How Do I Get an Education Loan in Bangladesh?
Learn how to get an education loan in Bangladesh: Know application steps, eligibility, and top financial institutions for your study goals.
Securing an education loan in Bangladesh requires dealing with a variety of financial companies that cater to students’ higher education goals.
Numerous banks provide customized education financing packages in Bangladesh.
These loans help students pursue advanced degrees both domestically and globally.
To begin the procedure, people often need to evaluate their desired bank’s eligibility criteria, loan possibilities, and payback conditions.
Comparing these criteria across different banks is essential for making an informed decision about obtaining an education loan in Bangladesh.
So, today here we will try to help you a bit in understanding some basic factors of education lone in Bangladesh.
Education Loan in Bangladesh
An education loan serves as financial support for students to cover their higher education costs.
In Bangladesh, numerous banks extend education loans to students aspiring to pursue advanced studies either domestically or abroad.
Eastern Bank PLC, for example, provides an Education Finance Pack comprising three loan options: EduLoan Unsecured, EduLoan Secured, and EduLine.
The loan amounts vary from BDT 100,000 to BDT 25,00,000, with repayment periods spanning 12 to 60 months.
The interest rates are competitive, and a 1% processing fee is applied to the loan amount.
Additionally, other banks, like Mercantile Bank PLC, also extend education loans to Bangladeshi students with outstanding academic records.
Besides, online education loans in Bangladesh are also becoming common among these banks, you can search and get valuable information from their official websites.
Education Loan Interest Rate in Bangladesh
Interest rates on education loans in Bangladesh can vary across different banks. Eastern Bank PLC, for instance, provides an Education Finance Pack featuring three distinct loan options.
Such as EduLoan Unsecured, EduLoan Secured, and EduLine. These come with competitive interest rates, and there is a 1% processing fee applied to the loan amount.
As per alternative information, the average interest rate for student loans in Bangladesh is approximately 9% per annum.
It’s important to recognize that the specific interest rate will be influenced by factors such as the lending institution, the amount borrowed, and the chosen repayment period.
Students with a solid credit history and a co-signer may have the opportunity to secure a more favourable, lower interest rate for their education loans.
Banks That Offer the Best Education Loan in Bangladesh
Numerous banks in Bangladesh extend education loans catering to students aspiring for higher education either abroad or domestically.
For example, Eastern Bank PLC provides an Education Finance Pack, comprising EduLoan Unsecured, EduLoan Secured, and EduLine.
Loan amounts range from BDT 100,000 to BDT 25,00,000, with repayment periods spanning 12 to 60 months. The interest rates are competitive, accompanied by a 1% processing fee.
In addition, Mercantile Bank PLC offers education loans specifically to Bangladeshi students demonstrating exceptional educational achievements.
It’s important to highlight that determining the optimal education loan for a student involves considering various factors.
Such as loan amount, repayment period, interest rate, and processing fee. A prudent approach involves comparing terms and conditions across different banks before arriving at a decision.
Here I am sharing some Banks names that offer the best education loans in Bangladesh:
- Agrani Bank
- Mercantile Bank
- Eastern Bank
- Shahjalal Islami Bank Limited
- City Bank
- One Bank
- NCC Bank
You can go to their official websites to get updated news about loans and interest rates and others.
Wrapping Up
Hopefully, this article has helped you to understand education loans in Bangladesh.
Whether you aspire to pursue studies abroad or carve out your career within the country, financial limitations should not hold you back.
The variety of solutions offered assures that you can get appropriate assistance for your educational ambitions.
To achieve your goals, you must first determine your priorities and perform rigorous study.
Remember that your goals are attainable, and with confidence and determination, you may go on a path to improve your future.
So, stay motivated, and if you harbour ambitions to propel your future to new heights, take that first step without hesitation!
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