Education Loan
________
Purpose
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.
- Agriculture
Location | Courses | Maximum Finance | Maximum Finance | Interest | Loan Period |
INDIA | Diploma Deegree | 5 Lakh 10 Lakh | 10% | 10% | 10% |
ABROAD | All | 25 Lakh | 25% | 13.25% | 10 years |
NOTE : Student who scored 80% and above can get 100% finance.
Eligibility
- The applicant should between 15 to 30 years of age and Education qualification minimum 12th pass.
- Where the applicant is not having any income source, any one Parent /Guardian having a regular source of income can apply as Co-borrower.
- Where the student is a minor, any one Parent /Guardian having a regular source of income should apply as a borrower.
 Repayment Period
- Maximum 120 month E.M.I.
 Share Holding
- 5% of loan amount
Guarantors
- Â Two guarantors having a regular source of income including any family members filing regular Income Tax Returns.
 Surrender Value of LIC Policies:
- Government / Trustee securities such as NSC.
- Term Deposits
- Mortgage of immovable property
Banking Relations
- Previous banking relations are not necessary. Fresh A/c holders fulfilling above criteria may be considered.
 Documents To Be Submitted With The Loan Application :
- Proof of age and educational qualification such as Mark sheet, Degree Certificate etc
- Proof of admission to the course with fee structure
- Mark sheet Submit in bank every time
- There will no processing charges.
- If student stop his education then loan amount recover immediate.
Mode Of Disbursement :
- 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.