Educational Loan: Educational Loan provides financial support to deserving/meritorious students to pursue higher education in India and abroad
Courses Eligible:
Studies abroad:
Expenses Considered:
Note: A certificate from the college/institute to the schedule of expenses for the course year wise to be submitted.
Rate of Interest:
Margin:
Security:
The collateral security can be in the form of Land/Building/Govt Securities/Public Sector Bonds/Units of UTI, NSC, KVP/LIC Policy and Shares/Debentures, Bank Deposits in the name of the student/parent/guardian or any other third party. Land/ Building wherever already mortgaged, the unencumbered portion can be taken as security on II charge basis provided it covers the required loan amount (loan not to exceed 75% of unencumbered value). In case the loan is given for purchase of a computer the same to be hypothecated to the Bank.
Tenor:
Repayment Holiday / Moratorium: Course period + 1 year or 6 months after getting a job whichever is earlier. Interest has to be serviced during the course period. The loan to be repaid in 5-7 years after commencement of repayment.
Processing Fee:
Processing Fee: Nil
Foreclosure Charges: Nil
To apply for the loan - Contact your nearest branch.
Contact:
Delhi Tel: 3329212
Bangalore Tel: 2235189, 2230511
Chennai Tel: 8522244
Hyderabad Tel: 4753725, 4750798
Kolkata Tel: 2425440, 2423509
Mumbai Tel: 2882666, 2884247
For more details: Click here
Eligibility:
Student should be an Indian National and should have secured admission to professional / technical curses in India and abroad through Entrance Test/Merit based selection processCourses Eligible:
Studies abroad:
- Graduation: For job oriented professional/ technical courses offered by reputed universities.
- Post graduation: MCA, MBA, MS, etc.
- Courses conducted by CIMA - London, CPA in USA etc.
Expenses Considered:
- Fee payable to college/ school/ hostel.
- Examination/ Library/ Laboratory fee.
- Purchase of books/ equipments/ instruments/ uniforms.
- Caution deposit/ building fund/ refundable deposit supported by Institution bills/ receipts.
- Travel expenses/ passage money for studies abroad.
- Purchase of computers - essential for completion of the course.
- Any other expense required to complete the course - like study tours, project work, thesis, etc.
Note: A certificate from the college/institute to the schedule of expenses for the course year wise to be submitted.
Rate of Interest:
- Up to Rs 4 lacks: IVRR
- Above Rs 4 lacks: IVRR +1% p.a Up to 1% interest concession is provided for loans if the interest is serviced during the study period
Margin:
- Studies in India: Upto Rs 4 lacs - Nil
- Above Rs 4 lacs - 5%
- Studies Abroad: 15%
Security:
- Up to Rs 4 lacs: No security
- Above Rs 4 lacs and up to Rs 7.5 lacs: Collateral in the form of a 'third party guarantee' having net worth of 100% of the loan amount.
- Above Rs 7.5 lacs: Collateral security equivalent 100% of the loan amount and assignment of future income of the student for the payment of installment.
The collateral security can be in the form of Land/Building/Govt Securities/Public Sector Bonds/Units of UTI, NSC, KVP/LIC Policy and Shares/Debentures, Bank Deposits in the name of the student/parent/guardian or any other third party. Land/ Building wherever already mortgaged, the unencumbered portion can be taken as security on II charge basis provided it covers the required loan amount (loan not to exceed 75% of unencumbered value). In case the loan is given for purchase of a computer the same to be hypothecated to the Bank.
Tenor:
Repayment Holiday / Moratorium: Course period + 1 year or 6 months after getting a job whichever is earlier. Interest has to be serviced during the course period. The loan to be repaid in 5-7 years after commencement of repayment.
Processing Fee:
Processing Fee: Nil
Foreclosure Charges: Nil
To apply for the loan - Contact your nearest branch.
Contact:
Delhi Tel: 3329212
Bangalore Tel: 2235189, 2230511
Chennai Tel: 8522244
Hyderabad Tel: 4753725, 4750798
Kolkata Tel: 2425440, 2423509
Mumbai Tel: 2882666, 2884247
For more details: Click here
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