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. Before applying for admission, parents who want their children to study abroad must make certain 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 critical in this situation, as it assists in bridging the gap between the shortfall and the necessary amount.
By taking out an education loan, you alleviate pressure on your family finances and avoid the need to liquidate your fixed deposit, mutual fund, or bond investments. They have additional benefits that make studying abroad more manageable. When you take out a student 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. Other loans, such as personal loans and home loans, do not have this option.
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 offer educational loans to aspiring students. However, students must evaluate the study loan based on various factors, terms, and circumstances. The applicant should understand details such as 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.
Our team will facilitate students to get education loan provided by different banks. Our counsellors are well informed about the education loan policies of these banks, and they can refer you to the most suitable one.
How can an education loan help you?
In Nepal, an education loan represents financial assistance for higher learners or abroad. The purpose of the loan is to cover all the costs of completing an education. The following elements are included:
Besides the funding of school expenses, there are other benefits of an educational loan. A few of them are here:
However, the borrowers must meet strict criteria and agree to a few conditions offered by the loan provider to benefit from educational loans in Nepal. A few essential loan applications, approvals and related services are provided here if you are interested in applying for an education loan in Nepal for study abroad.
Nepali banks offer educational loans for nearly any course as long as the Nepali government recognises the educational institute. The following methods are eligible:
Undergraduate/Bachelors & above
Graduate/Masters & above Any Professional Courses
Loans for Higher Education
Educational loan acceptance in Nepal necessitates the submission of supporting papers. The documents are asked by respective banks that may request, and the list may change according to their laws and regulations.
Part-finance students (tuition, living expenses, and travel expenses) with the help of parents or other family members as guarantors.
Criteria for Applicant
Usually, banks in Nepal offers 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 on the 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.
Income statement of the applicant/parents/guarantor (where applicable)
In the case of jobholders:
In the case of self-employed professionals:
Obtaining an education loan is significantly simpler than getting other types of loans. The loan for higher education can be obtained by following these simple steps. All loan criteria should be checked and tested before applying for an education loan to ensure no problems or barriers between educations.
We will help you arrange all the required documents and communicate with the bank officers on your behalf through our services.
Best of luck