EDUCATION  LOAN

Your dream comes true with CFL's Education Loan Scheme. This is golden opportunity for brilliant student. Our education loan aims:
- To develop individuals/scholars individually capable, productive, competitive and disciplined.

Apply Education for :
- Graduation
- Post Graduation
- Specialization

Limits:
- Funded limit: 60% to max. 85% of the amount required.
- Non Funded limit: max. 90% of the amount required.

Determination of Loan Amount:

The following expense parameters are taken into consideration while determining the loan amount:

- Fee payable to university/college/School/hostel, any sort of accommodation or lodging and boarding (including premium for the insurance as required by the university).
- Travel expenses/ passage money for abroad studies [one way only].
- Miscellaneous.

Documentation:
S.N. Documents
1 Admission offer with the details of expenditures received in professional and technical courses from Nepalese or overseas educational institutions, university or school.
2 Academic certificates and mark sheets.
3 Character Certificates
4 Certificates regarding rewards, scholarship or others if any.
5 Copy of citizenship/passport

Interest Rate;
- Interest Rate @ 14.50% per annum but 0.50 % rebate will be provided on annual interest rate to the borrower if interest is served during the moratorium period and search concession will be adjusted from the last installment.

Service Charge:
- A service charge of 1.50% of the loan amount applied for is payable only one time on approval of the loan.

Loan period:
- Maximum up to 15 years including the moratorium of 5 years.

Repayment:
- Interest: The interest is payable on a quarterly basis [i.e. at the months ending Ashad, Ashwin, Poush, and Chaitra] commencing from the date of principal repayment. Accrued interest during the moratorium period will be capitalized.
- Principal: The loan period is for a period of maximum 15 years including moratorium period of maximum 5 years. The principal amount including capitalized interest should be paid in not more than 40 equal quarterly installments after the moratorium.

Repayment Charge:
- No prepayment charge.
- In the event of non-payment of any installment or in the event of any other irregularity continues, in such a situation a penalty will be levied as per the Bank’s regulations.

Security:
- Personal guarantee of sponsoring guardian/parent.
- Fixed assets collateral.
- Accidental/death insurance policy endorsed to the Bank.

Insurance:
- All assets mortgaged or hypothecated to the Finance Company as securities have to be adequately insured against all risk, with an insurance company acceptable to the Company, with Banker’s clause in our favor. Incase the insurance policy is not submitted in time, the FI may at its sole discretion insure the securities and debit insurance premium from the clients current account.