The Ahmadabad Mercantile Co-op. Bank Limited – Education Loan

By | September 23, 2011

Purpose: To offer financial assistance for the purpose of education in India and abroad

Eligibility: Students who have secured admission in recognized institutions in India and abroad

Quantum of Loan: Maximum Rs. 1000000/- for studies in India and maximum Rs. 2000000/- for studies abroad

Rate of Interest: 10.5% for education in India and abroad

Margin: 10% for education in India and 15% for education abroad

Repayment: maximum 60 months for education in India and abroad

Processing Charge: 0.50% for education in India and abroad

Prepayment: No Repayment Charges

Documents Required: Parent will be Co-Borrower with Student, Recent Passport Size Color Photographs, Age Proof, Address proof, Identity Proof, Signature proof with self; attestation Passport Visa (In Case of Abroad), Salary Slip I.T. Return for Last 3 Years Form No.16; advance cheque for Processing Fees, margin money receipt, Post Dated Cheques

Others: Flexibility in Repayment more than EMI; No Hidden Charges; Moratorium Period Equitant to Duration of Course is allowed; Course Details & Proof of Confirmed Admission; Collateral Security of Parent

Apart from the education loan the bank also offers home loan, personal loans, vehicle loans, doctor loans etc.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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