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Education Loan

EDUCATION LOAN
Purpose For Domestic / foreign Higher education
Who can Avail this Loan Any account holder student who wants to pursue higher education in the country or outside country employed / businessman / professional
Loan Features

Maximum Limit : Domestic Education Rs.10 Lakhs
foreign Education Rs.20 Lakhs

Repayment Period : Maximum 84 instalments

Moratorium Period : 2 years or Course period whichever is earlier

Eligibility : 100% of security offered / 50 times of monthly salary / 3 times of net cash accruals

Primary Security : Residential Flat / Shop / Industrial gala

Collateral Security : a. L.I.C
b. N.S.C
c. Kisan Vikas Patra
d. Fixed Deposit. Recurring Dep.
Rate of Interest 11%
Documents required
  • Duly filled Loan form
  • Account Statement / Passbook for verification
  • Other Bank account statement if any
  • Three Photograph of Borrower & Guarantors
  • Income proof for last three years if businessman / current 3 months payslips if salary earner, form no 16 of last year
  • Ration card of borrower and Guarantors
  • Aadhar card of borrower and Guarantors
  • Electricity Bill of borrower and Guarantor 
  • Shares – Borrower and guarantor
  • Offer letter from Educational Institute
  • Fee Structure /I-20
  • Fee Receipt
  • Mark Sheets / Passing certificate of last degree / diploma, graduation
  • Passport / Visa copy
  • CIBIL Report
Charges
  • Shares of 2.5% of Loan sanction amount for Borrower & Guarantor Rs. 2000/- each.
  • Franking – Minimum Rs.500/-
  • Visit Charges – Rs.375/- to 11800/-
  • Mortgage Bond 0.20% of loan amount
Positive Points
  • Lowest Interest rate
  • No Pre-payment charges
  • Daily reducing balance
  • Repayment in addition to fixed instalment can be made without any charges