Saraswati Education Loan
- Student will be the co-applicant
- For studies in India & abroad.
- Maximum Rs 10 Lakh for education in India
- Maximum Rs.20.00 lakhs for Education abroad.
Basis of Advance
i. 100% of cost of the studies and other expenses provided by the applicant
ii. 50 times of the Avg Net Salary (Salaried person) or 3 times of Average Net Cash Accruals (Businessman / professional).
i or ii whichever is lower, and further permissible based on value of security as detailed under
- Maximum 144 months inclusive of moratorium period of max 36 months.
Rate of Interest
PLR- 0.5 =14.00%
Present PLR @ 14.50% p.a
Upto Rs 2.00 Lakh:
Above Rs 2.00 Lakh And Upto Rs 5.00 Lakh:
Hypothecation Of Household Articles Worth Minimum Of Rs. 3 Lakhs And Two Guarantors.
Above Rs 5.00 Lakh And Upto Rs. 20.00 Lakh:
Following Permissible Securities. Value Will Be Considered Based On Various Margins Decided By The Bank.
- Tangible Security Like LIC ,NSC ,KVP ,Gold, RBI Bonds Or FD’s With Our Bank
- Mortgage Of Unencumbered Property
- One Or More Personal Guarantees Depending On The Merits Of the Proposal.
- For studies in India – Nil
- For studies abroad – 0.5% of the loan amount
- Upto Rs 2 lakhs-Nominal membership
Above Rs 2 Lakhs -2.5% of the loan amount (max Rs 25000)
- Duly filled application form
Admission related documents, such as,
- Offer letter from university / college / institutes stating details of course and admission procedure/s .
- In case of students going to USA – I 20 / Admission letter
- Passport copy (in case of education abroad) or identity proof.
- Latest academic mark sheets
- Work experience proof if any
Loan related documents, such as,
- KYC documents of applicants and guarantor such as PAN card, address proof, photograph.
- For salaried person, copies of
(i) Salary slip for last three months
(ii) Bank Account statement (where Salary is credited) for last six months,
(iii) ITR & Form 16 for last three years
- For businessman / professional, copies of
(i) Last three years’ Audited Profit & Loss & Balance Sheet,
(ii) ITR with Computation of Income for last 3 years
- Bank Account Statement (related to business/profession) for last six months.
Key features of the scheme
- No prepayment charges
- Issue of solvency certificate
- Foreign currency/ Demand Drafts / Travellers’ cheques available.
- Loan available on the basis of admission letter
- Phased disbursement facility available
- 0.5% concession in Rate of interest for all girl students and students of IIM, IIT, XLRI etc.
- Comprehensive Insurance of assets charged to the Bank
- Optional Life Insurance cover at concessional rates