Bank Loans
Bank Loans are easily available for higher studies anywhere in the world. Loans should be preferably taken from a Nationalised Bank. The term & condition for educational loans may vary from Bank to Bank.
Eligibility
All Professional/Technical job oriented courses offered by reputed Universities.
Loan Amount
Maximum Rs.15 Lakhs.
Security
For Loans upto Rs.4 Lakhs, no collateral security is required. For Loans above Rs.4 Lakhs, collateral security is required.
Repayment
Course period + one year or 6 months after getting a job, whichever is earlier. The loan is to be repaid in 5-7 years after commencement of repayment.
Rate of Interest
Upto Rs. 4 Lakhs-PLR
Above Rs. 4 Lakhs-PLR + 1%
Simple interest will be calculated during Repayment Holiday / Moratorium period.
Documents Required
- Loan application
- Photograph, Residence proof of borrower and guarantor
- Covering letter stating sources of owned funds
- fee receipts or proof of payments made
- Title Deeds of the ownership property to be mortgaged as security
- copy of passport & Visa, if student is going abroad for higher education and related documents
- Income proof of the applicant in the form of last 3 months salary slip/Certificate or copy of the last 3 years IT returns filed with computation details of personal assets & liabilities.
- Two guarantors with their latest salary Slip / certificate in case gurantor belongs to service class or latest income tax returns filed with the computation of income in case the gurantor is a businessman, professional or self-employed.
Simple interest will be calculated during Repayment Holiday / Moratorium period.