The United States has long been one of the top destinations for Nepali students aspiring to achieve quality education and international exposure. Keeping this very aspiration in mind, Global IME Bank has designed tailor-made education loans that will help students finance their academic pursuits in the USA. Such loans will be designed to unleash tough financial burdens, hence allowing more students to realize their dreams of pursuing higher studies in the most prestigious and diversified learning environment globally. With Global IME Bank by your side, your dream study in the USA is not far-fetched.
Features of the Education Loan
With a competitive premium rate and low interest rates, Global IME Bank’s Education Loan makes education accessible. It has a flexible repayment schedule with a fast approval process for quick and effective loan processing. You can choose between monthly (EMI) or quarterly (EQI) repayments. The program covers up to 80% of your educational costs, including tuition and living expenses, and is accessible at all branches, making our education loan services easily accessible across the country.
Eligibility Criteria
- Age: Nepali citizens aged 18 to 70 at the loan’s maturity.
- Employment Status: Suitable for salaried individuals and self-employed persons with sufficient income.
- Joint Borrowers: Parents are the primary borrowers, with the student as a joint borrower.
- Educational Pursuit: Financing for students pursuing education abroad or within Nepal for studies above +2 level.
- Income Requirements: EMI/EQI should not exceed 50% of gross income or 80% of uncommitted income.
Security Requirements
For securing an education loan with Global IME Bank, borrowers must provide a registered mortgage of land and building, accompanied by a personal guarantee from a family member or an acceptable third party. Additionally, comprehensive insurance coverage for the building is required. The loan can be extended up to 80% of the Fair Market Value (FMV) based on the Forced Sale Value (FAC) of the property.
Proof of Income and Required Documents
- Income Proof: Salary certificate, contract agreement, rent contract, audited financial statements, or self-declared income.
- Required Documents: Loan application, current account details, family member information, passport photos, citizenship certificates, academic records, passport and visa copies, admission letters, land ownership certificates, blueprints, construction certificates, boundary disclosures, land revenue receipts, salary certificates, tax/PAN/VAT certificates, transfer deeds, coheir letters, and multiple banking declarations.
Global IME Bank is dedicated to making your educational journey in the USA a reality. With our education loan, you can focus on your studies without financial worries. Visit your nearest branch to find out more and start your application process today!
