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Loan Details
Education Loan Scheme
Financial support to help students pursue education in India and abroad.
Purpose
- Education in India and Abroad - course fees and other expenses (living/travelling/lodging/boarding and other course related expenses).
Quantum of Loan / Amount
- The quantum of loan shall not exceed Rs. 10 Lakh in India & Rs. 20 Lakh outside India. The quantum of loans to individuals have been exceeded to Rs. 25.00 lakh.
- Now, the limit for Loans to individuals for educational purposes, including vocational courses have been increased upto Rs. 25.00 lakh.
Margin
- 70% in case of Market value of property
ROI
9.50% p.a
Monthly rest.
Documents / Income Proof
- Prescribed loan application form
- Latest Photograph, Photo Identity Proof, Residence proof of the Applicant and Guarantors
- Proof of confirmed admission & Estimate of course fees & expenses (living/traveling/lodging/boarding and other course related expenses)
- Fee receipts or proof of payments made.
- Copy of Passport & Visa and related documents, if the student is going abroad for higher education.
- Income proof of the applicant in the form of:
- Salaried: last 3 months’ salary slip/certificate or copy of the last three years IT returns or form 16 of last two years, 3 month bank statement.
- Businessman: last 3 years’ profit & loss and balance sheet, ITR copies of last three years, 3-month bank statement.
- Loan shall be disbursed in stages as per requirement/demand, directly to the Institution/ vendors of the books/equipment’s/ instruments to the extent possible
Security
- Equitable mortgage of Property.
Note
In case of Parents who are salaried, for a loan upto Rs. 2.00 lakh, no security could be insisted and in case of Parents who are other than salaried, for a loan upto Rs. 50000/-, no security could be insisted.
For loans above Rs. 2.00 lakh & Rs. 50000/- as aforesaid, appropriate security in the form of land/building/National Saving Certificates/Life Insurance Policies/Banks own term deposits etc. in the name of the student/ parents/guardian/guarantors with suitable margin shall have to be obtained/furnished by the loanee to the Bank.
Surety
- Parents/Guardians to be taken as sureties for the loan, in addition to one more surety.
Tenure / Repayment
- maximum period of 7 years inclusive of moratorium period (Terms & Condition applied)
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