Top 10 Banks for Student loan in Bangladesh

A student loan is a type of financial aid that can help you pay for your education by either borrowing or receiving a grant for tuition, books, and living expenses. In a country like Bangladesh, these loans are picking up pace as more and more students are opting for higher education. As living expenses soar, a student loan in Bangladesh can close the monies gap between you and your opportunity of a quality education. In this article, I”II explain what student loans are, the best banks for them, eligibility, application process, and pros and cons.

Table of Contents

What is a Student Loan?

A student loan refers to a sum borrowed by banks or other financial institutions to help a student in pursuing their higher studies. Such loans are generally utilized to pay for tuition, books, housing and academic-related fees/tuition. In the case of Bangladesh, repayment is flexible, not beginning until after the completion of courses, and interest rates differ between banks. A student loan in Bangladesh helps students take undergraduate, postgraduate, or professional courses without having a dent in their pocket.

Top 10 Banks for student loan in Bangladesh

Some of the banks in Bangladesh also offer attractive student loans considering the prospect of the field of study. Below is an updated list of the top (10) ten banks offering student loans in Bangladesh as of recent:

Agrani Bank : Up to : 20 lac Interest rate : 7% Duration : 5-10 years Study both at home and abroad 5. Installments may be made monthly between BDT 500-10,000.
City Bank: Offers up to BDT 10 lac under the “City Scholar” product with no security required for unsecured loans, with short processing time and low rates.
Sonali Bank: This is a government bank and provides loans on competitive and liberal terms for all academic programs.
Islami Bank Bangladesh Limited: Offers Shariah-based loans of up to 20 lac with payback period of 12 years and at very rational rates.
Janata Bank: Offers loans at attractive interest rate for a period not exceeding 10 years for under graduate / Post Graduate courses.
Dutch Bangla Bank: Offers the lowest interest rate and most flexible repayment terms, which can last for 12 years.
BRAC Bank: Provides competitive interest rates on education loans with a maximum repayment period of 10 years for domestic and overseas studies.
Eastern Bank: Offers loans from BDT 1 lacs upto BDT 20 lacs and flexible programs without the need of any guardian for some of the programs.
Bank Asia: It has designed student loans with affordable interest rates and up to 10 years payback tenure for easy access.
Mutual Trust Bank: Offers convenient EMIs and attractive rates to help in achieving the educational dreams of students.

These banks make student loan in Bangladesh available for Domestic and International study, low rates of interest and the repayment period are designed as per the convenience of the students.

How to Apply for a Student Loan

Loan Application Procedure to Get an Education Loan in Bangladesh:

Research: Compare banks for interest rates and repayment options.
Eligibility: Make sure you are eligible for the bank (like age, citizenship, etc.)
Collect Paper: NID card, student ID, admission card, guarantor paper.
Apply Now: Visit a branch or download forms from the bank’s website.
Turn In: Hand in documents and form for processing.
Doc Check: Banks check the submitted documents and release payment after approval.

This simplified process makes it possible for a student loan in Bangladesh for students here.

Eligibility Criteria

To be eligible to apply for a student loan in Bangladesh, you usually need to:

Be a Bangladeshi citizen.
Be 18 years old, or older (up to some banks’ upper limit of 26).
Have an eligible admission offer from a recognized institution.
Submit Academic documents (SSC/HSC certificate).
Add a Parent/guardian To The Application As Co-Applicant Or Guarantor.
Show that you need the funds.

If they can fulfill up with the requirements they can easily get a student loan in Bangladesh.

Benefits of Student Loans

There are many upsides to student loans:

Financial Assistance: Pay tuition, books, and living expenses all without draining the bank account.
Flexible Repayment Plan: You only begin to pay back the loan after you complete your course, so you can get on with your studies without worrying about loose change.
Tax Benefits: Interest on payments may be tax deductible in certain instances.
Educational Access: Making students capable of studying in renowned institutions either in local or abroad.
Professional Development: Loans to pay for a higher education can also result in an improved quality of work.

In Bangladesh, a student loan is a great instrument to pursue education and career goals!

Conclusion

A student loan in Bangladesh is indispensable for the students who long to fulfill their educational dreams. Thanks to leading banks providing competitive rates and flexible terms, students have access to quality education without financial constraints. Dou want to make an informed decision based on the application process,eligibility, and benefits. Pick the right bank, arrange your documents and take the leap towards a more promising future with a student loan in Bangladesh.