Education Loan

• Purpose :
  To meet the expenses of Post Graduation / Job Oriented Professional courses in India and Abroad
• Eligibility :
  Student should have secured admission by Entrance Test / Merit basis selection
  Loan will be granted to parent with student as Co-Borrower
• Loan Amount :
  Rs. 75.00Lacs.
  Loan amount will cover course fees + Study Material + Hostel Expenses
• Margin 25% :
  Period - Maximum 10 years including moratorium period
  Moratorium - Course period +6 months
• Rate of Interest :
  up to 2.00 lacs – 8%
  2.00 - 5.00 - 8.5%
  5 lacs & above - 9.00 %
• Security :
  Collateral security equal to quantum of finance
• Guarantee :
  One competent guarantors acceptable to bank.
• Processing Charges :
  0.5 % of the loan amount applied
• Shareholding :
  As per Bank's rule
• Special Features :
  No prepayment charges
  
• Documents Required :
  I. KYC of applicant, co-applicant & guarantors.
  II. In case parent is salaried person, salary slip for last 3 months and bank statement for last 6 months
  III. In case parent is businessman, last 3 years ITR , profit & loss and balancesheet, and bank        statement of business account for last 6 months.
  IV. Bonafied certificate from college / Admission confirmation letter
  V. Structure of fees for full course duration from college
  VI. Self Attested copies of last year’s mark list / Degree Certificate / School Leaving Certificate
  VII.Property / Collateral Security Details with legal documents