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Grameen bank student education loan details

Gramin bank education loan details

We have to take higher education to build a bright career to improve our lives, but in a middle class country like Bangladesh, due to high cost of higher education, some private banks in Bangladesh have introduced education loans. By adopting which a student is able to finish his / her education and pay for it at a later time. Of these, Grameen Bank education loan is quite popular and convenient. In this post we gonna discuss about Gramin/ Grameen bank student education loan details here. Stay read on.

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What is Grameen Bank Education Loan?

Grameen Bank provides loans ranging from 36,000 to 150,000 BDT depending on the duration of the course in different categories for the students of technical education sectors of Bangladesh such as medical, engineering and public universities. This is called Grameen Bank Education Loan.

Why is given

The main objective of all the private banks, including Grameen Bank, which provide education loans, is to build an educated and self-reliant youth society in the country. Students from lower, lower middle and middle class families in our country struggle a lot to continue their higher education and build a career through education. I hope you have got it about why Grameen bank student education loan given.

On the other hand, education is the only pillar of these families, as the only other source of income is business, without which it is not possible to grow. On the other hand, such families in Bangladesh do not have the capacity to provide business capital. That is why education has to be taken as a path. But many students drop out because the cost of higher education in Bangladesh is comparatively high.

Grameen Bank Education Loan has been introduced in the interest of overall welfare of the country to prevent this drop and build a better, educated population. Which a student will be able to pay after finishing his student days.

Who can take Grameen Bank education loan?

Only medical, engineering, undergraduate public university students and MA / MS / MBA / students can avail this loan. Besides, financially indigent students of 16 private universities including Grameen Bank.

How much money can be borrowed

MS / MBA / MA 2 year term students maximum 36,000 BDT in two years, undergraduate students maximum 6,000 BDT in 4 years, engineering 4 year term courses maximum 75,000 BDT and 5 year term MBBS students can take maximum 1 lakh 5 thousand BDT.

Conditions for taking education loan:

There are several conditions for taking Grameen Bank education loan. These are-

  • Grameen Bank must be a member of Grameen Bank to receive education loan.
    Membership must be at least 1 year.
  • Students must be 20-25 years old.
  • Must be a student of public university or study in special sector.
  • The bank will provide this loan only if a student is given 25-50 percent tuition fee waiver by his university.
  • After finishing the education, the loan has to be repaid in monthly installments.
  • The loan will be effective three months after approval.
  • You will have to pay 5 percent service charge from the month after the end of education.

Benefits of education loan:

Since this loan is applied for the purpose of higher education, through proper use of this loan a student can finish his undergraduate and postgraduate studies with ease. This education loan does not have to be repaid in student days. So there is no extra pressure on the student.

The only service charge at the rate of 5% from the month following the end of education life is to be paid in small installments. So the pressure is less. In addition, since the loan amount is not very high, it can be repaid quickly through regular installments.

By taking this loan, interest in higher education is being created among the students. The dropout rate in the place of higher education has decreased due to inability to bear the cost of education.

How to take this loan

Students of any public or private university, including Grameen Bank, who have a minimum membership of Grameen Bank for at least 1 year, can apply for a loan by visiting the Grameen Bank Loan Officer and completing the prescribed form.

In this case, he is studying at the university, and will have to show detailed evidence of financial status, along with documents. It is usually effective 3 months after the loan application.

Conclusion

Grameen Bank’s education loan is a golden opportunity for the students who are stuck in various fields for higher education. So financially disadvantaged students in higher education can apply for this loan.

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