Education Loan

• Purpose :
  To meet the expenses of Post Graduation / Job Oriented Professional courses in India and Abroad
• Eligibility :
  Salaried Employees / Businessmen / Professionals having regular source of income
  Student should have secured admission by Entrance Test / Merit basis selection
  Loan will be granted to parent with student as Co-Borrower
• Loan Amount :
  Maximum Rs.10/- Lac for domestic and Rs. 20 lac for abroad
  Loan will be disbursed in stages as per requirement
  Loan amount will cover course fees + Study Material + Hostel Expenses
• Margin :
  Period - Maximum 7 years including moratorium period
  Moratorium - Course period + 1 year OR 6 months after getting job whiecever is earlier
• Rate of Interest :
  13% p.a. Interest to be paid regularly as and when applied during the study and moratorium period
• Security :
  Collateral security equal to quantum of finance
• Guarantee :
  Two 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
  Issue of Solvancy Certificate
  Foreign Currency / Demand Drafts / Traveller’s cheques available
• Documents Required :
  I. Latest Photograph, Photo Identity Proof, Residence proof of the Applicant and Guarantors
  II. In case parent is salaried person, salary slip for last 3 months and bank statement for last 6 months, ITR for 3 years
  III. In case parent is businessman, last 2 years profit & loss and balancesheet, ITR copies of last 3 years 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. Attested copies of last year’s mark list / Degree Certificate / School Leaving Certificate
  VII. Property / Collateral Security Details with legal documents