GST No.: 24AABAT4356N1Z6               

Education Loan

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.
Share Linkage
  • Borrower must have Bank share holding @ 1% of the loan sanction amount.       
Repayment period
  • 84 Monthly installments including interest immediately after next month of the loan disbursement.
Rate of Interest 10.00 % p. a.
Security Prime:
  • LIC Policy equivalent to the loan amount of the student  to be assign to the bank

 

Collateral:

  • 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.