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EDUCATIONAL
LOAN (STUDY IN INDIA)
Loans for University or Government approved
Graduation, Post Graduation, Ph.D, Diploma,
Professional and Vocational courses.
Eligibility
for the Loan
- Work Area
- All areas covered under the Banks Area of
Operations ( State of Gujarat, Mumbai
Municipal Corporation area and urban
agglomeration, Navi Mumbai and Industrial
Area of Mumbai).
- Age
- If the student is major ( above
18 years of age), he himself jointly
with his
father / mother / guardian will have
to apply for the loan. If the student
is a minor, his father will have to
apply for the loan.
- Academic Record
- The applicant should have obtained
minimum 60% marks in the std. 12 or
in the recent examination.
Loan Amount
- Maximum Rs. 10,00,000/- which includes
course fee, purchase of books, hostel
fee and food bill.
Margin
- No margin up to Rs. 50,000/- loan amount.
For more than Rs. 50,000/- loan amount,
25% of the project expenses.
Rate of Interest
- Rates prevailing at the time of availing
the loan at present it is 9.00%.
Security
- Loan upto Rs. 50,000/- two
personal guarantors required. More than
Rs. 50,000 two guarantors having property
of double the loan amount or Office or
depositing Govt. Sec. & LIC Policy.
Duration of
loan
- Maximum 7 years. (including
the period of study as moratorium)
Interest Payment
- Interest to be paid on a monthly
basis. Interest debited
during the moratorium period also to be paid on a monthly
basis.
* Other Terms.
- The applicant must periodically submit
the progress reports after completion of
the semester or the term.
Please
contact the nearest branch of the Bank for
further information.
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EDUCATIONAL
STUDY (ABROAD)
Loans for the graduation, post graduation,
P.H.D., Post Graduate Research Course, Management
Course and Computer Course of recognized
overseas Universities.
Eligibility
for the Loan
- Citizenship : The applicant must be
an Indian citizen.
- Age : 18 to 30 years.
- Academic Record :Mminimum 60% marks in the
degree course of a recognized university
or should have consistently excellent
academic record.
Loan Amount
- 80% of the project expenses subject
to a maximum of Rs. 15,00,000/-.
Margin
- 20% of the project expenses.
Expenses considered
for calculating the loan amount
- Admission fees and tuition fees
- Hostel charges and food charges
- Examination fees
- Expenses for books and stationery
Rate of Interest
- Rates prevailing at the time of availing
the loan.
Presently Rate of Interest is
9.00%
Security
- Following securities are required.
- Mortgage of Property with a margin of 25% of the values of property. (Valuation will be done by bank's approved valuer)
- Personal guarantee of two
individuals having property in their
name and are acceptable to the
bank.
Duration of
loan
- Maximum 7 years
including the period of study.
Interest Payment
- Interest to be paid on a monthly basis. Interest debited during
the moratorium period will also to
be paid on a monthly basis.
Loan Payment
methodology
- Tuition fees and college fees will be
paid directly to the university.
- Books, stationery, rent of the residence
and other expenses will be paid against
the submission of the bills-receipts.
- Expenses incurred by the applicant before
sanction of the loan can be reimbursed
directly to the applicant after the satisfactory
verification of documents by the Bank.
- Loan will be reimbursed after the completion
of the necessary requirements of RBI and
Govt. of India.
Other Terms
- The applicant must periodically submit
the progress reports after completion
of the semester or the term.
Papers required
for the loans
- Project Report.
- Admission letter and the statement of
estimated expense issued by the university.
- Certified copy of the passport.
- Copy of the visa.
- Educational testimonials - Photograph.
Please contact
the nearest branch of the Bank for other
details.
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