Education Loan

  • To provide financial assistance to the meritorious & indigent students to undergo professional courses including hostel accommodation with a view to acquire technical skills and training in any specialized discipline like Medical & Dental,Engineering,Computer Science,Management etc.

  • The applicant should be over 18 years of age and a confirmed employee of the allied organization / established of repute having a regular source of income.

  • Where the applicant is not having any income source, any one Parent /Guardian having a regular source of income can apply as Co-borrower.

  • Repayment Period is 84 Months including moratorium period of max 24 month

  • Share Holding - 1% of loan amount

Ammount Rate Of Interest (w.e.f. 23rd April’2013)

Upto Rs. 5 lakhs

10.00%

Above Rs.5 lakhs – Rs 15 lakhs

11.00%

Above Rs.15 lakhs – Rs 25 lakhs

12.00%

Finincial Document

  • Of the Co-applicant , i.e. parent : Income Proof required for last 3 years, in form of Form No. 16 for Salaried
  • Of the Co-applicant , i.e. parent : Income Proof required for last 3 years, in form of ITR of 3 Years for Non Salaried
  • 6 Months Bank Statement of SB and CA Account

Other Documents

  • Proof of age and educational qualification such as Mark sheet, Degree Certificate etc.
  • Proof of admission to the course with fee structure.

Collateral Security for loans

  • upto Rs.2 Lakhs: NIL **
  • above Rs.2 Lakhs:- 100% of loan amount

  • ** terms and conditions apply
    • Two guarantors having a regular source of income including any family members filing regular Income Tax Returns.

  • Margin money of 20% of course fee to be deposited in the A/c. 100% of course fee will be remitted by pay order in favour of the institutions as per their course fee / payment schedule.