Education Loan

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 %
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Guarantors : One guaranters (who holds property)
Collateral Security : Immovable Property 110% of Loan Amount. OR FD/NSC/KVP/LIC Policy etc 90% of Loan
Note : 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.
Security :

LIC Policy equivalent to the loan amount of the student  to be assign to the bank.

Collateral :

  • 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.