Kalyan Saraswati is the educational loanoffered by the Kalyan Janata Sahakari Bank Limited in order to meet the expenses of Educational or Professional Courses.
Purpose – To meet expenses for pursuing higher education, at India or abroad
Eligibility – Should have passed all previous examinations in one attempt, must have secured admission for the desired course or program at the selected university or institute.
Eligible Expenses – expenses eligible for financing include tuition fee, books and other study materials/ stationeries, hostel charges and other related expenses, passage money in case of foreign study.
Courses include – graduation, post-graduation, doctoral courses, medical, dental, veterinary, engineering/ marine engineering / architecture, agriculture; management, law, pilot or air-hostess, training, IATA courses, courses of an established in reputed foreign university or institute
Loan Amount – Maximum Rs.20 lakh (up to Rs.2 lakh without any security
Margin – 5% to 15%
Repayment Period – Maximum 5 years, to start from 6 months after completion of the course or securing a job, whichever is earlier. During the period before repayment starts interest is payable every month as and when applied in the a/c.
Security – Up to Rs.2 lakh – no security required (only two guarantors), Over Rs.2 lakh – 100% security by way of immoveable property or financial assets like term deposits, NSC etc
Guarantors – Two guarantors with sufficient net worth and income, to be acceptable to the Bank similar to any otherpersonal loan
Processing Charge – 1% of the Loan limit sanctioned