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 students
• Engineering students
• Computer Science students
• Management, etc.
• Agriculture

NOTE: Students who scored 80% and above can get 100% finance.

Eligibility

• The applicant should be 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.

Shareholding

• 2.5% of loan amount

Guarantors

• 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

• TProof 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 be no processing charges.
• If a student stops his education then the loan amount will recover immediately.

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.