Aspiring students, studying within or outside Bhutan, can realize their dreams of a higher education and soar higher towards a brighter future!
ELIGIBILITY
- Any individual/student studying/attending conferences/online classes/vocational trainings/day care centers
QUANTUM
A. With Mortgage
- 70% of the value of the collateral but not exceeding 10,000,000.00 for student studying in India or abroad and Nu. 1,500,000.00 for student studying in Bhutan.
- For students opting for green and sustainable studies – The maximum LTV shall be 75% of the value of the collateral security or maximum financing limit whichever is lower.
- 90% of the cash collateral such as Term Deposits or lien on CASA accounts.
B. On Salary
- Government Departments (Bhutanese and expatriates), Autonomous Body, and SOE: 70% of LTI OR total tuition fee including other related expenses, whichever is lower.
GUARANTOR CONDITIONS FOR SALARY BASED
Regular Employees
- Applicant is required to provide guarantor of equal or higher grade from the same office or Ministry/other Ministries/DHI owned Companies/SOEs with minimum 3 years confirmed services.
- Guarantor is required if the applicant is less than seven years in service excluding probation period.
Contract Employees
- Applicant is required to provide guarantor of same or higher grade from the same agency or equivalent position from the Civil Service/DHI owned Companies/SOEs with 3 years or more in service.
INTEREST RATE
CLICK HERE to view the Floating/Prevailing interest rate.
TENURE
Maximum Ten (10) years inclusive of Two (2) years gestation period.
REQUIRED DOCUMENTS
A. Checklist
- Application form duly filled by the applicant and signed on all the pages (full signature).
- Copy of valid Citizenship Identity (CID) of the applicant, guarantor, and children (above 15 years) (as applicable).
- Fee Structure and offer letter as applicable.
- Tuition fee receipts if seeking for reimbursement.
B. Additional Checklist for Salary
- Appointment letter for applicant and guarantor (if applicable).
- Latest payslips of applicant and guarantor (if applicable).
- An irrevocable letter of authority from the applicant to his employer for deduction of monthly loan instalment from salary for immediate repayments. However, it does not apply to e-PEMS repayment system.
- Non e-PEMS – Latest pay slip of the applicant(s) duly signed and sealed by salary disbursing officer & recommendations.
C. Additional Checklist for for Collateral Based
- Ownership certificate(s) of the collateral security offered to the bank.
- Consent letter from the joint owner or co-owner if the collateral provided is joint/co-ownership.
- A copy of family tree – For family-owned land, family (household) register issued by Department of Civil Registration and Census, Ministry of Home and Culture Affairs (MoHCA) and a copy of No Objection Certificate (NOC) letter from family members (18 years and above (if applicable).
- Sale Deed agreement in case of purchase of already constructed building/flat.
- Power of Attorney (POA) given by the rightful owner for execution of loan documents may be accepted only in case of people residing outside Bhutan/unable to present themselves in the Bank. However, it should be witnessed by a person having a good track record with the bank. For acceptance of POA, refer to the following Guidelines on issuance of Power of Attorney by the client.
- POA issued by an Individual has to be special or Limited POA issued for one-time financial or banking transaction;
- POA isssued by an individual has to be issued to a family member(Transaction pertaining execution of Legal documents, agreements);
- An Individual issuing a POA to a person has to specify the purpose for which the POA has been issued.The POA issuer has to fill up Bank’s POA form witnessed by a Bank’s client having a good track record.