Nepal is undeniably a country from which many students wish to pursue higher education around the world. They choose to study in Australia, New Zealand, Canada, the United Kingdom, and the United States. Since Nepalese students are so interested in studying abroad, education loans have become common. So far, the cost of education has been rising year after year around the world.
Loans for Higher Education
Before applying for admission, parents who want their children to study abroad must make specific financial arrangements. Many parents can put money into a savings account and provide funds or investments for their children's education. Despite this, students may face financial difficulties, necessitating financial aid such as an education loan to meet their needs. Thus, an education loan is beneficial in this situation, as it assists in bridging the gap between the shortfall and the necessary amount.
By education loan, you alleviate pressure on your family finances. When you take out the loan, the lender gives you a grace period (moratorium period) during which you can focus on your studies and prepare for your future career before beginning to pay your EMIs.
The Nepalese government, banks, and other financial institutions have simplified the education loan process and offered competitive schemes to Nepalese students seeking a brighter educational future. In Nepal, numerous banks provide education loans to aspiring students. However, students must evaluate the study loan based on various factors, terms and conditions. The applicant should understand total loan cost, monthly instalments, interest rates, loan processing costs, subsidies, grace periods, term periods, loan processing times, repayment schemes, moratorium periods, etc. As a result, students must investigate several banks and conduct studies on the application process and foreign exchange rates.
Aus Studies Counsellors will facilitate you to get education loans provided by various banks. They are well informed about the education loan procedures, who can provide you a basic idea and refer you to the most suitable bank.
How can an education loan help you?
In Nepal, an education loan represents financial assistance for students who want to go for studying abroad. The purpose of the loan is to cover all the costs of completing an education. The following elements are included:
The borrowers have to meet criteria and agree to a few conditions offered by the loan provider to benefit from education loans in Nepal.
Criteria for Applicant
Educational loan acceptance in Nepal necessitates the submission of supporting papers. The banks ask for the documents, and the list may vary according to their rules and regulations.
Usually, banks in Nepal offer a Minimum of NPR 150,000/- (Nepalese rupees one hundred fifty thousand only) to a Maximum NPR of 10,000,000/- (Nepalese rupees ten million only). But this may vary from bank to bank policy.
Maximum ten years (Exclusive of moratorium period of 12 months)
Equated Monthly Installments (EMI) over the loan tenure approved
In case of education loan against building as security within Municipality, documents certifying the fulfilment of required standards set by the relevant authority such as building construction completion certificate, Naksapass, approval from concerned authorities are needed.
We will help you arrange all the required documents and communicate with the bank on your behalf as a part of our service.
Best of luck