Education and Career Forum

Hi friends, I am interested to study BCA(H) with the help of education loan. I have heard about the Karnataka Bank Educational Loan Scheme. Can anyone of you provide me the details of this particular educational loan scheme?

Sure, here are the details of the Karnataka Bank Educational Loan Scheme for BCA(H) aspirants:

Eligibility:

• Indian nationals who have secured admission in a recognized institution for BCA(H) program.
• The student should have scored at least 60% in their 12th standard examination.
• The co-applicant should have a stable income source with good credit history.

Loan Amount:

• Students can avail a loan of up to Rs. 10 lakhs for studying in India and up to Rs. 20 lakhs for studying abroad.
• The loan amount can cover tuition fees, hostel fees, exam fees, books, and other necessary expenses.

Interest Rates:

• The interest rate for Karnataka Bank Educational Loan Scheme ranges from 9.90% to 13.90% p.a. depending on the loan amount and the co-applicant's creditworthiness.
• A concession of 0.50% on interest rates is offered to female students.

Repayment:

• The repayment period can range from 5 to 10 years, depending on the loan amount and the borrower's repayment capacity.
• Repayment starts after 1 year of the completion of the course or 6 months after getting a job, whichever is earlier.

Collateral:

The bank may require collateral security in the form of land, building, or other tangible assets, depending on the loan amount.

Application Process:

• Applicants can visit the nearest Karnataka Bank branch to apply for the loan.
• They need to submit the admission letter from the institution, mark sheets of the previous qualifying examinations, income proof of the co-applicant, KYC documents, and collateral security documents (if required).
  
• I hope this information helps you in making an informed decision about availing an education loan for your BCA(H) program.