25 Years of Excellence

01:02 PM Fri, 22 October 2021

ATM Toll Free No. 1800 123 6230

01:02 PM Fri, 22 October 2021

ATM Toll Free No. 1800 123 6230

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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