Special Education Loan (EducAID)

Purpose

This loan is for aspiring students above the age of 18 looking for financial assistance to pursue higher studies in Australia, Canada, US, UK and other countries abroad.

The loan is meant to cover the following expenses:

  • VISA fees
  • Admission fees
  • Tuition fees
  • Accommodation
  • Living & travel expenses
  • Other expenses

Eligibility

  • Bhutanese individuals intending to pursue higher studies (diploma/undergraduate and post graduate).
  • Should have obtained an offer letter/ eCOE from the institute/college/university.

Loan Amount

Amount equivalent to the requirement mentioned in the VISA requirement letter of the specific country or Nu.3.50 million, whichever is less. (If unsecured)

Amount equivalent to the requirement mentioned in the VISA requirement letter of the specific country or Nu.5.00 million, whichever is less. (If secured by collaterals)

A copy of the visa requirement document must be submitted for both

Tenor

Maximum 5 years, with a 3-month moratorium.

Interest Rate

10% p.a. (Unsecured)

9% p.a. (If secured with collaterals)

**Minimum lock-in period for both categories of EducAID is 3 months**

Documents Required

You can only apply for an unsecured loan if you meet the following criteria:

  • If you are a Bhutanese citizen aged between 18 years and 35 years and submit the documents listed below:
    • An offer letter/eCOE from the institute/college/university.
    • None of your household* members have any NPL (We will generate a CIB report for each of your household members).
    • None of your household members have a net annual taxable income of more than Nu.1million (Please submit the latest tax returns from DRC for each household member).
    • None of the household members should have a business overdraft facility/limit of more than Nu. 1 million (We will ascertain from the CIB report).
    • Submit land ownership letters for all household members (from NLC) specifying the location, area, type and PAVA value of land, and none of the members should have any land valued over the loan amount. You can obtain such land ownership certificates from the National Land Commission.

*Household members: For the purpose of this loan, “household members” include the applicant, his/her spouse, and both their parents.

If you meet the criteria listed above, please submit, along with the documents mentioned against each item above, the following:

  • Duly filled in loan application form and signed undertaking letter
  • CID Copy & 2 passport sized photos of applicant
  • Copy of offer letter from the institute/college/university
  • Cost break-down for VISA requirement
  • Copy of Marriage Certificate
  • Family tree of applicant & spouse

If you do not qualify for the above product either because you are above 35 years or because you do not qualify against the criteria listed, please apply for a collateral-based loan, for which the following documents should be submitted:

Documents required for Collateral-based Loan:

  • Duly filled in loan application form and signed undertaking letter
  • CID Copy & 2 passport sized photos of applicant
  • Copy of offer letter from the institute/college/university and eCOE
  • Cost break-down for VISA requirement
  • Copy of Marriage Certificate
  • Details of unencumbered asset/s to be pledged and undertaking from the owner of the asset

Downloadable Documents

For Secured

Secured

For Unsecured

Unsecured
Income Tax Document
NLC Document