Applicant

• Parent of the student.

• Student will be the co-applicant

Purpose

• For studies in India & abroad.

Loan Amount

• 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

OR

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

Repayment

• Maximum 144 months inclusive of moratorium period of max 36 months.

Rate of Interest

Present PLR @ 14.50% p.a

Security

Upto Rs 2.00 Lakh:

Two Guarantors.

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   

Or

• Mortgage Of Unencumbered Property
•  One Or More Personal Guarantees Depending On The Merits Of the                   Proposal.

Processing Fees

• For studies in India – Nil
• For studies abroad – 0.5% of the loan amount
  
   

Shareholding

• Upto Rs 2 lakhs-Nominal membership 
• 
  Above Rs 2 Lakhs -2.5% of the loan amount (max Rs 25000)

Documents Required

• 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.

Insurance

• Comprehensive Insurance of assets charged to the Bank
• Optional Life Insurance cover at concessional rates