Grameen Bank, famous for its micro-credit systems in Bangladesh, provides scholarships supporting brilliant students from poor families to pursue higher studies. This is a loan offered to students for those who are pursuing higher education in public or private educational institutions/ colleges. Here is your Grameen Bank Student Loan – In depth, in plain English, in easy to understand, unique coverage.
The Grameen Bank Student Loan Explained
The Grameen Bank Student Loan is a student loan to pay for educational expenses at such institutions of education eligible institution.government, a Student Loan or study grant for undergraduates and is the dominant form of student financial aid in higher education in United States. It helps students in the payment of fees for tuition, hostel, and admission, freeing them from worries over financial requirements. The amount of loan given varies from BDT 105,000 and BDT 38,000 and depends on the relevant course and the needs of the student. With flexible terms and low interest rates, these loans are designed to put students in charge of their education.
Who is Eligible for the Loan?
To apply for the Grameen Bank Student Loan, the following conditions must be met:
- Academic Discipline:The student should get an admission in any of the following public sector universities or colleges in applicable discipline as prescribed out in an announcement)
- 1 Public Sector Universities:Medical CollegesEngineering UniversitiesAgricultural UniversitiesAffiliated Colleges : Who are studying in BSc Nursing, MBBS, BSc Hons (Agriculture), BSc Hons (Agriculture), MBBS, or Engineering (Agriculture, Medical, Engineering, Computing, & Data Science Disciplines).
- Parent’s membership: the student’s parent or guardian must be an active member of Grameen Bank, also have access in it’s microfinance chain.
- Some merit based: They favor prospective meritorious students such as those in medicine, engineering, architecture or other areas of interest in your respective public institution.
This eligibility regime ensures that in-principle eligible students of Grameen Bank member families, who are pursuing studies, experience adequate financial support.
Key Features of the Loan
What makes Grameen Bank Student Loan unique Although Grameen Bank Student Loan reflects the robust structure of its other credit products, with collateral, repayment period and interest rate being same as KRIP, it is fundamentally different in terms of features that are solely student-related:
- Education-Centered Financing: The loan is designed only for studying purposes, therefore funding can be used in tuition, housing, or college costs.
- Repayment Deferred: As long as you’re enrolled in school at least part time, you don’t even have to make payments.
- Grace Period: 3-12 months, after graduating (you can start to pay the loans) Interest Rate: 4.5-7%, the lower the interest rate the longer it will take to repay the loan.
- Tuition Fee Assistance: Certain universities also provide a tuition fee waiver 25% to 50% for the students who have taken a loan for studying abroad.
- There is No Academic Pressure: Students cannot owe anything while they are studying.
Loan Amounts by Program
The value of the loan also depends on the program being studied and the number of scholarships offered.
- Two Year Programs (MBA, MS, MA): BDT 38,000/-.
- Four-Year Undergraduate Honors Programs: Not exceeding BDT 77,000.
- 4-Year Engineering Course: Not exceeding BDT 75,000.
- Five Years MBBS Course: BDT 105,000/- Or Equivalent US $ per Year.
These sums are designed to reflect the bare minimum, with room to allow each student’s own needs.
Loan Terms and Conditions
The Grameen Bank Student Loan, under guidelines enacted in 1997, has the following terms:
- Membership Period: The parent or guardian should be a Grameen Bank member of at least one year standing.
- Approved Institutions The student should be enrolled in a governmental public university or affiliated college.
- Expenses covered under the loan: Tuition fees, hostel/mess charges and admission fees can be taken loan for.
- Family Edibility: More than one child of the same family want to apply the loan.
- Repayment Terms: No payments are due while in school. Repayment begins a year after graduation, with monthly payments.
- Service Charge: An annual service charge is applicable from the following month of the last loan disbursement.
These provisions allow the loan to be affordable and obtainable for appropriate families.
Required Documents
In order to complete the loan application, the required files are:
- A copy of the parent’s or guardian’s National ID card.
- One current 2×2 passport style color photograph of the applicant.
- Postage stamp (minimum value of BDT 10).
- A certification or proof of enrollment stating that the student is currently enrolled in a college or university.
The bank may request more documents and the loan officer will advise accordingly during the application.
How to Apply for the Loan
To apply for the Grameen Bank Student Loan, it’s easy to do:
- Visit a Branch: Visit the closest Grameen Bank branch or area office.
- Request the Loan Officer for Application Form : For the application form, chat with the loan officer about your specific requirements and the form.
- Submit a Form and Required Documents: Fill out the Form and attach all the documents necessary.
- Pending Approval: The bank will process your application and issue the loan on approval.
It also makes sure the money is accessible to students and their families quickly.
Why the Grameen Bank Student Loan?
The Grameen Bank Student Loan is a life saver for students who need the means of a way to go to college or university. When considering the low interest rate, flexible tenure and deferred payment, it is one of the lowest costing loans for education in Bangladesh. Through students in the medical, engineering and other sectors, the program helps to enable a literate work force, skilled to meet the needs of a nation tomorrow.
Conclusion
More than a student loan, the Grameen Bank Student Loan is an investment into the dreams and aspirations of the youth of Bangladesh. Through low-cost loans for further education, Grameen Bank offers students the opportunities to earn the education and life they deserve. Parents and carers should consider this opportunity to help their children with schooling. To learn more, please contact your nearest Grameen Bank branch and begin an educational journey that will change your life.
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