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