100% of cost of the fees and other expenses on the basis of the eligibility and income proof provided by the applicant.Or75% of Accrued Value of NSC’s or 70% of valuation of Gold or 85% of outstanding balance ,in case of cumulative deposits or 95% of outstanding balance in case of other deposits or 90% of the market value of the property Or 50 times of the net salary of the parents or 3 times of net cash accruals in case of businessman
Limit of Loan
Studies in India -Maximum upto Rs 10.00 Lakhs(All IBA approved courses)
Studies abroad – Maximum upto Rs 20.00 Lakhs
Rate Of Interest:
Please contact your nearest branch for repayment plan and interest rates
Maximum 84 months inclusive of Moratorium period of Max 3 years
Moratorium Period: Duration of the course plus an additional period of six months or 3 years whichever is earlier.
Upto Rs 2.00 lakhs:Two guarantors with nominal membership/5% shareholding
Above Rs 2.00 lakhs and upto Rs 5.00 lakhs:
Hypothecation of household articles worth min of Rs 3 lakhs and two guarantors
Equitable mortgage of Property or pledge of any other tangible security acceptable to the bank.
Minimum two guarantors of well placed means.
Tangible Investments like LIC (Surrender Value), NSC (Face Value), KVP (Face Value), Gold (As per Banks Valuation), RBI Bonds or FD’s with our Bank can be considered while assessing the proposal and for sanctioning the loans.
For studies in India – 0.25%
For studies abroad — 1% of the loan amount
- Upto Rs 2 lakhs-nominal membership or 5% of the loan amount
- Above Rs 2 Lakhs -2.5% of the loan amount(max Rs 25000)
- Key features of the scheme:
- No prepayment charges.
- Issue of solvency certificate
- Foreign currency/Demand draft/Travelers Cheques
- Loan available on admit letters.
- Phased disbursement facility available.
- Travel insurance available
- Arrangement with Wells Fargo Bank for opening an International Personal Banking Account in US.
Steps to Avail our loan.
Covering letter addressed to the Branch Manager mentioning details of course, college, details of total expenses to be incurred on the course, bank loan applied for, own stake details if any which is going to be brought in, security offered, moratorium period details.
Application form duly filled in.
- Offer letter from university / college / institutes stating details of course and admission procedure/s
- Conditional or unconditional offer in case UK, Canada or New Zealand.
- In case of students going to USA – I 20 / Admit letter to be submitted.
- Passport copy (in case of education abroad) or identity proof.
- Latest academic mark sheets
- Work experience proof if any
- 1 photograph
- Pan Card copy
- Address proof – Copy of ration card/ Copy of MTNL/ BSES bill/ Copy of driving license/ Election card
- 1 photograph each.
- Applicant (Singly or Jointly) with Co-applicant as student / Sponsorer (only close blood relative) & Guarantors documents:
- Income proof
(i) If Salaried:
3 months latest salary slips
6 months bank statements where salary is credited/ other bank statements if any
Income tax returns of last 3 years
Latest Form 16
(ii) If Businessmen/ Self-employed:
Income tax returns of last 3 years and computation of income, balance sheet and profit & loss a/c.
6 months bank statements where current a/c is maintained / other bank statements if any