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.
All Professional / Technical job oriented courses offered by reputed Universities.
Maximum Rs.20 Lakhs.
- For Loans up to Rs.4 Lakhs, no collateral security is required.
- For Loans above Rs.4 Lakhs & Upto Rs. 7.50 Lakhs Collateral Security in the form of satisfactory Third Party Guarantee.
- For Loans above Rs.7.50 Lakhs Collateral Security is required.
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%*
- Loan application
- Admission Letter from College/University
- Academic documents of the student
- 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 guarantor belongs to service class or latest income tax returns filed with the computation of income in case the guarantor is a businessman, professional or self-employed
Simple interest will be calculated during Repayment Holiday / Moratorium period.