Applicant will be parent with student as co-applicant.


Purpose
Studies in India & Abroad

Maximum Loan Amount

Rs 20.00 lakhs

Eligibility
 100% of cost of the fees and other expenses on the basis of  the eligibility and income proof provided by the applicant


Limit of Loan

 Studies in India -Maximum upto Rs 10.00 Lakhs(All IBA  approved courses)

Studies abroad    - Maximum  upto Rs 20.00 Lakhs


Rate Of Interest:
Please contact your nearest branch for repayment plan and interest rates

Repayment Period

Maximum  84 months inclusive of Moratorium period of Max 3 years
Moratorium Period: Duration of the course plus an additional period of six months or 3 years whichever is earlier. 

Security
                       Equitable mortgage of Property or pledge of any other tangible security acceptable to the bank.
                       Minimum two guarantors of well placed means.

                      Tangible Investments like LIC (Surrender Value), NSC (Face Value), KVP (Face Value), Gold (As per Banks Valuation), RBI Bonds or FD’s with our Bank can be considered while assessing the proposal and for sanctioning the loans.


Processing Fees:
For studies in India – 0.25%
For studies abroad -- 1% of the loan amount

Shareholding

• Upto Rs 2 lakhs-nominal membership  or 5% of the loan amount
• Above Rs 2 Lakhs -2.5% of the loan amount(max Rs 25000)
• Key features of the scheme:
• No prepayment charges.
• Issue of solvency certificate
• Foreign currency/Demand draft/Travelers Cheques
• Loan available on admit letters.
• Phased disbursement facility available.
• Travel insurance available
• Arrangement with Wells Fargo Bank for opening an International Personal Banking Account in US.

Steps to Avail our loan.
   1. Covering letter addressed to the Branch Manager mentioning details of course, college,     details of total expenses to be incurred on the course, bank loan applied for, own stake details if any which is going to be brought in, security offered, moratorium period details.
   2.  Application form duly filled in.
   3.  Students documents:

• Offer letter from university / college / institutes stating details of course and admission procedure/s
• Conditional or unconditional offer in case UK, Canada or New Zealand.
• In case of students going to USA – I 20 / Admit letter to be submitted.
• Passport copy (in case of education abroad) or identity proof.
• Latest academic mark sheets
• Work experience proof if any
• 1 photograph

1. Pan Card copy
2. Address proof - Copy of ration card/ Copy of MTNL/ BSES bill/ Copy of driving license/ Election card
3. 1 photograph each.
   Applicant (Singly or Jointly) with Co-applicant as student / Sponsorer (only close blood relative) &       Guarantors documents:
   
   Income proof
   
   (i) If Salaried:
   3 months latest salary slips
   6 months bank statements where salary is credited/ other bank statements if any
   Income tax returns of last 3 years
   Latest Form 16
   
   (ii) If Businessmen/ Self-employed:
   Income tax returns of last 3 years and computation of income, balance sheet and profit & loss a/c.
   6 months bank statements where current a/c is maintained / other bank statements if any
   
   5.In case of students going to USA - Statement of Asset.
   
   For Further Assistance call on: 26464013 / 19 / 22
   

If you are interested, Apply now
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