Education Loan

Limit per Borrower :	Maximum Limit Rs.10.00 lac in India & Rs.20.00 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
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 :	As per bank's rules
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.