Higher Education Within Your Reach
Purnima Development Bank's Education Loan aims to provide the much needed financial support to deserving students for pursuing higher professional or technical education in Nepal and abroad. The education loan would be provided to those students who have obtained admission to career-oriented courses e.g. medicine, engineering, management etc., either at the graduate or post-graduate level.
Role of the Guardian:
The parent(s) or guardian of the student would be treated as a co-applicant of the student loan. His or her role would be, necessarily, like the primary debtor.
Third party guarantee and/or collateral security may be asked for in appropriate cases.
Assignment of LIC policy in favour of the Bank for the sum assured being at least 100% of the education loan amount. The policy is kept alive during the currency of the education loan. To ensure this, the annual premium may be included in the computation of the loan requirement, along with the tuition fees and other recurring charges. Further, the future income of the student needs to be assigned in favour of the Bank for meeting the installment obligations.
The student loan will be disbursed in full or in suitable installments taking into account the requirement of funds and/or fee schedule as assessed by the Bank directly to the educational institution or vendor of books or equipment or instruments.