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Educational Loans

The HNB FUTUR+ Higher Educational Loans Scheme supports your pursuit of excellence with local and foreign Educational Institutes or Universities to gain an academic or professional qualification. Loans can be applied for, in the name of the student or jointly with a co-borrower:

Who can apply for a "FUTUR +" Educational Loan?

1. Students below 18 years of age following academic studies at local and international schools.

2. Students who are following professional study programmes at local educational institutes such as CIMA, CIM, ACCA, CFA, AAT & CA etc.

3. Students following foreign undergraduate and post graduate degree programmes at Local Higher Education Institutes in the areas such as Medicine, Engineering, Accountancy, Hospitality Trade, IT, Business Management, Law etc.

4. Students seeking foreign university placements in various fields as mentioned under point 3 above through local agents/institutes.

HNB offers its customers very attractive and competitive, fixed or floating interest rates with the flexibility to best suit your needs. Opt for floating interest rates and your interest payment will be based on the going market rate which is subject to a quarterly review.

For what purposes the loan can be obtained under the Educational requirement?

For locally conducted educational courses - Registration, Tuition and Exam Fee
For courses conducted abroad - Registration, Tuition, Examination and Hostel/Living expenses

What is the Eligibility Criteria of a student?

Loans can be in the name of the student/professional or jointly with a co-borrower to support repayment.
Requirements of a minor to be considered in the name of the parent/guardian

What is the Eligibility Criteria of a Co-borrower?

Parents of the students who are permanent staff employed in the capacity of "Executives" in organizations of sound repute with good financial standing, high net-worth individuals, Senior officers of Government Institutions with 5 years work experience and minimum of one year in the current place of work.
Registered businessmen such as Sole-proprietors, Partners, and Directors of reputed firms with good financial standing. The business should have been registered at least for a period of 5 years.
Minimum monthly net salary/income should be in the region of Rs.30, 000- and above.
Ability to arrange employers undertaking to forward salary/agreed amount to the bank account monthly.
Age Limit - 18 – 50 Years (Loan to be settled in full within the retirement age)

Salient features of the loan Scheme offered under HNB "FUTUR+"

What is the repayment period and the security offered?

Category-1 Professional Study Programme such as CIMA, ACCA, CIM, SLIM, ACA, CFA, etc. ( Loans Upto Rs. 250,000- )
	Repayment	Security
(Short Tenor)	Up to 6 months for each stage of the study programme and the loan will be rolled over until completion of the respective qualification	Against two guarantors acceptable to the Bank
Category-2 Local Study Programme ( Loans Upto Rs. 750,000-)
	Repayment	Security
Option I (Short Tenor)	Up to 12 months for each stage of the study programme and the loan will be rolled over until completion of the respective qualification	Against two guarantors acceptable to the Bank
Option II (Medium Tenor)	Up to of 5 years (inclusive of a grace period upto 18 months, depending on the period of study)	Against two guarantors acceptable to the Bank
Option III Long Term Tenor)	Up to 7 years (inclusive of a grace period upto 4 years, depending on the period of study)	Mortgage over the immovable property
Category-3 Foreign Study Programme ( Loans above Rs. 750,000- )
	Repayment	Security
Long Term Tenor	Up to 7 years (inclusive of a grace period upto 4 years, depending on the period of study)	Mortgage over the immovable property

Who is a guarantor?

An individual who is of the same financial standing as the co-borrower assigned by you, who guarantees your financial commitments to the Bank in the event of failure to cover the costs of your loan.

What is a grace period?

A grace period is a period of time during which the borrower services only the interest on the loan quantum especially during the period of study.

Can I get a loan for the next stage of my study program?

Yes, you can- under the roll - over scheme available for Category 1 and Category 2 (Option 1) loans. This loan will be subject to full settlement of the previous loan and confirmation from the educational institute that the student will be pursing the next stage of the program.

What are the advantages of HNB "FUTUR +" Educational loan Scheme?

Availability of grace during the study period
Flexible repayment period upto 7 years
Attractive interest rate
Repayment in equated monthly installments with interest calculated on reducing balance
Friendly staff at your service, available at all HNB customer centers island wide
Minimum documentation

What is the maximum amount that can be availed under an educational loan?

HNB provides loans of unlimited value to meet the educational needs subject to repayment ability

How to apply for an Educational Loan Scheme?

Fill in the HNB "FUTUR+" Educational Loan application form and hand it over to any of our HNB Customer centers island - wide.
For fast processing of your application, ensure that you provide all documents indicated below.
Documents to be submitted along with the application:

Salaried Borrower-

A letter from the employer confirming employment details, salary particulars and undertaking to remit the salary/agreed amount direct to the account maintained at HNB.
3 most recent salary slips certified by the employer.

Business Borrower-

Business Registration together with Audited Financial Statements for last 2 years , latest Management accounts
Bank account statement for the past 12 months.
Standing Order from the existing business account to service the facility