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About JITO Education Loan
Quality education is essential for community success, but it comes at an unreadable expense for some students. That is why the Jain International Trade Organization (JITO) has introduced an education loan scheme to motivate Jain students to pursue higher studies. JITO scholarship for Jain students assists these students in covering finances associated with education.
To achieve this aim, JITO and Oriental Bank of Commerce have partnered to offer up to ₹20 lakh for overseas study and up to ₹10 lakh at attractive interest rates for higher education in India. JITO education loan offers Jain students a means to pursue their academic goals without financial restraints. Before applying for the loan, explore the eligibility, interest rates, and application process of the JITO education loan.
Understanding the JITO Education Loan Program
The Jain International Trade Organisation (JITO) launched this unique program to help Jain students cover tuition fees and other expenses. It helps students concentrate on their studies by subsidizing interest payments on education loans from banks and non-banking financial entities.
The organization's Administrative Training Foundation streamlines the JITO Education Loan program, giving deserving students the tools they need to succeed. The JITO Education Loan promotes an inclusive and empowered Jain community in a world where education opens many doors.
Unlike traditional education loan schemes, the JITO Education Loan does not offer direct loans to students. Contrarily, it functions as an interest subsidy initiative, providing Jain students and their families with substantial financial assistance.
JATF Education Loan Program Features
Students are obligated to obtain an education loan from participating banks or non-banking financial companies (NBFCs) as part of the JITO Education Loan program. Know the important features of the JITO scholarship:
JITO Education Loan Eligibility
JITO education loan follows certain eligibility criteria that you must adhere to in order to apply for the JITO scholarship.
- The candidate must adhere to Jain principles.
- The applicant for the scholarship must have completed the exam after the tenth with a grade of at least 60%.
- The pupil must be younger than thirty years old.
- A loan of at least ₹50,000 should be taken.
Documents Required for JITO Education Loan Abroad or in India
If you are eligible for the JITO scholarship for Jain students, you can submit the education loan subsidy application. However, for a successful application, you must submit the necessary documents, which includes:
- Photo ID: One photo of a student, parent, or co-applicant pasted on the Application Form.
- Photos: PAN card, voter’s ID card, passport, driving license, or Aadhaar card.
- Residence Proof: Passport, driving license, Aadhaar card, and ID card.
- Proof of Admission: Printed Admission Letter from the Institute with the Institute's Address on the Letterhead
- Bank Statements: (If you have several bank accounts, send copies of each.)
- Don't forget to include the bank statements of the account that receives monthly credit for salary or business/professional receipts.
- Academic Documents: Aspirants must submit marksheets (certificates) of 10th and 12th, marksheet of subsequent years of education, any entrance exam, and scholarship documents.
- Income Proof of Co Applicant: Salaried employees must submit salary slips, salary certificate (3 months), Form 16 from the employer, or the previous two years' income tax returns.
- Fully Completed Loan Application Form: The completed loan application form in PDF format must be downloaded, signed by the applicant and co-applicant, and submitted in hard copy along with photos certified by the applicant and co-applicant.
How to Apply for the JITO Education Loan
After checking your eligibility and gathering all the documents, you can apply for the JITO scholarship for Jain students. The application procedure differs for both interest subsidy claims and registration.
How to Register for the JITO Scheme
- Step 1: Get the application form by visiting the JATF website.
- Step 2: Fill your information on the form and sign it. Also, complete the recommendation letter and have the relevant party sign it.
- Step 3: Verify the application's list of needed documents and provide copies of each one. Apply and watch this space for changes. You will receive a registration number and an email informing you of any missing papers.
How to Apply for Interest Subsidy
- Step 1: Get the application form by downloading it from the JATF website.
- Step 2: Complete the JITO application form with all the information requested.
- Step 3: Submit the application form and necessary documentation to the JITO headquarters in Mumbai by July 31st. The application must be signed by the branch manager and the applicant, together with the bank seal.
- Step 4: Next, wait for the revert on your application for an interest subsidy.
Benefits of JITO Education Loan
The JITO Education Loan program provides a wide array of advantages to assist Jain students in their quest for higher education. In addition to furnishing monetary aid, these advantages foster scholastic distinction and empower the Jain community.
Interest Subsidy
Students are eligible to receive an interest subsidy from the Jain Administrative Training Foundation (JATF) on educational loans obtained from banks or authorized non-banking financial companies (NBFCs). This subsidy is exclusively applicable for the duration of the course, irrespective of the loan period of the bank. This offers significant financial assistance throughout the critical years of academic pursuits.
Subsidy Rates
JATF provides an appealing and competitive interest subsidy rate structure. Students are entitled to a 6% interest subsidy on loans up to ₹4 lakhs and a 2% interest subsidy on loans exceeding ₹4 lakhs. This adaptable methodology guarantees that individuals from various socioeconomic contexts can derive advantages from the program.
Financial Support
The JITO Education Loan program is intended to assist Jain students and their families financially. Through the provision of interest payment subsidies, the program guarantees that students are not compelled to forgo their education on account of insufficient financial means. The dedication to providing financial assistance enables students to concentrate on their academic endeavors without the additional weight of crippling loan obligations.
Faster Process
The processing time for education loans obtained through the JITO Education Loan program is fifty percent quicker than when students apply directly to banks. This efficient procedure enables students to obtain the required funding in a timely manner, enabling them to concentrate on their academic objectives without superfluous postponements.
Pursue Higher Education without Worrying about Finances with Propelld
With the rising expenses associated with education, students often give up on their dreams of pursuing higher education. We at Propelld are committed to helping these students pursue their dreams by offering tailored financing solutions. If you are looking to take an education loan, let Propelld help you. Propelld can help you with:
- Faster Loan Approval: Propelld employs a super easy digital process that eliminates the hassles of dealing with extensive paperwork. This not only simplifies the education loan process but also ensures faster loan approval.
- Banking Partners: We boast extensive banking partners that fast-track student onboarding and enable quick loan disbursal.
- Income Share Agreement: We understand all the stresses and worries an education loan brings you with it. That's why we sign an income share agreement, which allows you to focus on your studies by enabling you to repay the loan only after you get a job.
Conclusion
The JITO education loan scheme exemplifies the organization's steadfast dedication to enhancing the educational capabilities of the Jain community. By providing significant interest subsidies, streamlined procedures, and an array of financial advantages, this effort has enabled Jain students to pursue advanced education without being overburdened by exorbitant expenses. In addition to offering monetary assistance, the JITO Education Loan inspires students to pursue ambitious academic and professional trajectories.
If you are seeking to get an education loan instantly and with better terms, you will always find Propelld standing by your side. Our loan experts will not only guide you on every front but also negotiate the terms and deal to get the best out of it. With the moratorium period, we also ensure that the repayment doesn't interfere with your education.
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