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Education Loan

 

PURPOSE

  1. Pursue higher education in India or Abroad.

Courses covered: Graduation or Post Graduation/Degree Course as under: (1) Commerce, Science, Engineering and Management. (2)Medicines-Allopathic, Homeopathy, Ayurveda. (3)Other Professional Courses: CS, CA, ICWA. (4) Any other professional courses not covered above, but recognized by University shall be covered. (4) Equipment’s required for completion of courses shall also be covered. Diploma courses recognized by Universities

 

ELIGIBILITY

Admission letter from a recognized University.

MAX.LOAN AMT.

Rs.10.00 Lacs for studies in India

Rs.20.00 lacs for studies abroad

RATE OF INTEREST

9.75%

TENURE

6 months after completion of course or the date of gaining employment, whichever is earlier

MODE OF REPAYMENT

PDCS/ECS/THRU ACCOUNTS

COST ELIGIBILITY

Tuition Fees/Lodging & Boarding/travelling (one time to & fro)/Books/equipment’s & tools required for the course/insurance fees/library fees

MARGIN

10%-India & 15%-abroad

AMT.ELIGIBILITY

As per the admission letter from the University

INCOME ELIGIBILITY

Satisfactory level of income of the parents & the guarantors

Income Tax Returns for the last three years of the co-borrowers & the guarantors

DURATION OF SERVICE/ BUSINESS

N.A.

PRIMARY SECURITY

Upto Rs.3.00 lacs-No security

 

GUARANTORS

1) Father/mother to execute the loan documents as co-obligant (2) Two guarantors of good means acceptable to the bank

REQUIREMENTS

1.Loan application form

2.Borrowers and two guarantors-3 years I.T. returns for business

3. Account to be opened fulfilling the KYC norms/ KYC norms for guarantors to be complied with.

4.Guarantors- Bank statement for last 6 months of the existing bankers

5.Letter from the University confirming admission

OTHER CONDITIONS

Borrowers/Guarantors should have satisfactory track record and should not be an NPA with any other banks/FI.

  • Terms & Conditions applied.

** Terms & Condition applied.

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