled by the applicant and signed on all the pages (full signature).
  • Copy of valid Citizenship Identity (CID) of the applicant, guarantor, and children (above 15 years) (as applicable).
  • Fee Structure and offer letter as applicable.
  • Tuition fee receipts if seeking for reimbursement.

ADDITIONAL CHECKLIST FOR SLARY

  • Appointment letter for applicant and guarantor (if applicable).
  • Latest payslips of applicant and guarantor (if applicable).
  • An irrevocable letter of authority from the applicant to his employer for deduction of monthly loan instalment from salary for immediate repayments. However, it does not apply to e-PEMS repayment system.
  • Non e-PEMS – Latest pay slip of the applicant(s) duly signed and sealed by salary disbursing officer & recommendations.

ADDITIONAL CHECKLIST FOR COLLATERAL BASED

  • 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-ownership.
  • A copy of family tree – For family-owned land, family (household) register issued by Department of Civil Registration and Census, Ministry of Home and Culture Affairs (MoHCA) and a copy of No Objection Certificate (NOC) letter from family members (18 years and above (if applicable).
  • Sale Deed agreement in case of purchase of already constructed building/flat.
  •  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 isssued 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.

Downloads / Links

Download Education Loan Form