Reg. No: SA 2914 Dated : 27 Jan. 1995
License No: UBD Guj-1153 P Dated : 01 July 1995

Education Loans

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 educational courses like   Diploma,Graduation, Post-Graduation, and Specialized   courses in India & Abroad.
Quantum of finance * Up to 75% of the cost of books,instruments, tuition fees,  hostel fees(lodging & boarding)
* Maximum loan amount Rs. 15.00 lac.
Share Linkage Borrower must have Bank share holding @ 1% of the loan sanction amount.       
Repayment period 60 Monthly installments including interest immediately after next month of the loan disbursement.
Rate of Interest 10% p. a.
Security Prime:
* 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.