EDUCATION LOAN
Who can apply ?
- Permanent Salaried Persons for themselves/dependents.
- Professionals for themselves/dependents.
Purpose
To meet the expenses for pursuing eligible education courses, which include – Tuition fee, Books and other Study materials / Stationery, Hostel charges and other education related expenses.
Repayment
- In case of loan amount up to ₹ 2.00 lakhs [Clean], loan repayment will start immediately after one month from the date of 1st disbursement. Maximum 5 years or considering the Age & remaining Service period of Guardian / Parent. Education loan _banner
- Maximum 5 years. Repayment of loan (EMI) will start immediately after one month from the date of first disbursement. Maximum 5 years (60 EMIs), to start from 6 months after completion of the course or securing a job, whichever is earlier or considering the Age & remaining Service period / Business of Guardian / Parent.
- During the period before repayment starts (i.e. moratorium period), interest is payable every month as and when applied to the loan a/c.
Eligibility
- Individual Student Jointly with Parent / Guardian.
Other Eligibility:
- Should have passed all previous examinations in one attempt.
- Must have secured admission for the desired Course / Diploma / Degree / Post-Graduation at the approved University / Institute.
- Courses include – Graduation, Post-graduation Medical courses i.e. Medical / Dental / Veterinary, etc. Engineering / Marine engineer. / Architecture etc. Agriculture, Management, Law, Pilot / Air-hostess training, IATA courses, Hospitality courses of an established / reputed Foreign University / Institute.
- Courses conducted by reputed / well established Coaching classes.
Margin
- Min. 5% on entire Study cost.
Securities
- Minimum two Sureties out of which one should be an income tax payer.
- The Borrower and all the sureties should be Regular/Nominal members of the Bank.
- Collateral security if any of parents.
Documents Required
- Loan application.
- Residential proof of Applicant and sureties.
- Income proof of Applicant and surety.
- Proof of further studies.
- Any other document required by bank.