JITO Education Loan

Jain International Trade Organisation (JITO) started the JATF Education Loan Programme, which provides interest subsidies to Jain students. Jain students can avail of the interest subsidy through JELP( JATF Education Loan Program), however, they will need to meet specific eligibility criteria requirements.

Go through the following blog to learn more about the conditions under the JELP Scheme.

The interest subsidy is provided under the JELP scheme to students who have taken an education loan from banks or NBFCs listed under the JELP scheme. Here are the other details of the scheme.

Students must fulfill the following eligibility criteria requirements to avail of interest subsidy under the JITO Education loan program.

• The applicant should be a follower of Jain principles
• The student applying for the subsidy must have scored 60% or more in the examination after the 10th.
• The student should be aged below 30 years
• The Loan amount should be 50,000 or more.

Students looking for interest subsidy for their course duration under the JELP scheme must keep the following documents ready for registration.

• Copy of the education loan sanction letter that you have got from the bank.
• Copy of the admission letter from the institute/university
• Fee receipts copy, if you have any
• Mark sheets copy of 10th and higher education.
• A passport-size photograph, PAN card, Aadhar card, and electricity bill copy.
• If going abroad for studies, then a copy of passport and Visa
• Copies of the latest ITRs and Income proof of parents
• Religion certificate copy depicting the proof of being a Jain follower
• School leaving certificate and date of birth certificate copies
• A recommendation from any JATF patron member or JITO CP/JITO chapters/ patron member/ FCP is compulsory.

Here is another list of documents that are required to claim interest subsidy under JELP

• A copy of the sanction letter from the bank
• Interest payment certificate copy from the bank for April to March period
• Bank statement or Passbook copy which shows payment of interest
• A copy of the No-due certificate from the bank if your loan is fully repaid.

The application process varies for registration and claiming interest subsidy. Both procedures are mentioned below.

Registration process for JELP Scheme

Go through the following steps to register for JELP Scheme.

Step 1: Download the application from JATF website.

Step 2: Fill out the form with your details and sign it. Also, fill out the recommendation letter and get the signature of the concerned person.

Step 3: Check the documents list in the application and submit copies of all the required documents. Submit the application and wait for further updates. You will be issued a registration number or if there are any missing documents, then you will be informed via email.

Application Process for Interest Subsidy

Follow the below-mentioned steps to claim interest subsidy under the JELP scheme.

Step 1: Download the application form from the JATF website. 

Step 2: Fill out the application form with all the asked details

Step 3: Attach the required documents with the application form and send it to JATF head office, Mumbai by 31st of July. The form should be signed by the applicant and the branch manager along with the bank seal.

Step 4: You will then be informed of the outcome of your interest subsidy application.

Students looking for interest subsidy under the JELP scheme can apply for an education loan from banks or recognized NBFCs. They can also apply through the Oriental Bank of Commerce which is a partner of JATF under the JELP scheme.

Oriental Bank of Commerce Education Loan

Students looking for interest subsidy under the JELP scheme can apply for an education loan through the Oriental Bank of Commerce as JATF is partnered with the Oriental Bank for the JELP scheme. 

Oriental Bank of Commerce can offer up to 20 lacs for abroad studies and 10 lacs for studies in India at special rates of interest under the JELP Scheme. 

Students wanting to process an education loan that is fast and hassle-free can process it through WeMakeScholars.

Step 1: Request a callback or fill out a common application form on the WeMakeScholars website.

Step 2: A financial officer from WeMakeScholars will get back to you and will ask you a few basic questions to check your eligibility for an education loan.

Step 3: He/she will then inform you of all the lenders you are eligible for an education loan from and will connect you to them.

Step 4: The process will then be taken forward by the assigned lender. Your financial officer will also be in touch with you for any doubts regarding the process.

Step 5: You will receive a sanction letter within the promised timeline by your financial officer. 

WeMakeScholars is an organization that is supported by the Ministry of IT, govt of India under the Digital India campaign. Our aim at WeMakeScholars is to provide unbiased education loans to students wanting to pursue higher education in India or abroad. Here are the benefits of going through WeMakeScholars for an education loan.

Better rate of interest: We are partnered with 14+ banks and hence students going through get an education loan at up to 2% lower rate of interest.

Faster process: We process education loans at a pace that is 50% faster than when you go through banks directly.

Post-sanction support: There are a few institutions that provide post-sanction support and we are one of them. We provide support to students right from education loan sanction until the full repayment of the loan.

Negotiation support: We negotiate with the lender on behalf of students and try to bring the interest rate as low as we can.

Tax benefits: Most students aren’t aware of the tax benefits of taking an education loan under certain sections like 80E. We make sure to educate them about all such benefits.

Cashback: Students are eligible for a cashback of up to ₹3,000 on taking an education loan through us.