Education loan is available up to Rs: 10/- lacs for higher study in the faculty of Medical, Engineering and IT. Students who have secured 60% and above marks in 12th standard can avail loan facility.
Applicant details
Applicant has to submit copy of mark sheet, result sheet, school leaving certificate pertaining to 12th standard.
Photograph-two copies
Copy of 3 year income tax return of the father who will be Co. Borrower for the loan.
Copy of PAN card of the co-borrower.
Bank Statement of last two years.
Address proof -Electric bill/ telephone bill (any one).
Address proof – electric bill /telephone bill (any one) As per KYC norms
Photo proof – Pan card / Voter card / Driving license (Any one) As per KYC norms
Conditions
Two guarantors are required.
Father of the student has to submit document of the property for registered mortgage in favour of bank. Bank charge will be noted in Association / Society book.
Valuation of the property will be required in case of old property.
Title clearance and valuation report will be done by approved lawyer and valuer of the bank. Applicant has to pay their fees.
Bank will keep 25% margin on tuition fee, Hostel fee or total package of fees.
Applicant has to submit admission letter and details of college / University.
Applicant has to submit progress report of each semesters.
Loan is to be repaid along with interest in 60 equal monthly instalments. The repayment will start as soon as applicant complete study and obtain degree. During study period the applicant has to pay interest on regular basis.
Father will stand as co-borrower.
Applicant has to provide one guarantor.
Applicant has to submit 30 cheques for repayment of instalments and remaining cheques as per bank’s instruction.
Applicant has to take share @ 2.50% of the limit.
Processing charges of 0.5% will be levied on sanction.
