Special Education Loan

1

Purpose

This loan is for the students to finance your visa fees, tuition fees, and living expenses who are aspiring to pursue higher studies in Australia, Canada, US, UK and other countries abroad. This loan will help your dream to study abroad

Eligibility

Bhutanese individuals aspiring to pursue higher studies
Should have obtained an offer letter/ eCOE from the institute/college/university

Loan Amount, Interest rate and other terms and conditions

Particulars	Secured Loan	Unsecured Loan
Amount of loan	Nu. 5.00 million or amount as per visa requirement, whichever is lower	Nu. 3.50 million or amount as per visa requirement, whichever is lower
Interest Rate	@ 10.25 % p.a. (Fixed interest rate)	@ 11.25 % p.a. (Fixed interest rate)
Interest amount for three months.	The three-month’s interest amount should be deposited upfront at time of availing the loan.	The three-month’s interest amount should be deposited upfront at time of availing the loan.
Loan Tenure	5 years with 3 months gestation period	5 years with 3 months gestation period
Age of the applicant	18 years and above	18 years to 35 years
Eligible Countries	Australia, Canada, UK, and USA	Australia, Canada, UK, and USA
Collaterals	Mortgages/properties as per existing banking norms.	No Collateral requirement but need copies of the landed properties.
LTV	80% of the collateral value	NA
LTI	70% of the net pay	70% of the net pay
Interest on CASA account	Current account with no Interest rate	Current account with no Interest rate
Taxable Income	Not applicable	None of the household member have a net taxable income of more than Nu 1 million. None of the household member have a business overdraft facility/limit more than Nu 1 million.
CIB report	As per the RMA directives on treatment of NPL.	As per the RMA directives on treatment of NPL. The household members should not have NPL as per CIB report.

Loan Documents Required

For Unsecured Special Education Loan

For Secured Special Education Loan

Special education loan form and undertaking letter duly filled and signed
Two recent passport size photograph of applicant
CID copy of the applicant and spouse (if applicable)
Copy of offer letter from the university/institute
Copy of letter specifying the visa requirement amount/visa requirement document.
Copy of Marriage Certificate (if applicable)
CID copy of his/her household member (if applicable)
Family tree/Birth Certificate of the applicant
Family tree/Birth Certificate of the spouse (if applicable)
Latest Net Taxable Income Certificate/letter from DRC for all household members.
Land ownership letter for all household member from NLCs specifying the location, area, land type and PAVA value of land.
Authorization letter to a person residing in Bhutan to execute the loan documents, if the applicant is out of the country.
Pay slip of Applicant/Guarantor/Guardian if repayment source is from Salary.
Appointment/promotion letter of Applicant/Guarantor/Guardian, if the loan repayment is from salary.
Rental Income/Business statements-if the loan repayment is from rental and business income.

Special education loan form and undertaking letter duly filled and signed
Two recent passport size photograph of applicant
CID copy of the applicant and spouse (if applicable)
Copy of offer letter from the university/institute
Copy of letter specifying the visa requirement amount/visa requirement document.
Copy of Marriage Certificate (if applicable)
Term Deposit Receipt (if applicable)
Ownership certificate of collateral security
Valid insurance copy of the collateral securities charged in case of building.
Authorization letter-filled by Guarantor/land owner (if applicable).
Guarantor Form-filled by Security owner (if applicable)
CID copy of Guarantor (if applicable)
Authorization letter to a person residing in Bhutan to execute the loan documents, if the applicant is out of the country.
For family-owned land – A copy of the family tree and a NOC letter from family members.
Letter of Consent for extension of charges duly signed by the property owner (if applicable)
For joint and co-ownership land, a consent letter from the joint owner or co-owner should be obtained (If applicable).
Pay slip of Applicant/Guarantor/Guardian if repayment source is from Salary.
Appointment/promotion letter of Applicant/Guarantor/Guardian, if the loan repayment is from salary.
Rental Income/Business statements-if the loan repayment is from rental and business income.