|Eligibility of borrower
- Applicant must have current/savings account holder of the Bank
- Applicant must be resident of area of operation of the bank.
- Have good reputation and credit worthiness.
- Student must have good academic record.
- Student must have secured admission.
- Student must have passport & visa for abroad education.
|Purpose of Loan
- For higher education after 12th standered.
|Quantum of finance
- Up to 50.00 lakh for study at abroad subject to repaying capacity.
- Up to 80% of the cost of books, instruments, tuition fees, hostel fees [Lodging/boarding], living expenses, air fare, all types of equipments/instruments required for the respective educational purpose and premium of life insurance.
- Borrower must have Bank share holding @ 1% of the loan sanction amount.
- 84 Monthly installments including interest immediately after next month of the loan disbursement.
|Rate of Interest
||9.50 % p. a.
- LIC Policy equivalent to the loan amount of the student to be assign to the bank
- Third party guarantee of two personal guarantors having good credit worthiness and financially sound and member of the Bank.
- Simple mortgage of title cleared property of the borrower/ guarantors.