IFSC Code : IBKL0497LUC

Education Loan

Purpose

To meet the expenses of Post Graduation / Job Oriented Professional courses in India and Abroad

Eligibility

Salaried Employees / Businessmen / Professionals having regular source of income 
Student should have secured admission by Entrance Test / Merit basis selection
Loan will be granted to parent with student as Co-Borrower

Loan Amount

Maximum Rs.10/- Lac for domestic and Rs. 20 lac for abroad 
Loan will be disbursed in stages as per requirement 
Loan amount will cover course fees + Study Material + Hostel Expenses

Margin Period

Maximum 7 years ( including moratorium period)
Moratorium - Course period + 1 year OR 6 months after getting job whichever is earlier

Rate of Interest

Attractive rate of interest

Security

Collateral security equal to quantum of finance

Guarantee

Two competent guarantors acceptable to bank.

Processing Charges

0.5 % of the loan amount applied

Shareholding

As per Bank's rule

Special Features

·         No prepayment charges

·         Issue of Solvency Certificate

·         Foreign Currency / Demand Drafts / Traveller’s cheques available

Documents Required

I. Latest Photograph, Photo Identity Proof, Residence proof of the Applicant and Guarantors 
II. In case parent is salaried person, salary slip for last 3 months and bank statement for last 6 months, ITR for 3 years
III. In case parent is businessman, last 2 years profit & loss and balance sheet, ITR copies of last 3 years and bank       statement of business account for last 6 months.
IV. Bonafied certificate from college / Admission confirmation letter 
V. Structure of fees for full course duration from college
VI. Attested copies of last year’s mark list / Degree Certificate / School Leaving Certificate
VII. Property / Collateral Security Details with legal documents

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