Education Loan In Bangladesh

Many Bangladeshi students want a better higher education opportunity. Every year, only a small number of new students can be accepted into Bangladesh’s reputable public universities.

Many students prefer to study abroad since the scope of international quality higher education in Bangladesh is limited. In addition, certain private universities in Bangladesh offer world-class education.

However, many people cannot afford to study overseas or in private universities. For them, education loans may be an excellent choice. Let’s take a closer look at Bangladesh’s student loan schemes and what you should think about before applying for one.

What is an education loan?

A student loan, sometimes known as an education loan, works in the same way as other loans. Depending on the bank, you can borrow between 5 and 20 lac BDT for your further education. 

The majority of banks provide affordable interest rates on loans, making them easier to repay once you’ve settled down. Education loans are a flexible and simple credit scheme given by practically all of Bangladesh’s top private banks, as well as some government institutions. 

Due to a lack of funding, a large proportion of students in Bangladesh do not complete their higher education cycle. In this aspect, student loans can serve as a financial safety net for students seeking to complete their studies and establish a job.

Best banks for education loans in Bangladesh

Are you looking for a student loan?

Education loans are available to students who want to study in Bangladesh or abroad. These loans can be used for undergraduate, graduate and postgraduate studies. Education loans are an excellent choice for students who cannot afford to study overseas or in private universities. Let’s take a closer look at Bangladesh’s student loan schemes and what they have to offer.

There are many education loan options available, so it is important that you understand all of your options before making any decisions. We will help you find the best banks for education loans in Bangladesh for your needs!

Mercantile Bank Student Loan

Mercantile Bank was founded in 1999 as one of the country’s leading private banks. The bank provides a variety of services in Bangladesh’s various sectors and businesses. In 2016, the company began offering student loans to qualified applicants.

The maximum loan amount for studying in Bangladesh is 5 lac, whereas the maximum loan amount for studying overseas is 20 lac. Students who have achieved their HSC or equivalent degree are eligible for the loan. The interest rate is 9% per year, and it is compounded annually.

The repayment period is between 12 and 72 months. You can use the funds to pay for your admissions and lodging. Furthermore, the loan covers all fees associated with the completion of the degree. Here’s where you can discover more about Mercantile Bank’s student loan program.

One Bank Student Loan

In 1999, one bank was established. One bank has been a major player in Bangladesh’s private banking market from its inception. This bank also offers a student loan program. There are, nevertheless, some distinctions.

The student is not assigned to the One Bank education loan. Instead, a parent or eligible guardian must apply for the loan on the student’s behalf. A salaried guardian’s monthly income must be between 25000 BDT and 50000 BDT, depending on the guardian’s job. 

The loan amount varies from 50000 BDT to 20 Lac BDT, depending on the student’s needs. The rate of interest is set at 9% per year. The loan can be repaid over a period of up to 60 months.

The loan can be used for both domestic and international educational objectives. The guardian’s minimal wage cap, on the other hand, is an additional financial restraint for many aspiring students.

Eastern Bank Student Loan

Eastern Bank has long been a pioneer in Bangladesh’s private banking industry. The bank has been a top choice for local and international banking, whether it’s because of the high turnover rate in each fiscal year or because of their exceptional customer service and convenience of banking.

Eastern Bank’s student loan program is identical to that of One Bank and Mercantile Bank. Unlike One bank, the lending arrangement has no guardianship restrictions. Depending on the student’s local or international demands, the loan amount ranges from 1 lac BDT to 20 lac BDT.

The loan is also subject to the normal annual rate of 9%. The student loan scheme provides you with a payback schedule of 12 to 60 months. There is, however, a catch. Your loan will be charged a 1% processing fee by EBL. 

This fee is non-refundable and will be deducted from the total amount of your loan. Aside from that, the EBL school loan is a good option if you want a quick and secure banking experience.

Grameen Bank Student Loan

Since its founding, Grameen Bank has been at the vanguard of Bangladesh’s rural development. The game-changing microloan scheme has improved the lives of countless people at the grassroots level.

Grameen Bank has had a significant impact on Bangladesh’s poverty alleviation efforts. Grameen Bank is the first bank to give student loans to people who want to pursue higher education. Since 1997, the bank has offered loan programs.

In Bangladesh, their education loan is unlike any other. Only sons and daughters of Grameen bank members are eligible for the loan. Rather than issuing a flat sum, Grameen Bank distributes the funds in installments dependent on the student’s progress.

If the student does not demonstrate academic distinction, the loan will be canceled. The loan has no interest attached to it, regardless of the amount. After acquiring a job, the student will only be required to pay a 5% service charge.

NCC Bank Education Loan

NCC Bank is another well-known Bangladeshi bank that primarily serves the private sector. The bank offers a wide range of lending options to a wide range of customers. Their student loan program is unusual in that they offer the biggest loan amounts of any other bank.

All Bangladeshi students who have obtained their HSC or comparable degrees are eligible for the loan. The visa and admission paperwork must be supplied as part of the requirement for students who wish to pursue higher education overseas.

The loan amount varies from 1 lac BDT to 1 crore BDT, based on the applicant’s needs and financial situation. NCC Bank, on the other hand, has one of the highest interest rates in the industry, at 12.5 percent per year. 

The loan’s payback time might be extended up to 60 months.

Shahjalal Islami Bank Student Loan

In Bangladesh, Shahjalal Islami Bank was one of the first Islamic banks. Students who want to pursue higher education in Bangladesh or abroad can take advantage of an attractive loan option offered by the bank.

Unlike other banks, SIBL maintains a predetermined loan cap for each student, regardless of whether they will study in Bangladesh or abroad. The student will receive a maximum loan of 7 lac BDT for a Bangladeshi degree and 15 lac BDT for an international degree. 

The interest rate is the same as the majority of other major banks, at 9% per year. From the time the loan is issued, you will have a maximum repayment period of 60 months. This financing scheme does not impose a service fee, which is a plus. To be eligible for this loan, you must have a salaried guardian.

Agrani Bank Student Loan

Agrani Bank is the only commercial and specialized government bank that offers student loans. The bank offers a lucrative student loan program that is comparable to that of most other top private banks.

Agrani bank, like other banks, offers student loans up to 20 lac BDT. The student must state if they intend to pursue their degree in Bangladesh or overseas. The loan amount may change as a result.

The interest rate is 9% per year, which is normal across all major banks. The loan has a 60-month payback period starting from the date of issuance. Because it is a government bank, there is a good probability of quick loan disbursement, making it a good pick for our list. To be eligible for this loan, you must have a salaried guardian. 

This finishes our list of Bangladesh’s finest banks for student loans. Despite the lengthy process, the loan schemes offer a once-in-a-lifetime opportunity for prospective students with financial requirements. The article will assist students in quickly determining their eligibility and selecting the best option for their needs.

Courtesy: Bangladesh Post