|Limit per Borrower :
||Maximum Limit Rs.5.00 lac in India & Rs.10.00 lac in Foreign Country.
|Margin Money :
||15% of Quotation Amount.
|No.Of EMIs (For Mahinary & Equipments) :
||36 to 60 Months (commences after completion of course)
|(B.O.D. reserves right to change according to repayment capacity of applicant).
|Rate of Interest :
- Upto Rs.5.00 lacs : 11.00 %
- Above Rs.5.00 lacs : 11.50 %
|Click Here For Interest Rates
||One guaranters (who holds property)
|Collateral Security :
||Immovable Property 110% of Loan Amount. OR FD/NSC/KVP/LIC Policy etc 90% of Loan
||Applicant must have current/savings account holder of the Bank.
|Eligibility of borrower :
- Applicant must be resident of area of operation of the bank.
- Have good reputation and credit worthiness.
- Student must have good academic record.
- Student must have secured admission.
- Student must have passport & visa for abroad education.
- For higher educational courses like Diploma,Graduation,Post-Graduation and Specialized courses in India & Abroad.
|Purpose of Loan :
||Up to 85% of the cost of books,instruments, tuition fees, hostel fees(lodging & boarding).
|Share Linkage :
- Maximum loan amount Rs.15.00 lacs.
- Borrower must have Bank 1 share 5% Bank FD of the loan sanction amount.
LIC Policy equivalent to the loan amount of the student to be assign to the bank.
- Third party guarantee of one personal guarantors having Own Property & having good worthiness and financially sound and member of the Bank.
- Registered mortgage of title cleared property of the borrower/guarantors.