Education Loan
Eligibility
Applicant to be Indian resident having secured permission in approved courses from Universities in the following course after schooling.
- Management Courses – Post Graduation.
- Engineering Courses – Graduation.
- Medicines – Graduation, Post-Graduation.
- Master in computer Application (MCA/MCM) – Post Graduation.
- Fine Arts and Designing – Graduation & Post Graduation.
- Architecture – Graduation.
- Hotel and Hospitality – Graduation, Post-Graduation.
- B.A/B.Com/M.A/M.Com
- 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
- Fee Payable to college/school/hostel.
- Exam, Library/Lab Fees.
- Purchase of Books/Equipment’s/Instruments/Uniform.
- Caution Deposits/Refundable Deposit – asked by the Institution. Building Fund supported by Institution Bill receipts subject to10% tuition fee for entire course.
- Purchase of Computer Essential for completion of course.
- Insurance premium for student borrower.
- 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
- Application duly filled, two photographs
- Letter of admission from the Institute.
- Letter from the Institute stating cost break up of the programme (Term wise-Year wise)
- Mark Sheets from SSC onwards till the latest Examination passed.
- KYC documents for the applicant & Co applicant (Residence Proof, ID Proof Signature Verification from the Banker.
- Income documents of the Co applicant (pay Slip) Copy of Income Tax Return for the last three Years.
- Declaration/Affidavit/Confirming that no loan has been availed from other Bank/Institution.
- Detail of Assets & Liability of Co applicant and Guarantor.
- 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.
