EDUCATION LOAN

 

Loans are available for pursuing higher education in India and abroad.

 

Eligibility

:

Student with good academic record.

Secured admission to professional / technical courses

Loan Amount

:

Studies in India – 90% of cost of course (Maxi – Rs.10.00 lacs)

Studies abroad – 85% of cost of course (Maxi – Rs.20.00 lacs)

Repayment period

:

60 months commencing 6 months from date of completion        

Course or on obtaining employment, whichever is earlier.

(interest to be serviced monthly).

Rate of Interest

:

Unsecured / partly secured – 11.00% p.a.

Fully secured loans – Up to Rs. 5.00 lacs – 10.50% p.a.

Above Rs.5.00 lacs to Rs.10.00 lacs – 11.50% p.a.      

Above Rs.10.00 lacs – 12.50% p.a.

Security

:

Loan up to Rs. 2.00 lacs – Nil.

Above Rs.2.00 lacs – adequate security acceptable to the Bank.

Guarantee of parent / guardian and one outside income tax paying guarantor.

Documents required

:

Proof of residence –

Electricity bill / Telephone bill / Passport / Driving License / Aadhar Card

Proof of ID     - Pancard copy / Driving License / Passport / Election Card 

Proof of income – Salary Slip / last 3 years Balance sheet / IT Returns (of parent / guardian).

Certified copies of mark sheets / other certificates.                   Semester progress report.

 

 

 

 *Conditions apply

 

** Subject to change

 

Administrative Office

501, Central Plaza, 166 C S T Road, Kalina, Santacruz (East), Mumbai 400 098.

Tel No: 26656076 / 77 / 78 Tele Fax: 26656079

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