NIC Education Loan is a specially product to meet the financing requirements of students pursing higher education for a brighter future.

Basic Features:

• Amount: Rs 0.50 million to Rs. 5 million
• Tenure: Up to 10 years
• Interest: 10% p.a.
• Processing fee: 1%

Eligibility: Age of Applicant: 25 years to 60 years.

Repayment Capacity: Net disposable income must be twice monthly interest liability on 100% loan.

Security: Mortgage of real state collateral.

Process: Loans shall be processed subject to:

1. Submission of complete loan application form.
2. Cash deposit of 1% of loan applied for (amount will be refunded if loan is not approved).
3. Submission of following documents as applicable:
   
   

A. Identification documents:
Copy of citizenship certificate/passport of applicants/joint applicants & guarantors with 2 PP photographs.

B. Documents pertaining to real-estate property (proposed to be mortgaged)
Copy of land ownership certificate (Lal purja), land transfer deed (tamsuk), latest land revenue receipt, original & copy of property location map (Blueprint), copy of boundary demarcation certificate (Char Killa Pramanit from ward office/VDC), original and copy of approved structure design (Naksa Pass) from Municipality or VDC and certificate of "Construction Completed" certificate (Nirman Sampanna) from concerned Municipality and or VDC in case property to be mortgaged includes house.

Income Source Documents Salaried Individuals:
Employment track record of at least 3 years. Letter from current employer confirming designation, period of service, type of employment (permanent or contract) and gross salary and net salary (after all deductions including PF, tax, staff loan instalments, etc).

Self- employed Individuals:
Past two years audited/management prepared financial statements, Copies of all registration certificates, PAN/Vat certificate, Memorandum and Articles of Association (for companies), Partnership deed (for partnership firm).

A. Documents Required With Application

1. 3 photographs of applicant/joint – applicant (s), guarantor/s with signatures on the back.
2. Copy of citizenship or passport of applicant/s & guarantor/s (to be verified against originals).
3. Names of father/grandfather of applicant & guarantors and the details of undivided family members.
4. Copy of personal bank account statement for last six months where salary /pension/ income of applicant is credited.
5. Copy of last 3 months credit card statement.
6. Copy of land ownership certificate (Lal purja).
7. Copy of land transfer deed (Rajinama)
8. Copy of the latest land revenue receipt & house tax clearance receipt if applicable.
9. Original & copy of blue print of the area where property is located.
10. Copy of Char Killa Pramanit (Four boundary demarcation) from Ward Office/ VDC
11. Original & copy of approved structured design from municipality (Naksa Pass) and / or VDC as applicable.
12. Original & copy of certificate from concerned VDC / Ward Office (in case of new construction)
13. Certificate of "Construction Completed" from concerned Municipality / VDC (in case financing of already built)
14. Detailed breakdown of cost estimation prepared by the Applicant’s consultant.
15. Cash deposit receipt for 1 % loan applied (amount will be refunded if loan not approved).

B. Refinance:

• Credit report certifying Loan Category as per NRB directives from applicant’s existing bank/ financial institution showing loan outstanding.
• Last 12 month’s account statement from current bankers
• Last 12 month’s loan account statement from current bankers showing loan outstanding

C. Income Source / Repayment Capacity Related Documents 1. Salaried Individuals

1. Letter from current employer confirming designation, Tenure of service, Type of employment (Permanent or contract) and gross and net salary (after all deductions including PF, tax, staff loan instalments, etc.)
2. Letter should be in office’s letterhead, with office’s seal, signed along with name and designation of signatory.
3. Letter from previous employer/s if applicant has worked less than 5 years with current employer.

2. Pensioners

1. Pension book copy of ID stating name of pensioner / amount of monthly pension and the period of pension will continue to be paid.

3. Self Employed Individuals

1. Past 3 years audited financial statements (P/l account and Balance Sheet) of firm/company
2. Copies of registration certificate.
3. PAN Certificate
4. Memorandum and Articles of Association (for companies)
5. Partnership deed (for partnership firm ).