25 Years of Excellence

01:48 PM Mon, 19 August 2019

01:48 PM Mon, 19 August 2019

Education Loan

Eligibility
Applicant to be Indian resident having secured permission in approved courses from Universities in the following course after schooling.

  1. ​Management Courses – Post Graduation.
  2. ​Engineering Courses – Graduation.
  3. ​Medicines – Graduation, Post-Graduation.
  4. ​Master in computer Application (MCA/MCM) – Post Graduation.
  5. ​Fine Arts and Designing – Graduation & Post Graduation.
  6. ​Architecture – Graduation.
  7. ​Hotel and Hospitality – Graduation, Post-Graduation.
  8. ​B.A/B.Com/M.A/M.Com
  9. ​Other Courses approved by UGC/Government/AICTE etc.

Age Limit
Anyone in the Age Group of 16-35 Years can take this Loan.

Purpose of Loan
Educational Loan – can be used for purchase of following Purposes

  1. ​Fee Payable to college/school/hostel.
  2. ​Exam, Library/Lab Fees.
  3. ​Purchase of Books/Equipment’s/Instruments/Uniform.
  4. Caution Deposits/Refundable Deposit – asked by the Institution. Building Fund supported by Institution Bill receipts subject to10% tuition fee for entire course.
  5. ​Purchase of Computer Essential for completion of course.
  6. Insurance premium for student borrower.
  7. With maximum limit of 50,000/- with 25% mortgage.

Amount of Loan
Need based finance subject: – to repaying capacity of the parents / students with ceiling – Maximum Rs. 10 Lacs.

Margin
Up to 4 Lac – 5%
Above 4 Lac to 10 Lac – 15%

​Co-applicant
The Co-applicant can be parents or spouse.

​Security
Collateral Security Land / Building / NSC, KVP and FDR of Bank.

Repayment Period
5 Years to 7 years including moratorium period. Repayment ​holiday/moratorium would be for the course of 1 year or 6 months after the student gets a job/start earning whichever is earlier.

Documents

  1. ​Application duly filled, two photographs
  2. ​Letter of admission from the Institute.
  3. Letter from the Institute stating cost break up of the programme (Term wise-Year wise)
  4. ​Mark Sheets from SSC onwards till the latest Examination passed.
  5. ​KYC documents for the applicant & Co applicant (Residence Proof, ID Proof Signature Verification from the Banker.
  6. ​Income documents of the Co applicant (pay Slip) Copy of Income Tax Return for the last three Years.
  7. ​Declaration/Affidavit/Confirming that no loan has been availed from other Bank/Institution.
  8. ​Detail of Assets & Liability of Co applicant and Guarantor.
  9. ​In case of Loan is to be collaterally secured by mortgage of Property – Copy of title deed, Legal opinion, valuation report from the approved valuer, Non-Encumbrance certificate verification report by the Branch Manager.

Rate of Interest

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