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Education Loan

For pursuing higher education in India or abroad, including education fees, hostel fees, books, and other incidental expenses.

Interest RateAs per quantum of loan, fixed by the Board of Directors under the directives of the Reserve Bank of India from time to time.
Maximum Amount₹20 Lakhs
Maximum Tenure120 Months
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Key Highlights

Loan available for education in India and abroad
Maximum loan limit ₹20 lakh
Moratorium covering course period plus 6 months
Repayment tenure up to 120 months
Flexible security options including property and liquid securities

Eligibility Criteria

Students pursuing Diploma, Graduation, Post-Graduation, Engineering, Medicine, Computer certificate courses (accredited institutes), MBA, MS, etc. in India or abroad.
Borrower or Co-borrower should have banking relationship with the Bank with deposit account for minimum 2-3 years with satisfactory operations (can be waived in deserving cases).
Applicant and Co-applicants must be Regular Members with 2.5% share linking as per RBI guidelines.

Documents Required

Proof of admission and course details.
Fee structure issued by the educational institution.
Documents relating to travel, hostel and incidental expenses.
Income proof of borrower and co-borrowers.
IT Returns for last 3 consecutive years (for businessmen/professionals).
Tax audited balance sheet or CA-certified financials where applicable.
KYC documents of borrower, co-borrowers and sureties.

Security & Fees

Collateral / Security

Immovable property as security with 40% of realizable value. 15% margin on Bank FDR. 25% margin on NSC, KVP, LIC (with surrender value) or other Government securities

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Processing Fee
As per prescribed Bank's Service Charges.
Check fees and charges

Visit the branch or call us for more details.