Jito Education Loan to Study Abroad!

Jain International Trade Organisation (JITO) Education loan is for students belonging to the Jain faith. The company, Jain International Trade Organisation (JITO), provides financial assistance to Jain students in the form of interest subsidies. Therein, JITO Administrative Training Foundation helps students with subsidizing interest payments to banks and NBFCs which come under the JITO Education Loan Program scheme. Jito Education loan helps students realize their study abroad dreams and ambitions, so if you want to know more about this, continue reading this blog till the end! 

Scheme	JITO Education Loan Scheme
Eligible Loan Amount	More than INR 50,000
Interest Subsidy	Below INR 4 lakh – 6% Above INR 4 lakh – 2%
Cost of Registration	Nil
Duration	Interest subsidy provided for the entire course duration
Application Timeline	April 1 to 31 July

Key Introduction to Jito Education Loan 

As mentioned above, the Jito Education loan is for Jain students who are ardent followers of the faith and its principles. How it works is that the scheme under which these education loan benefits come helps students be provided with interest subsidies on the loans students take from banks or NBFCs. The students who want to avail of this scheme need to register themselves within three months of the loan being sanctioned or before March 31. Furthermore, if you want to apply for this then the time period is from April 1 to July 31. 

Do note that students can only benefit from this scheme for the course duration of their higher studies abroad. Once the course is completed, no interest subsidy will be provided on the loan. Furthermore, it is important to know that JITO Education Loan Program offers an interest subsidy of 2 percent for the number of loans of more than INR 4 lakh. 

Also Read: NBFC EDUCATION LOAN FOR STUDYING ABROAD

Eligibility Criteria 

The eligibility criteria for Jito education loans are restricted to Jain students. Learn more about the same below. 

1. The student must belong to the Jain community, and be a believer and follower of the faith and its principles.
2. Moreover, the age limit is 30 years old. The student cannot be older than that. 
3. The student should have an academic record of scoring more than 50% after Class X results. 
4. The loan taken should be more than INR 50,000. 

Application Process 

To apply for this scheme, note the steps below. 

1. Visit the JATF website. 
2. Download the registration form. 
3. Duly fill out the form and submit it before the mentioned date. 
4. You will be given a registration number on successful completion and submission of the form. If there are any discrepancies, they will be communicated to you via email. 
5. As there is no cost for registration, this process is free of any charges. 

Also Read: INDIAN BANK ABROAD EDUCATION LOAN

Documents Required 

Some of the crucial documents required are mentioned below. 

1. All copies of fee receipts
2. Letter of Acceptance from the university
3. Loan sanction letter 
4. Course fee and any other funding receipt 
5. Copy of GRE/GMAT and/or SAT test results, if applicable 
6. English proficiency exam result 
7. Academic transcripts 
8. Income proof 
9. Passport size photograph/identity card such as Aadhar etc 
10. Any recommendations from JITO or JITO Administrative Training Foundation patron is mandatory 
11. Copy of Passport 
12. Religion Certificate indicating Jain faith 
13. Interest Payment Certificate for April – March
14. Certificate of No Dues from Bank 
15. Copy of Bank Statement showing payment of interest 

How to Claim Interest Subsidy with Jito?

After you have applied to avail of the interest subsidy with the Jito Education loan, here are the steps to claim the interest subsidy: 

1. First, please note that the procedure to claim the interest subsidy starts from April 1 of every academic year
2. Students can either download the application form from the website or send an email to [email protected]
3. Students must make sure to send the application form to claim the subsidy with duly filled out details and required documents to the JATF head office before or on July 31 of the academic year
4. Furthermore, the application form must contain the signature of the student and the bank manager from where they have taken the loan. 

Also Read: STUDENT LOAN DEBT: RELIEF, APPLICATION, CALCULATOR, PLAN

FAQs

That was about Jito Education Loan to Study Abroad. Learn more about finance-related information on our Fly Finance blog.