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J&K Grameen Bank Loan Scheme for Financing Passenger Buses for Private Educational Institutions Loan Application Form

Purpose:

Financing acquisition of passenger buses required by Private Educational Institutions for providing to and fro transport facility to the students on roll from their residences to the Educational Institution. The facility shall be restricted to purchase of buses of standard make and which are built strictly as per the specifications laid down for the purpose by Hon’ble High Court of Jammu & Kashmir.

Eligibility:

Private schools in the area of operation of the bank recognized by Director of School Education (as required for schools running classes up to 8th standard) with formal approval of the recognition by School Education Department, Government of Jammu & Kashmir or by J&K State Board of School Education (applicable in case of schools running classes from 9th standard to 12th standard) with formal approval of School Education Department, Government of Jammu & Kashmir. The certificate of recognition by the Education Department, Government of Jammu & Kashmir must be in force as on the date of application. In case of schools affiliated to CBSE or other State Board, the certificate of affiliation and NOC by the Education Department, Government of Jammu & Kashmir must be in force as on the date of application.
The applicant schools must be of sound financial position and have a satisfactory repayment record in respect of credit facilities availed, if any, from any bank.


Maximum Loan Amount:

Loan shall be restricted to maximum of Rs.13.95 lacs (i.e. maximum upto 90% of the cost of chassis plus fabrication) per bus up to 10 buses.

Margin:

Atleast 10% of the cost of chassis plus fabrication.

Repayment:

The principal amount together with monthly interest shall be repaid within a maximum period of 10 years in equated monthly installments.

Moratorium:

Moratorium up to maximum of 2 months from the date of disbursement shall be permitted.

Security:

Number of buses per school Primary Collateral
Up to 3 buses Hypothecation of Vehicle financed • Personal guarantee of trustees/ promoters of the Educational institution.
• Third party guarantee of one person having sound financial net means good for the loan amount.
More than 3 buses Hypothecation of vehicles financed • Mortgage of immovable property of value equal to at least 50% of the loan amount.
• Personal guarantee of trustees/ promoters of the Educational institution.
• Third party guarantee of one person having sound financial net means good for the loan amount.

Processing Fee:

0.50% of the loan amount.

* Conditions Apply