Purpose – To meet expenditure of fees, educational equipment, books, computer, peripherals for education of self or children
Eligibility – Salaried, Self employed, businessman. Gross income should be above Rs. 8,000/- p.m. Repayment capacity it will be considered on total income of the applicant and co-applicant. Student as Co-Applicant
Age – Minimum 21 years, Maximum 60 years at loan maturity.
Quantum of Loan – Maximum up to Rs. 15.00 Lakh (for Loan above Rs.1.00 Lakh equivalent collateral security is required); Maximum Rs.10.00 Lakh for studies within India; Maximum Rs. 15.00 Lakhs for studies abroad
Moratorium Period – Applicable Maximum 18 months
Repayment – Maximum up to 7 years + 18 months moratorium
Rate of Interest – 11.25 % per annum on daily reducing balance
Service Charges – 1% of the Loan Amount (Minimum Rs. 1000/-), if the property is offered as collateral security
Guarantee/Surety – Personal Guarantee of one or two person(s) depending upon income or means
Pre payment – No Penalty for pre-payment (2% penalty only in case of takeover)
Documents Required – Income Proof of Applicant(s) & Guarantor(s); Residential Proof of Applicant(s) & Guarantor(s), Original Quotation or Invoice, Bank Account Statement One Year etc
Loan Installment – EMI per Rs.1, 00,000/- Loan Amount