Education Loan aims to provide the much required / needed financial support to deserving / worthy students for pursuing higher professional or technical education in India or in abroad also. The education loan would be provided to those students only who have obtained admission to career-oriented courses e.g. medicine, management, engineering etc., either at the graduate / post-graduate level.
We believe, given the right tools and aid each & every child has the potential to be successful. Our (education loans) aim to be the very tool which will enable them to succeed & reach to their goals in life. No more would a deserving student have to reveal their pursuit of dreams due to lack of money. Our (student loans) will ensure that worthy students are empowered to take their destiny in to their own hands. Our endeavour is to assist / help the future of our nation in education and prosperity.
Quantum of Loan
The quantum of finance under the scheme is capped at Rs. 10.00 lacs for studies in India & Rs 20.00 lacs for studies abroad, which would cover their tuition fees, hostel charges (if any), cost of books, etc. The minimum (education loan) amount would be Rs. 50,000 thousand.
No margin for education loans up-to Rs. 4 lacs. For loans above than Rs. 4 lacs, 0.5% margin for studies with-in India & 15% for their higher studies overseas.
Timeline for application deaccessioning
Bank will convey its decision with-in 15 working day’s from the date of receipt of the application provided the application is complete in all respects. The computation of 15 day’s shall starts from the day on which all documents required / needed for a proper appraisal of the application are provided by the Customer to bank.
Role of the Guardian:
The parent’s or guardian of the student would be treated as a co-applicant of the student loan. His / her role would be necessarily, like the primary debtor.
3rd party guarantee or collateral security may be asked for in appropriate cases.
Assignment of (LIC) policy in favour of the Bank for the sum assured being at least 100% of the education loan amount. The policy is kept alive during the currency of the education loan. To ensure this, the annual premium may be included within the computation of the loan requirement, along with the tuition fees & other recurring charges. Further, the future or longer term income of the student needs / required to be assigned in favour of the Bank for meeting the installment obligations.
The student loan will be disbursed in fully or in suitable installments taking into account the requirement of funds or fee schedule as assessed by the Bank directly to the educational institution or vendor of books or equipment or instruments.
The following documents are required along with your loan application:
|Identity proof||Identity proof Passport or Voter’s ID card or driving license or PAN card or government department ID card||Passport or driving license or Voter’s ID card & PAN card|
|Income proof||Latest salary slip showing all deductions or Form 16 along with recent salary certificate||IT returns for the last 2 yrs. and computation of income for the last 2 yrs. certified by a (CA)|
|Residence proof||Bank account statement or latest electricity bill or latest mobile or telephone bill or latest credit card statement or existing house lease agreement||Bank account statement or latest electricity bill or latest mobile or telephone bill or latest credit card statement or existing house lease agreement|
|Bank statement & Pass Book where regular salary or income is credited||Last 6 months||Last 6 months|
|Other Documents||Copy of admission letter of the Institute along with Fees schedule, mark sheets / pass certificates of S.S.C, H.S.C , Degree courses||Copy of admission letter of the Institute along with Fees schedule, mark sheets / pass certificates of S.S.C, H.S.C , Degree course.|