Education loan

Education Loan

Helping students pursue higher education

Who Can BorrowStudents Along with Either of the Parent as Co-borrower.
PurposePursuing Higher Education within India/ Overseas. Students should have secured admission for the Courses opted for
LimitFor Studies within India —-Maximum upto Rs. 10.00 lacs For Studies Out of India —–Maximum upto Rs.20.00 Lacs
[**Request for Higher Loan amount can be considered on Case to Case Basis. ]
SecurityEquitable/Registered Mortgage of Immovable property such as Flat /Shop/Industrial Gala /Land along with House
Pledge of Bank’s Term Deposits.
Margin25% of Education expenses or 25% of property whichever is lower
In case of Term Deposits the margin shall be 15%.
Rate of InterestUpto Rs.5 Lacs —– 9.00% p.a
Above Rs.5 Lacs Upto 25 Lacs —-9.50% p.a
Above 25 Lacs —-9.50% p.a
Repayment60 months after completion of Course undertaken for which loan availed plus 6 months or Student securing Job whichever is Earlier.
Processing FeesAs per our service charges applicable
Basic Documents1. KYC documents of Borrowers and Guarantors .
2. Income proof of the co-borrower/ family justifying repayment capacity
a. Salaried: Salary Slips & Form 16 along with Salary A/c Statement for last 6 months.
b. Business: Copies of IT returns for last 3 years along with Financial Statements along with Business A/c statement for last one year.
3. Earlier Educational Qualification certificates of the student.
4. Offer/ acceptance letter of the College/ University where admission is taken.
5. Title Deeds of the property offered as Security.

Central Govt . Scheme to provide Interest Subsidy [CSIS] for loans availed by Students belonging to Economically Weaker Sector for pursuing Education only in India is available.

‘Padho Pardesh  Interest Subsidy Scheme is discontinued from 2022-23.’