The Zoroastrian Co-operative Bank Limited Education Loans

By Pradeep Yuvaraj | March 29, 2011

The loan is offered to meet the expenses for pursuing higher education, at India or abroad. The maximum limit of loan offered is up to Rs. 10.00 lakhs (for studies in India), up to Rs. 20.00 lakhs (for studies abroad). The security required includes NSCs, Surrender Value of LIC Policies or RBI Relief Bonds, dematted Shares or Property.

Two Guarantors are required who may be Parents or Third Party. The margin is fixed as 25% against NSCs/ Property / LIC Policy (in case of LIC Policies Surrender Value will be the basis), 20% against RBI Relief Bonds and 50% against dematted Shares. The rate of interest is 11% per annum. The repayment period included the course period plus 2 years with maximum of 72 months. There are no processing charges, just like any other personal loan of the bank

The borrower has to submit the following documents:

  • Proof of admission with Fees Structure
  • Proof of Age & Educational Qualifications
  • IT Return filed for last 3 years and Asset Statements of Parents / Third Party.

The loan will be given in the names of parents if the security is owned by them and students who have attained the age of majority to be co-borrower.

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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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