Education Loan

Student should be an Indian National having secured admission to Professional / Technical courses through entrance test / selection process. Age: 16-35 years. The Father / Guardian shall be the Principal Borrower and Major Student shall be the Co-borrower. Minor student shall become co-borrower on attaining maturity.

For payment of Tution fees, Hostel fees, caution deposit, refundable deposit, admission, examination, library, laboratory, cost of books, equipments, uniforms, computer, if necessary. One-way air passage in case of studies abroad. Reimbursement of admission fees, cost of books, airfare etc., if already incurred, within 2 month for studies in India and 3 months for abroad.

Payment directly to college / hostel / mess / airlines etc. In appropriate cases disbursement to be made to borrowers subject to satisfactory evidence. Original receipts to be submitted.

Up to Rs.5 Lac:
1. Third Party Guarantee to the satisfaction of the Bank
2. Co-obligation of parents/ guardians
3. Assignment of future income of the student for payment of installments
Above Rs.5 Lac:
1. Collateral security of suitable value to the satisfaction of the Bank
2. Third party Guarantee to the satisfaction of the Bank
3. Co-obligation of parents/ guardians
4. Assignment of future income of the student for payment of installments

Repayment to commence 12 months after completion of course / studies or 6 months after securing job, whichever is earlier. Maximum period of repayment of loan shall be 5 to 10 years. Repayment on EMI basis

Assignment of LIC Policy of Loan amount in the name of the student in all loan accounts.