Education Loan

Who can apply? :

  Permanent Salaried Persons for themselves/dependents.
  Professionals for themselves/dependents.

Purpose :

To meet the expenses for pursuing eligible education courses, which include – Tuition fee, Books and other Study materials / Stationery, Hostel charges and other related expenses, Airfare in case of Foreign study.

Repayment :

  In case of loan amount up to ₹ 2.00 lakhs [Clean], loan repayment will start immediately after one month from the date of 1st disbursement. Maximum 5 years or considering the Age & remaining Service period of Guardian / Parent.educationloan_banner
  Maximum 5 years. Repayment of loan (EMI) will start immediately after one month from the date of first disbursement. Maximum 5 years (60 EMIs), to start from 6 months after completion of the course or securing a job, whichever is earlier or considering the Age & remaining Service period / Business of Guardian / Parent.
  During the period before repayment starts (i.e. moratorium period), interest is payable every month as and when applied to the loan a/c.

Eligibility :

  Individual Student Jointly with Parent / Guardian.

Other Eligibility:
  Should have passed all previous examinations in one attempt.
  Must have secured admission for the desired Course / Diploma / Degree / Post-Graduation at the approved University / Institute.
  Courses include – Graduation, Post-graduation Medical courses i.e. Medical / Dental / Veterinary, etc. Engineering / Marine engineer. / Architecture etc. Agriculture, Management, Law, Pilot / Air-hostess training, IATA courses, Hospitality courses of an established / reputed Foreign University / Institute.
  Courses conducted by reputed / well established Coaching classes. (Maximum Limit ₹. 2.00 lakh).

Maximum Limit :

Max. ₹ 5.00 lakhs (if Salary undertaking / Sec.49 / ECS Mandate through Salary account of Parent / Guardian) is available.
i) Course in India-Max. Rs.10.00 lakhs
ii) Course Abroad – Max. ₹ 20.00 lakhs for Foreign studies.

Margin :

  Min. 5% on entire Study cost.

Securities :

  Minimum two Sureties out of which one should be an income tax payer.
  The Borrower and all the sureties should be Regular/Nominal members of the Bank.
  Collateral security if any of parents.

Documents Required :

  Loan application.
  Residential proof of Applicant and sureties.
  Income proof of Applicant and surety.
  Proof of further studies.
  Any other document required by bank.