{"id":133,"date":"2024-02-16T01:51:28","date_gmt":"2024-02-16T01:51:28","guid":{"rendered":"https:\/\/nammatech.com\/?p=133"},"modified":"2024-02-16T01:51:28","modified_gmt":"2024-02-16T01:51:28","slug":"sal-loan-application","status":"publish","type":"post","link":"https:\/\/nammatech.com\/sal-loan-application\/","title":{"rendered":"How to Apply for SAL Loan Application Online in 2024?"},"content":{"rendered":"\n

Even though college years are the most crucial of all, yet no all students can take up a college education. For a student to make it to the college, a certain amount of expenditure needs to be made. To meet these expenditures most students take help from their families. But for some families, it is difficult to manage that much amount of money.<\/p>\n\n\n\n

When that is the case, most students fall back on scholarships and other fund arrangements available for them. However, most public and private undergraduate colleges and technical degrees often take up a lot of money.<\/p>\n\n\n\n

This article will explain more about the SAL loans which are at a student\u2019s disposal as and when they fall short of required funds.<\/p>\n\n\n\n

What is SAL Loan?<\/h2>\n\n\n\n

SAL loan is a general loan process available to students at a 1% fixed interest rate. One can take the loan for a certificate, diploma, associate, bachelors, or first professional degree course. Most private and public colleges in Georgia can apply for the loan.<\/p>\n\n\n\n

The loan origination fee will be a cost to bear for students. They also have a late fee required for all those students who can\u2019t pay the loan installment on time.<\/p>\n\n\n\n

Priority for SAL loans goes to the HOPE, Zen Miller scholars, and previous year\u2019s SAL loan recipients.<\/p>\n\n\n\n

Some of the percentage inputs a student needs to make to qualify for the SAL loan are given below for your reference.<\/p>\n\n\n\n

Different costs for loan borrowers<\/strong><\/td>Details of the costs<\/strong><\/td><\/tr>
Origination Fee to be paid by loan bearers<\/td>5%<\/td><\/tr>
Interest rate<\/td>1% in general<\/td><\/tr>
Defaulter interest rate<\/td>5% if the borrower fails to make the payments at the right time<\/td><\/tr>
Late Fee<\/td>6% of the monthly payments<\/td><\/tr>
GPA for discharging loan amounts by technical college students<\/td>3.5 or more<\/td><\/tr>
Loan cancellation provision for teachers<\/td>Those who work as STEM (Science, Technology, Engineering and Maths) teachers<\/td><\/tr>
Keep in touch fee<\/td>$10 60 days after the loan is disbursed<\/td><\/tr>
Repayment duration<\/td>15 years<\/td><\/tr>
Minimum loan amount for post-secondary institutions<\/td>$500<\/td><\/tr>
For TCSG post-secondary institutions minimum loan amount<\/td>$300<\/td><\/tr>
Maximum term loan amount<\/td>$4000<\/td><\/tr>
Loan limit in a college lifetime<\/td>$36000<\/td><\/tr>
Loan limit for TCSG students<\/td>$12000 in one\u2019s college lifetime<\/td><\/tr>
Per year loan limit<\/td>$8000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
\"sal<\/figure>\n\n\n\n

Steps to Apply for SAL loan Application<\/h3>\n\n\n\n

The SAL loan is on a first come first served basis and the process is undertaken annually. Each year the applicants have to apply and then go through the selection, certification, approval, and disbursement processes.<\/p>\n\n\n\n