STATE BANK OF BIKANER AND JAIPUR EDUCATION LOAN INTEREST RATE

STATE BANK OF BIKANER AND JAIPUR EDUCATION LOAN INTEREST RATE 

The genesis of State Bank of Bikaner and Jaipur dates back to the year 1943-44, when the Bank of Jaipur Ltd. and the Bank of Bikaner Ltd. came into existence. In 1960, both banks were incorporated as subsidiaries of State Bank of India and named as State Bank of Bikaner and State Bank of Jaipur. On January 1, 1963, both banks were merged into one entity viz. State Bank of Bikaner and Jaipur. The constitution, capital, management and other matters pertaining to the Bank are governed by the provisions of SBI (Subsidiary Banks) Act, 1959.

75% of the shares of SBBJ are held by SBI and the remaining by institutions and general public. The Bank took over the business of the Govind Bank Pvt. Ltd, Mathura on 25th April, 1966. SBBJ went public in the year 1997-98 with an issue of
12.21 lakh shares of 100 each at a premium of 440/-. SBBJ is the only public sector bank with headquarter in Rajasthan.

At the time of incorporation, the Bank had a business of 45 crore, net profit of 7.5 lakh and a network of 124 branches (96 in Rajasthan). By March 2013 the business of the Bank increased to 1,30,590 crore, net profit stood at  730.24 crore.

The number of branches increased to 1037 ( 855 in Rajasthan) as on 31.03.2013. SBBJ had sponsored three Regional Rural Banks viz. Marwar Gramin Bank (set up in 1976), Sriganganagar Kshetriya Gramin Bank (1984) and Bikaner Kshetriya Gramin bank (1985). These were merged into single RRB viz. MGB Gramin Bank in June 2006. On 25.02.2013 the MGB Gramin Bank (RRB sponsored by SBBJ) and Jaipur Thar Gramin Bank (RRB sponsored by UCO Bank) were amalgamated into a single Regional Rural Bank named ‘Marudhara Gramin Bank’ sponsored by SBBJ with Head office at Jodhpur. The Bank shoulders Lead Bank responsibility in 9 districts of the State. 

 

EDUCATION LOAN:

Key features of the scheme are furnished below:

Name of the scheme SBBJ Education Loan
Purpose The Educational Loan Scheme outlined below aims at providing financial support from the banking system to meritorious students for pursuing higher education in India and abroad. The main emphasis is that a meritorious student, though poor, is provided with an opportunity to pursue education with financial support from the system with affordable terms and conditions
Eligibility
  • The student should be an Indian National.
  • Should have secured admission to a higher education course in recognized institutions in India or abroad through Entrance Test / Merit Based Selection process after completion of HSC (10+2 pr equivalent) .
Loan Amount •  10.00 lacs for education in India
•  20.00 lacs for education abroad
Margin For Loans upto   4 lacs – NIL
For Loans above   4 lacs
For studies in India – 5%
For studies Abroad – 15%
Repayment • Course period + 1year or 6 months after getting job, whichever is earlier.
• Repayment of the loan will be in equated monthly instalments (EMI) for periods as under:-
• For loans upto  7.5lakhs. – up to 10 years.
• For loans above  7.5 lakhs – upto 15.years.
Security Upto  4.00 lacs: NIL
Above  4.00 lacs – 7.50 lacs: Third party guarantee
Above  7.50 lacs: Equitable mortgage of landed property or other tangible security .
Processing Fee NIL
Rate of interest As applicable from time to time
• For girl student –Rate will be 0.50% lower.
• Study in prime institutions – Rate will be upto1.00% lower.
• 1% Interest concession may be provided by the bank, if interest is serviced during the study period.
Expenses considered for loan
  • Fee payable to college / school / hostel
  • Examination / Library / Laboratory fee
  • Travel expenses / passage money for studies abroad
  • Insurance premium for student borrower, if applicable
  • Caution deposit, Building fund / refundable deposit supported by Institution bills / receipts.
  • Purchase of books / equipments / instruments / uniforms.
  • Purchase of computer at reasonable cost, if required for completion of the course
  • Any other expense required to complete the course – like study tours, project work, thesis, etc.

While computing loan required scholarships, fee waiver etc, if any available to the student borrower may be taken into account

SARASWAT BANK EDUCATION LOAN INTEREST RATE

SARASWAT BANK EDUCATION LOAN INTEREST RATE

The Bank has a very humble but a very inspiring beginning. On 14th September 1918, ” The Saraswat Co-operative Banking Society” was founded. Mr. J.K. Parulkar became   its first Chairman, Mr. N.B. Thakur, the first Vice-Chairman, Mr. P.N. Warde, the first Secretary and Mr. Shivram Gopal Rajadhyaksha, the first Treasurer. These were the people with deep and abiding ideals, faith, vision, optimism and entrepreneurial skills. These dedicated men in charge of the Society had a commendable sense of service and duty imbibed in them. Even today, our honorable founders inspire a sense of awe and respect in the Bank and amongst the shareholders.

The Society was initially set up to help families in distress. Its objective was to provide temporary accommodation to its members in eventualities such as weddings of dependent members of the family, repayment of debt and expenses of medical treatment etc. The Society was converted into a full-fledged Urban Co-operative Bank in the year 1933.

The Bank has the unique distinction of being a witness to History. The Bank, which was originally founded in 1918, i.e. close on the heels of the Russian Revolution, also witnessed as a Society and as Bank-the First World War, the Second World War, India’s freedom Movement and the glorious chapter of post-independence India. During this cataclysmic cavalcade of history, the Bank as a financial institution and its members could not of course remain unaffected by the economic consequences of the major events. The two wars in particular brought in their wake, paucities of all kinds and realities and stand by its members in distress as a solid bulwark of strength. The Founder Members and the later-day management’s of the Bank continued to demonstrate their unwavering faith in the destiny of the common man and the co-operative movement and they encouraged the shareholders to save despite all odds.

Education Loan

Saraswati  Education Loan

Applicant
  • Parent of the student.
  • Student will be the co-applicant
Purpose
  • For studies in India & abroad.
Loan Amount
  • Maximum Rs 10 Lakh for education in India
  • Maximum Rs.20.00 lakhs for Education abroad.
Basis of Advance i.              100% of cost of the studies and other expenses provided by the applicant

OR

ii.             50 times of the Avg Net Salary (Salaried person) or 3 times of Average Net Cash Accruals (Businessman / professional).

 

i or ii whichever is lower, and further permissible based on value of security as detailed underRepayment

  • Maximum 144 months inclusive of moratorium period of max 36 months.

Rate of Interest

 

Fixed Floating
PLR- 0.5 =14.00% PLR-1.50=13.00%

 

 

 


Present PLR @ 14.50% p.a
SecurityUpto Rs 2.00 Lakh:

Two Guarantors.

Above Rs 2.00 Lakh And Upto Rs 5.00 Lakh:

Hypothecation Of Household Articles Worth Minimum Of Rs. 3 Lakhs And Two Guarantors.

Above Rs 5.00 Lakh And Upto Rs. 20.00 Lakh:

Following Permissible Securities. Value Will Be Considered Based On Various Margins Decided By The Bank.

  • Tangible Security Like LIC ,NSC ,KVP ,Gold, RBI Bonds Or FD’s With Our Bank

Or

  • Mortgage Of Unencumbered Property
  •  One Or More Personal Guarantees Depending On The Merits Of the                   Proposal.

Processing Fees

  • For studies in India – Nil
  • For studies abroad – 0.5% of the loan amount

Shareholding

  • Upto Rs 2 lakhs-Nominal membership
  • Above Rs 2 Lakhs -2.5% of the loan amount (max Rs 25000)

Documents Required

  • Duly filled application form

Admission related documents, such as,

  • Offer letter from university / college / institutes stating details of course and admission procedure/s .
  • In case of students going to USA – I 20 / Admission letter
  • Passport copy (in case of education abroad) or identity proof.
  • Latest academic mark sheets
  • Work experience proof if any

Loan related documents, such as,

  • KYC documents of applicants and guarantor such as PAN card, address proof, photograph.
  • For salaried person, copies of

(i)     Salary slip for last three months

(ii)    Bank Account statement (where Salary is credited) for last six months,

(iii)   ITR & Form 16 for last three years

  • For businessman / professional, copies of

(i)     Last three years’ Audited Profit & Loss & Balance Sheet,

(ii)    ITR with Computation of Income for last 3 years

  • Bank Account Statement (related to business/profession) for last six months.

Key features of the scheme

  • No prepayment charges
  • Issue of solvency certificate
  • Foreign currency/ Demand Drafts / Travellers’ cheques available.
  • Loan available on the basis of admission letter
  • Phased disbursement facility available
  • 0.5% concession in Rate of interest for all girl students and students of IIM, IIT, XLRI etc.

Insurance

  • Comprehensive Insurance of assets charged to the Bank
  • Optional Life Insurance cover at concessional rates

 

PUNJAB NATIONAL BANK EDUCATION LOAN INTEREST RATE

PUNJAB NATIONAL BANK EDUCATION LOAN INTEREST RATE

The Scheme aims at providing financial assistance to deserving / meritorious students (Indian Nationals) for pursuing higher professional and technical education in India or abroad.

Studies in India

1.     Approved courses leading to Graduate/ Post Graduate degree and PG Diplomas conducted by recognized colleges/ universities recognized by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc.

2.   Courses like ICWA, CA, CFA etc.

3.    Courses conducted by IIMs, IITs, IISc, XLRI. NIFT, NID etc.

4.    Regular Degree/Diploma courses like Aeronautical, pilot training, shipping, nursing etc., approved by Director General of Civil Aviation/Shipping, if the course is pursued in India.

5.    Approved courses offered in India by reputed foreign universities.

6.    Admission under Management Quota may also be considered.

7.   For studying part-time job oriented courses (evening classes or otherwise), which are approved/recognized by the regulatory body/ authority.

8.   Job oriented specialized programmes like maritime courses which are offered in collaboration with foreign institutions and may not be having recognition in India.

Studies abroad

i)     Graduation: For job oriented professional/technical courses offered by reputed universities.

ii)    Post graduation: MCA, MBA, MS, etc.

iii)   Courses conducted by CIMA- London, CPA in USA etc.

iv)   Degree/Diploma courses* like aeronautical, pilot training, shipping etc. provided these are recognized by competent regulatory bodies in India/abroad for the purpose of employment in India/abroad.

*Diploma Course and certificate courses shall not be covered under the eligible courses for study abroad except as mentioned above.

Eligibility:

Student eligibility

a)    Should be an Indian National.b)    Should have secured admission to a higher education course in recognized institutions  in India or Abroad through Entrance Test/ Merit Based Selection process after completion of HSC(10 plus 2 or equivalent). OR Where the admission is purely based on marks scored in qualifying examinations, there is a cut off percentage of marks of 50% for SC/ST and 60% for General category.

 

Expenses considered for Loan
1.       Fee payable to College / School / Hostel
2.       Examination / Library / Laboratory fee.
3.       Purchase of books / equipments / instruments / uniforms.
4.       Caution Deposit / Building Fund / Refundable Deposit supported by Institution Bills / Receipts,
5.       Travel Expenses / Passage money for studies abroad.
6.       Purchase of computers at reasonable cost, if required for completion of the course.7.       Insurance premium for student borrower, if applicable
8.    Any other expense required to complete the course – like study tours, project work, thesis etc.

Quantum of Finance

Need based finance, subject to employability and earning potential of the student with prescribed margin as per the following ceilings :-

For studies in India: Maximum Rs.10.00 lacs.
For studies abroad: Maximum Rs.20.00 lacs.

Margin

Upto Rs.4.00 lacs Nil.
Above Rs.4.00 lacs Studies in India 5%
Studies Abroad 15%

Security

Upto Rs.4.00 lacs: Parent(s)/guardian be made joint borrower (s). No Security
Above Rs 4.00 lacs and Upto Rs 7.5 lacs: Besides the parent(s)/guardian executing the documents as joint borrower(s), collateral security in the form of suitable third party guarantee will be taken
Above Rs 7.5 lacs: Parent(s)/guardian be joint borrower(s).Tangible collateral security of suitable value acceptable to bank alongwith the assignment of future income of the student for payment of installments

The security can be in the form of land / building / Govt. Securities / Public Sector Bonds / Units of UTI, NSC, KVP, LIC Policy, Gold, Shares/ Mutual Funds/ Debentures, Bank Deposit in the name of the student parent / guardian or any other third party or any other tangible security acceptable to the bank with suitable Margin.

Rate of Interest

Click Here to view rate of interest

Repayment

Repayment of loan will be in equated monthly instalments (EMIs) for period as     under:

For loans    upto Rs.7.50 lac                  – upto 10 years

For loans    above Rs.7.50 lac               – upto 15 years

Repayment holiday/Moratorium:

Course period + 1 year or 6 months after getting   job, whichever is earlier.

Note : No prepayment penalty is levied for prepayment of loan.

Sanctioning Authority may consider telescoping of the repayment with stepped up installment with passage of time over the repayment period in cases where salary levels at the start of the career do not facilitate comfortable payment of EMI (e.g. professionals like Doctors)

Upfront Fee

For Study in India – Nil

For Study abroad – 1% with a minimum of Rs. 10,000/-(refundable on availment of the loan amount)

Documentation Charges

Upto Rs. 4 lacs Rs.270/- + Service Tax & Education Cess
Above Rs.4 lacs Rs.450/- + Service Tax & Education Cess

Additional Benefits provided to the students by PNB
  • Simple interest is charged during the Study period + Moratorium period.
  • A rebate of 0.50% in rate of interest permitted to women beneficiaries for loans up to Rs. 10 lac for studies in India and Rs 20 lac for studies abroad for existing as well as new girl student borrowers wef. 08.03.2009.
  • 1% interest concession may be provided for loanees if the interest is serviced during the study period/moratorium period and regular repayment of monthly installmets during repayment period.
  • The loan be disbursed in stages as per the requirement/ demand directly to the Institutions/ Vendors of equipments/ instruments to the extent possible.
  • Second time Education Loan can be sanctioned to the same student borrower for completion of next higher course.
Full interest subsidy is provided during the moratorium period to students, who have taken education loan and belong to Economically Weaker Section (EWS), with an annual gross parental family income upper limit of Rs.4.50 lakh per year from all sources.   Detail is as under:                                     Central Scheme to provide Interest Subsidy- (CSIS)

 

The scheme provides full interest subsidy during the period of moratorium on education loans taken by EWS students for pursuing any of the approved courses of studies in technical / professional streams from recognized institutions in India.

 

Applicability

 

Linked with the existing education loan scheme of IBA and  is restricted to students enrolling in recognized professional courses ( after class XII) in India, in educational institutions established by Act of Parliament, other institutions recognized by the concerned statutory body, IIMs and other institutions set up by the Central Government .

 

Also applicable to the students of accredited universities/ institutions and recognized professional courses, as per Annexure I, which are administered by the Ministry of Tourism.

 

Moratorium Period

 

Course Period plus one year or six months after getting job, whichever is earlier.

 

Income Limit / Proof

 

To avail the benefit, Income certificates issued by designated state authorities to be submitted. Details available with branches. List of issuing authority as per Annexure II

 

Eligibility for Subsidy

 

The interest subsidy shall be available to the eligible students only once, either for the first undergraduate degree course or the post graduate degrees / diplomas in India inclusive of integrated courses (graduate + post graduate).

 

Interest subsidy under this scheme shall not be available for those students who either discontinue the course midstream or who are expelled from the Institutions on disciplinary or academic grounds.

 

However, the interest subsidy will be available for the actual period of study, only if the discontinuation was due to medical grounds for which necessary documentation to the satisfaction of the Head of educational institution will have to be given.

Check List

While applying for the loan, the borrower is required to furnish the following information/papers:

o    Loan application on Bank’s format.
o    Passport size photograph
o    Proof of Address.
o    Proof of Age.
o    Proof of having cleared last qualifying examination.
o    Letter of admission in professional, technical or vocational courses.
o    Prospectus of the course wherein charges like Admission Fee, Examination Fee, Hostel Charges etc. are mentioned.
o    Details of Assets & Liabilities of parents/co-obligants/guarantors.
o    In case loan is to be collaterally secured by mortgage of IP, Copy of Title Deed, Valuation Certificate and Non Encumbrance Certificate from approved Lawyer of the Bank to be obtained at the cost of the borrower.
o    Photocopy of Passport & Visa, in case of study abroad.Copy of PAN of student Borrower (If PAN is not available at the time of sanction, the same be obtained within one year of disbursement of loan).
Any other document/information, depending upon the case and purpose of the loan.

* (The above CHECKLIST is only illustrative, not exhaustive. For details, please contact our nearest Branch Office).

 

CORPORATION BANK EDUCATION LOAN INTEREST RATES

CORPORATION BANK EDUCATION LOAN INTEREST RATES

Every institution has its start in modest initiatives but what makes it great is the passion of the people behind it. Carrying the legacy forward with an undaunted commitment to its vision, the journey of Corporation Bank truly epitomizes this.

Started about 108 years ago in 1906, with an initial capital of just Rs.5000/-, Corporation Bank has recorded Rs. 2,84,722 Crore mark in business and even far more, with over 6677 service outlets across the nation, served by committed and dedicated 13,000 plus Corp Bankers. Proof of which is seen in its enviable track record in financial performance. We have many reasons to cheer, predominant of them is, being able to participate in nation building by empowering the rural and urban population alike. Today, we are proud that we are significant contributors to the growth of the country’s economy.

Nationalised in 1980, Corporation Bank was the forerunner when it came to evolving and adapting to the financial sector reforms. In 1997, it became the Second Public Sector Bank in the country to enter capital market, the IPO of which was over- subscribed by 13 times. the Bank has many ” firsts ” to its credit – Cash Management Services, Gold Banking, m-Commerce, ” Online ” approvals for Educational loans, 100% CBS Compliance and more recently, its poineering efforts to take the technology to the rural masses in remotest villages through low-cost branchless banking – Business Corresponent model. All of which symbolise Bank’s unswerved commitment to its customers to provide convenience banking.

At Corporation Bank, what motivates us is the passion to excel in banking by maintaining highest standards of service to our customers, backed by innovative products and services which makes us one of the leading Public Sector Banks in the country, catering to a wide range of customers – from individuals to corporate clients.

Top of Form

Bottom of Form

Eligibility of the Student

  • Student should be an Indian national.
  • Sould have completed previous qualifying examination.
  • Should have secured at least 60% marks [ 55% for student belonging to SC/ST category ] in the previous qualifying examination.
  • Should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance test / Merit based selection process after completion of HSC [10 plus2 or equivalent].”
  • Person already in gainful employment not eligible for loan under the scheme except for pursuing evening course covered under the scheme of approved Institute.
  • If a gainfully employed person wants to pursue full time education either on study leave or by resigning from present employment, such proposals may be considered provided the applicant submits the proof in this regard to the sanctioning authority before disbursement of loan.

Interest Rates:-

CORP VIDYA SCHEME
Up to Rs. 4.00 lakhs 12.10%
Above Rs.4 lacs & upto Rs.7.50 lakhs 13.10%
Above Rs.7.50 lakhs 12.60%

Eligible Courses

For Studies in India:

  • Approved courses leading to Graduate/Post Graduate Degree, Diploma and PG Diplomas conducted by recognized Colleges/Universities recognized by UGC/Govt/AICTE/AIBMS/ICMR etc..
  • Courses like ICWA, CA/integrated CA -on virtual /video mode , CFA,etc..
  • Courses conducted by IIMs, IITs, IISc, XLRI, NIFT, NID etc.
  • Regular Degree/Diploma courses like Aeronautical, Pilot training, Shipping etc., approved by Director General of Civil Aviation/ Shipping , if the course is pursued in India.
  • In case of the Aircraft Maintenance Engineering /Pre Sea training courses must be either a Degree course recognized by a competent University or Diploma course recognized by appropriate State Body to be eligible for loan.
  • Research course/Ph.D courses for study in India are not eligible for loan under the scheme.

Approved Courses offered in India by reputed Foreign Universities.

  • Teachers training /Nursing/B.Ed courses provided the training institutions are approved either by Central Govt or by State Govt and such courses should lead to Degree or Diploma course and not to Certificate course.
  • Employment oriented courses like Teachers training courses and 3 year technical diploma courses in polytechnic institutions after completion of 10th standard are also eligible provided they are offered by approved/recognized college/institutions.
  • Vocational / skill development study courses , off-campus courses and On-site/Partnership programme are not eligible for loan under the scheme. Correspondence courses/Part time /Certificate/Short duration /

For Studies abroad:

  • Graduation: For job oriented Professional/Technical courses offered by reputed Universities .
  • Post Graduation: MCA, MBA, MS etc.
  • Course conducted by CIMA- London, CPA in USA etc.
  • Degree/Diploma courses like aeronautical, pilot training, shipping etc provided these are recognized by competent regulatory bodies in India/Abroad for the purpose of employment in India/Abroad.
  • Diploma courses for study abroad is not permitted. However, PG diploma courses for study abroad is permitted.

Research course/Ph.D courses for study abroad are not eligible for loan under the scheme.

Eligible Expenses

  • Fee payable to College./School/Hostel /Examination/ Library/ Laboratory fee.
  • Travel expenses/Passage money for studies abroad.
  • Caution Deposit, Building Fund/Refundable deposit, though supported by Institution bills/receipts, are not eligible.
  • Hostel fees/expenses may be considered as an eligible item for finance under the Scheme. Payment of hostel fees should be made directly to the hostel authorities.
  • Reasonable lodging and boarding charges will be considered in case the student chooses/is required to opt for outside/private/paying guest accommodation.
  • In such cases, payment towards accommodation and food may be made directly to the student.
  • Insurance premium for life of student borrower.

Quantum of Loan

  1. Studies in India – Maximum upto Rs. 10 lakh
  2. Studies Abroad – Maximum upto Rs. 20 lakh

Margin

  • Upto Rs. 4 lakh – Nil
  • Above Rs. 4 lakh – Studies in India 5%
  • Studies abroad 15%
  • Margin may be brought–in on year-to-year basis as and when disbursement are made on a pro-rate basis.

ORIENTAL BANK OF COMMERCE EDUCATION LOAN INTEREST RATE

ORIENTAL BANK OF COMMERCE EDUCATION LOAN INTEREST RATE

VISION STATEMENT

 “TO BE A CUSTOMER FRIENDLY PREMIER BANK COMMITTED TO ENHANCING STAKEHOLDERS VALUE”

MISSION STATEMENT

  • Provide quality, innovative services with state-of-the-art technology in line with customer expectations.
  • Enhance employees’ professional skills and strengthen cohesiveness.
  • Create wealth for customers and other stakeholders.

 

EDUCATION LOAN SCHEME

Purpose To provide financial support to meritorious students for pursuing higher studies in India & abroad with affordable terms & conditions.
Eligibility For Loan Student who is / has: –

1. An Indian national.

2. Meritorious student

3. Secured admission to a higher education course in an institute recognized by a statutory body in India or abroad through entrance test/ merit based selection process after completion of HSC (10+2 or equivalent)

 

Note:

Entrance test or selection on merit may not be the criterion for admission in some of the post graduate courses or research programmes. In such cases, bank’s (sanctioning authority) will have to adopt appropriate criteria based on employability (placement) and reputation of the institute concern.

Financing more than one member of the family

Loan to different meritorious students of same family can be allowed on merits subject to the compliance of other terms and conditions applicable to education loan policy. Each loan shall be considered separately.

Eligible Courses

1. Studies in India

 

1. Approved courses leading to Graduate/ Post Graduate degree and Post Graduate diplomas conducted by recognized Colleges / Universities approved / accredited by Government of India/ State Government/ UGC / Government /AICTE /AIBMS / ICMR or Regulatory bodies.

2. Courses like I.C.W.A., C.A., C.F.A., etc.

3. Courses conducted by IIMs, IITs, IISc, XLRI, NIFT, NIDetc.

4. Approved courses offered in India by reputed foreign universities

5. Evening courses of approved / accredited institutes

6. Computer Certificate courses of reputed institutes accredited to the Deptt. of Electronics or Institutes affiliated to Universities.

7. Regular Degree/ diploma courses like Aeronautical, Pilot training, Shipping etc. approved by Director General Of civil Aviation/ shipping, if the course is pursued in India

8. Nursing Courses conducted by institutes approved by State / Central Govt./ Regulatory body.

 

Note:

a) The above list is indicative in nature the other job oriented courses to technical/ professional degrees/ diplomas offered by recognized institution may be considered under this scheme.

 

Eligible Courses

a) Studies in Abroad

1. Graduation

For job-oriented professional/technical courses offered by reputed universities.

 

2. Post Graduation

Courses like MCA, MBA, MS etc.

 

3. Courses conducted by CIMA-London, CPA in USA etc

4. Degree/ Diploma

 

Courses like Aeronautical, Pilot training, and Shipping etc. provided these are recognized by competent regulatory bodies in India/ abroad for the purpose of employment in India and abroad.

 

Note:

1. In some cases for study abroad, the Foreign Universities stipulate a condition that the student is required to clear General English exam / English for Vocational Education exam, before regular course. In such cases where visa has been obtained by the student for pursuing courses from abroad and admission is subject to clearance of General English / English for Vocational Education exam, Education Loan can be considered subject to fulfillment of following conditions :

 

a) The student has to clear such exam and shall meet all expenses related to such English course from their own sources.

b) In case of urgency, the applicant may deposit the fee for the first semester from his/her own sources for pursuing the main education course.

 

c) After obtaining the clearance certificate of English Language, the fee for the first semester paid by the student from own sources can be reimbursed or treated as a part of margin, if such request is received within 3 months of payment of fee, and further disbursements may be made directly to the Institute.

Two / Dual Courses

 

Education loan for Diploma and degree courses simultaneously may also be considered for two / dual courses provided by the educational institutions.
Top-up/Second Loan Second Education Loan can be permitted for pursuing higher education in view of better placement prospects in case the student approaches for top-up/ second loan during the moratorium period of the first education loan subject to compliance of security stipulations, other terms & conditions defined as per extant guidelines of education loan policy.
Components of Finance 1. Fee payable to college/ school/ hostel (lodging and boarding). Reasonable Lodging & Boarding charges will be considered in case the student chooses/ is required to opt for outside accommodation.

2. Examination/ Library/ Laboratory fee.

3. Insurance premium for student borrower, if applicable.

4. Caution deposit, Building fund/ refundable deposit supported by Institution bills/ receipts, subject to the condition that the amount does not exceed 10% of the total tuition fees for the entire course.

5. Travel expenses/ passage money for studies abroad.

6. Purchase of computers-essential for completion of the course*.

7. Purchase of books/ equipments/ instruments/ uniforms*.

8. Any other expenses required to complete the course-like study tours, project work, thesis, etc*.

 

*Terms & Conditions apply.

Amount of loan Up to Rs. 10.00 Lacs for studies in India

Up to Rs. 20.00 Lacs for studies abroad

Margin
Up to Rs. 4.00 Lacs NIL
Above Rs. 4.00 Lacs 5% For studies in India
15% For studies Abroad

 

Note:

1) Scholarship/assistantship can be treated as margin.

2) Margin may be brought in on year to year basis as and when disbursements are made on a pro-rata basis.

Rate Of Interest Clik here to know rate of interest
 
Penal Interest 2% over the normal rate of interest shall be charged on loan above 4 Lacs on overdue amount for the overdue period.
Process Fee For study in India: NIL irrespective of loan limit.

For study abroad: Rs.1000/- +Service tax, if any. However, the fee would be refunded to the student on taking up the course (excluding service tax if paid to Government).

Prepayment Penalty NIL
Security Clause

a)Loan upto Rs. 4.00 Lacs

b) Loan above Rs. 4.00 Lacs & upto Rs. 7.50 Lacs

c)Loan above Rs. 7.50 Lacs

1. No security.

2. Parents / guardian to be joint borrower (s) (irrespective of their means and age of student).

3. Co-obligation of spouse/ parents-in-law in case of married women.

4. In case of commercial pilot course obtaining of Life Insurance Cover shall be obtained.

1. Parents / guardian to be joint borrower (s) (irrespective of their means and age of student).

2. Co-obligation of spouse/ parents-in-law in case of married women.

AND

1. Collateral security in the form of one suitable third party guarantee, preferably of other family member / close relative. In case of commercial pilot course Life Insurance policy shall be obtained.

 

1. 1. Parents / guardian to be joint borrower (s) (irrespective of their means and age of student).

2. Co-obligation of spouse/ parents-in-law in case of married women.

3. Mortgage of immovable property or any other tangible security like pledge of NSCs/UTI/LIC (Surrender Value)/ PSU Bonds etc. having value equivalent to 100% of loan amount.

OR

Extension of charge or 2nd charge on unencumbered portion of land and building already mortgaged with Bank or other Banks/PSUs/FIs be accepted provided the residual value of unencumbered portion is at least equivalent to amount of proposed education loan if the conduct of the existing account is satisfactory and falls under standard/regular category.

1. Assignment of future income of the student on getting employment after completion of the course for payment of installment. An appropriate affidavit to this effect be obtained from all joint borrowers.

 

Insurance Bank may arrange for Life Insurance policy for the students availing education loan. While obtaining such insurance cover, the prior consent of student / co-borrower shall be obtained and kept on record.

The insurance premium has to be borne by the student / co-borrower. However, sanctioning authority may consider the premium amount as one of the component of finance, if requested by student / co-borrower.

Repayment For loan upto Rs. 7.50 Lacs – Upto 10 years

For Loan above Rs. 7.50 Lacs – Upto 15 years

Moratorium Period/ repayment holiday (course period + Grace period)

( The moratorium period be permitted within the overall repayment period of respective loan)

Disbursement 1. For studies in India:

Loan shall be disbursed in stages as per requirement / demand, directly to the institutions/vendors of books/ equipments/ instruments etc. to the extent possible.

2. For studies abroad:

In stages as per requirement/demand, directly to the institutions subject to obtention of certified copies of relevant pages of passport and visa of the student.

The Institute eligible under Education loan scheme 1.Diploma, Degree courses conducted by Colleges/ Universities/ Educational Institutions approved by UGC / Central or State Governments/ AICTE/AIBMS/ICMR or other regulatory bodies.

2.The Education Institute not having approval from above said Regulators, but having Head Office approval and if their names are included in approved Educational Institute list (Annexure- A).

LAKSHMI VILAS BANK EDUCATION LOAN INTEREST RATE

 LAKSHMI VILAS BANK EDUCATION LOAN INTEREST RATE

Brief History and background

The Lakshmi Vilas Bank Limited (LVB) was founded eight decades ago ( in 1926) by seven people of Karur under the leadership of Shri V.S.N. Ramalinga Chettiar, mainly to cater to the financial needs of varied customer segments. The bank was incorporated on November 03, 1926 under the Indian Companies Act, 1913 and obtained the certificate to commence business on November 10, 1926, The Bank obtained its license from RBI in June 1958 and in August 1958 it became a Scheduled Commercial Bank.During 1961-65 LVB took over nine Banks and raised its branch network considerably. To meet the emerging challenges in the competitive business world, the bank started expanding its boundaries beyond Tamil Nadu from 1974 by opening branches in the states of Andhra Pradesh, Karnataka, Kerala, Maharashtra, Madhya Pradesh, Gujarat, West Bengal, Uttar Pradesh, Delhi and Pondicherry. Mechanization was introduced in the Head office of the Bank as early as 1977. At present, with a network of 299branches and 6 extension counters, spread over 15 states and the union territory of Puducherry, the Bank’s focus is on customer delight, by maintaining high standards of customer service and amidst all these new challenges, the bank is progressing admirably. LVB has a strong and wide base in the state of Tamil Nadu, one of the progressive states in the country, has a vibrant industrial environment. LVB has been focusing on retail banking, corporate banking and bancassurance, is rendering high-tech services
Purpose
To meet expenses connected with the pursuit of specific courses of study at recognized institutions, including professional/job-oriented courses, which offer reasonable opportunity for employment & loan repayment capacity on successful completion.
Eligibility
Student eligibilityShould have secured admission to professional/technical courses in India or abroad through entrance test/merit based selection process after completion of HSC (10 plus 2 or equivalent).However, entrance test or selection purely based on marks obtained in qualifying examination may not be the criterion for admission to some of the post graduate courses or research programmes.

In such cases, appropriate criteria will be adopted based on the employability and reputation of the institution concerned.

Courses eligible

a)     Studies in India:     Regular Degree/Diploma courses like aeronautical, pilot training, shipping, degree/diploma in nursing or any other discipline, approved by Director General of Civil Aviation/Shipping/Indian Nursing Council or any other regulatory body as the case may be, if the course is pursued in India.

b)    Studies abroad:    Degree/Diploma courses like aeronautical, pilot training, shipping, etc. provided these are recognized by competent regulatory bodies in India/abroad for the purpose of employment in India/abroad.

c)     Expenses eligible for finance:  Purchase of computer at reasonable cost essential for completion of the course.

LOAN AMOUNT
Need based finance subject to repaying capacity of the student with margin and the following ceilings:•           For studies in India: Maximum up to Rs. 10.00 lacs.•           For studies abroad: Maximum up to Rs. 20.00 lacs.

Within the above maximum levels, the loan amount is to be fixed taking into account the minimum stipulated margin, the expenses eligible for finance, actual requirement of the student, anticipated repayment capacity of the student on completion of the course, etc.

While appraising the loan, the future income prospects of the student alone will be looked into.

The above ceilings fixed for studies in India and abroad correspond to the limits fixed by RBI for treatment as priority sector lending.

It would, however, be open to banks to consider higher quantum of loan on a course to course basis like IIMs, ISB, etc

MARGIN
For loans up to Rs.4.00 lacs: NilFor loans above Rs.4.00 lacs:Studies in India: Minimum of 5%.

Studies Abroad: Minimum of 15%.

Scholarship/assistantship to be included in the margin.

Margin may be brought in on year-to-year basis as and when disbursements are made on pro-rata basis.

(In the case of highly meritorious/ deserving students, relaxation in the margin may be allowed up to the minimum level of 3% & 8% for studies in India & abroad respectively from the normal stipulation of 5% & 15% in cases of loans above Rs.4.00 lacs at the level of General Manager.)

INTEREST RATE
(a)          For Boy Students:Loans up to   Rs.4.00 lacs:  Base Rate + 3.25% (PER: 14.50% p.a.)
Loans above Rs.4.00 lacs:  Base Rate + 4.25% (PER: 15.50% p.a.)(b)          For Girl Students:

Loans up to   Rs.4.00 lacs: Base Rate + 2.75% (PER: 14.00% p.a.)
Loans above Rs.4.00 lacs : Base Rate + 3.75%( PER: 15.00% p.a.)

Interest will accrue on simple interest basis during the holiday period and such accrued interest of the holiday period will be added to the principal amount at the beginning of the repayment period for calculation of the repayment in EMIs.  The effective interest rate during the holiday period and the EMIs during the repayment period are subject to change depending on the PLR/Base Rate quoted by the Bank from time to time.

On overdue amounts, penal interest @ 2% p.a. will be charged additionally for the overdue period in respect of loans above Rs.2.00 lacs. Students belonging to Economically Weaker Sections (EWS) with an annual gross parental/family income of Rs.4.50 lacs per year (from all sources) are eligible for interest subsidy during the period of moratorium on education loans taken by them from banks for studies in India under the IBA Model Educational Loan Scheme as per the Central Scheme for Interest Subvention (CSIS) announced by the Govt. of India, Ministry of Human Resources Development.

The interest subsidy is applicable only for loans given for Professional and Technical courses (after 12th Standard) in India. Interest subsidy can be extended in respect of courses where the fee structure is more than Rs. 10.00 lacs. However, interest subsidy should be calculated for loans up to Rs.10.00 lacs only.

Servicing of interest during study period and the moratorium period till commencement of the repayment is optional for the student.

Where a Holiday Period is allowed, interest concession of 1% to be allowed on the interest payable during the Holiday Period if interest is serviced during the Holiday Period. Alternatively, if the student undertakes to repay the loan without any Holiday Period, the same may be accepted and repayment may be fixed accordingly.  This fact has to be clearly stated in the loan application/ appraisal.

LOAN PROCESSING FEE:
NIL
Security
Up to Rs.4.00 lacs:Co-obligation of parents/grandparents.  No security.Above Rs.4.00 lacs and up to Rs.7.50 lacs:

Co-obligation of parents/grandparents together with collateral security in the form of suitable third party guarantee.

The bank may, at its discretion, in exceptional cases, waive third party guarantee if satisfied with the net-worth/means of parent(s)/ grandparent(s) who would be executing the document as “joint borrower”.

Above Rs.7.50 lacs:

Co-obligation of parents/grandparents together with tangible collateral security of suitable value, along with the assignment of future income of the student for payment of instalments.

In the case of married person, co-obligant can be either the spouse or the parent(s)/parents-in-law.

Note:

  • The loan documents should be executed by both the student and the parent/guardian/grandparent/spouse as joint-borrowers.
  •  The security can be in the form of land, building, Govt. securities, Public Sector Bonds, NSC, KVP, LIC Policy, jewels, bank deposit in the name of the student/parent/guardian or any other third party with suitable margin.
  • Wherever the land/building is already mortgaged, the unencumbered (residual) portion can be taken as security, on second charge basis provided it covers the required loan amount.
  • In case the loan is extended for purchase of computer, the same is to be hypothecated to the Bank.
GUARANTEE
The loan documents are to be executed by both the student and the parent/guardian/grandparent/spouse as co-borrowers.However, where collateral securities of third parties are obtained, the guarantee of the owners of the security is to be obtained.
LOAN PERIOD, REPAYMENT OF PRINCIPAL & INTEREST
(a)        Holiday Period:   Course period* + 1 year or 6 months after employment, whichever is earlier. (Holiday period could be extended up to 24 months after completion of the studies.)(*The courses for which loans may be extended should not exceed 5 years.)(b)        Repayment Period:  The principal & interest (including interest accrued during the holiday period) to be repaid in EMIs as follows:

For loans up to   Rs.7.50 lacs: up to 10 years

For loans above Rs.7.50 lacs: up to 15 years

Note:

•           If the student is not able to complete the course within the scheduled time, extension of time for completion of the course may be permitted for a maximum period of 2 years by an authority at least one level above the sanctioning authority.

•           Interest will accrue on simple interest basis during the Holiday Period and such accrued interest of the Holiday Period will be added to the principal amount at the beginning of the Repayment Period for calculation of the repayment in EMIs.

DOCUMENTATION
  1. Application form & appraisal form as prescribed in our circular instructions.
  2. Certified copy of admission letter issued by the college/university/ institute.
  3. Certified copies of relevant past academic records, including mark sheets, examination/degree/ diploma certificates, etc.
  4. Copies of prospectus, syllabus and full details of course of study along with details of tuition fee & other fees payable.
  5. Testimonials from two professors/ teachers of the college/school last studied.
  6. . Copy of IT/WT assessment orders of the parent/grandparent/ guardian, if an assessee.  If the student himself is an assessee, then copies of the latest IT/WT assessment order pertaining to his income/wealth.
  7. Form 111 of the parent/guardian / grandparent/student.
  8. Legal opinion and valuation report on the property offered as collateral security.
  9. In the case of students going abroad, besides the above, copies of the Passport, Visa, details of scholarships/assistance if any and the necessary evidence of admission to the institution abroad, etc. to be obtained and verified with the originals.
  10. Stamped forms:
    a.    F. No: 600 (A)- Demand Promissory Note
    b.    F.No.83 (R) – Letter of undertaking for repayment of instalment.
    c.    F. No. 451-Letter of authority.
    d.    F. No. 353- Educational term loan agreement (Stamped form)
    e.    F.No.200 (R) – Letter of Guarantee (Stamped form).
    f.    F.71 – Memorandum of deposit of title deeds.

Note:
There is no specific restriction with regard to the age of the student to be eligible for education loan.

However, if the student was a minor at the time of execution of the documents for the loan, a letter of ratification from the student borrower should be obtained upon attaining majority.

 

OTHER CONDITIONS
1.   Vidya Lakshmi Loans are to be sanctioned subject to the following general conditions:a)     The student should not change the course of study for which the loan has been extended or the educational institution without the Bank’s prior permission.b)    Any change in the permanent residential address of the borrower/ parent/guardian/guarantor should be duly informed to the Bank.

c)     Details of employment secured by the student after completion of the course of study should be informed to the Bank.

d)    The student should comply with all the rules & regulations of the educational institution and should not participate in any unlawful activity, which would debar him from pursuing the course of study.

2.     Disbursement of the loan should be by    way of direct payment to the institution or the suppliers of the goods and services with whom the eligible expenses are incurred against proper bills/ receipts, etc.

Disbursement by way of reimbursement of expenses already incurred may also be considered by the sanctioning authority in genuine cases provided:

a)     the expenditure should have been incurred  within  the  past  6  months,

b)    the sanctioning  authority  should verify the original receipt and satisfy himself as to the actual payment, and

c)     the total disbursement  by  way  of  reimbursement should  not  exceed  25%  of  the  loan     amount.

3.     If the requirement for the eligible expenditure is on a year-to-year basis, the loan should also be disbursed on a year-to-year basis, subject to the stipulated margin requirement, on pro-rata basis.

4.     The Bank may with the consent of the student borrower arrange for whole-life insurance policy to cover their liability under the loan and assign the same in favour of the Bank.

5.     Banks to contact college/university authorities to obtain progress report on the student at regular intervals in respect of those who have availed loans.

6.     The sanctioning authority may also issue capability/solvency certificates to the students going abroad after obtaining the required financial and other supporting documents from the borrower and taking into account the availability of funds from the sanctioned loan.

7.     No due certificate need not be insisted upon as a pre-condition for considering Vidya Lakshmi Loans. However, a declaration/affidavit confirming that no loans are availed from other banks may be obtained.

8.     Loan applications will be received either directly at bank branches or through on-line mode.

9.     Upon receipt of the application, standard acknowledgement giving a reference number will be issued.

10.   The acknowledgement will contain contact details of the bank official who could be contacted in case of delay in disposal of the application.

11.  Loan applications for Vidya Lakshmi Loan scheme are to be disposed within a period of one month, but not exceeding the time norms stipulated for disposing loan applications under priority sector lending.

12.   No application for education loan received should be rejected without the concurrence of the next higher authority.

13.  Application for education loans received at branches should be disposed of within the time frame on objective basis and without delay.

14.  Application for education loans should not be rejected without proper reason.

15.  Bank may consider top up loans to students pursuing further studies within the overall eligibility limit, with appropriate re-schedulement, subject to obtaining the required security.

16.  Education loans are eligible for special asset classification benefits upon restructuring, subject to fulfillment of necessary conditions set out in the RBI circular on restructuring.

17.  The terms “meritorious” and “deserving” are not specifically defined in the model education loan scheme of IBA. It has to be interpreted on a case-to-case basis. Both the terms go hand in hand and are interdependent rather than independent.

18.  While considering the loan application for education loans, the terms have to be interpreted not only on the basis of the meritorious academic performance of the applicant but a host of other factors like the social status, the economic background, the criteria on which admission has been accorded to the student by the respective college/ University, the geographical location, the broad objective of the scheme, etc.

19.  If the student has obtained admission to an eligible course through a merit based selection process, he/she should be considered a meritorious student.

20.  Similarly, admission to professional and technical courses is through common entrance tests and those who get admission through this process could be considered meritorious.

21.  Where the admission is purely based on the marks scored in qualifying examinations, the banks are permitted to fix cut-off marks (percentage) for loan eligibility. Accordingly, it is proposed to fix the cut-off marks in our Bank as 90% for general category of boy students and 85% in case of girl students. In respect of SC/ST/OBC, etc. the percentage of marks may be at the level of 80%.

22.  Since education loan is given for an individual and the limit of Rs.4.00 lacs is also for an individual i.e. education loan is not a loan for a family as a unit, any number of applications belonging to the same family may be sanctioned up to Rs.4.00 lacs individually without insisting for any security.

23.  Service area norms are not applicable to education loans. As such, education loans may be sanctioned preferably by the branch nearest to the place of residence of parents of the student borrower.

24.  No prepayment penalty is to be levied for prepayment of the loan any time during the repayment period.

25.  In case of studies abroad, banks may obtain the SSN/Unique Identification Number (UIN)/Identity Card and note the same in the bank’s records.

26.  The UID number issued by UIDIA may also be captured in bank’s system as and when available.

 

SANCTIONING AUTHORITY
Branch Managers in Scale-I    : Rs.  2.00 lacsBranch Managers in Scale-II    : Rs.  4.00 lacsBranch Managers in Scale–III  : Rs.  7.50 lacs

Chief Managers                       : Rs.15.00 lacs

AGMs & above                       : Rs.20.00 lacs

KOTAK MAHINDRA BANK EDUCATION LOAN INTEREST RATE

KOTAK MAHINDRA BANK EDUCATION LOAN INTEREST RATE 

Our customers will enjoy the benefits of dealing with a global Indian brand that best understands their needs and delivers customized pragmatic solutions across multiple platforms.

We will be a world class Indian financial services group. Our technology and best practices will be bench-marked along international lines while our understanding of customers will be uniquely Indian.

We will be more than a repository of our customers’ savings. We, the group, will be single window to every financial service in a customer’s universe.

Education Loan

A loan that helps you fulfill all your educational needs.

Education is the most important investment one makes in life. Therefore, Kotak Mahindra Bank brings to you Education Loans, which aims to finance the meritorious students for pursuing higher education (professional or technical) in India and abroad.

Key Features

  • Avail loans up to Rs. 20 Lacs*
  • Quick approval
  • Minimal paperwork and hassle-free processing

Features and benefits:

  • You can avail a loan of up to Rs. 10 Lacs* for education in India and Rs. 20 Lacs* for education abroad based on your income and repayment capacity to fulfill all your financial needs.
  • Quick approval with a Kotak Mahindra Bank Education Loan, you are not far away from making your dreams come true.
  • Our minimal documentation requirements leave you relaxed.

 

Eligibility & Documentation

Age Eligibility:

  • There is no specific restriction regarding the age of a student in order to be eligible for an education loan.
  • Age of joint applicant / co-borrower / guarantor should be minimum 21 years at the time of loan origination and maximum age at the time of loan maturity can be 70 years.

If the student was a minor while the joint applicant / co-borrower / guarantor executed the document for the loan, the bank will obtain a letter of ratification from him/ her upon attaining majority.

 

Student Eligibility:

  • The student shall be an Indian National
  • The student shall have secured the admission in India or abroad through an entrance test or through merit based selection process.

 

Eligible Courses:

  • India
  • Post Graduation Courses: Masters and Ph.D from accredited institutions.
  • Professional Courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management and Computer Sciences.
  • Other professional courses such as CA, ICWA, CS, and CFA.
  • Masters and Diploma Management Programs
  • Other courses leading to degree/diploma conducted by colleges/universities approved by UGC / Govt. / AICTE / AIBMS / ICMR etc.
  • Regular Degree/Diploma course like aeronautical, pilot training, shipping, nursing or any other discipline approved by Directory General of Civil Aviation / Shipping / Indian Nursing Council or any other regulatory body as the case may be, if the course is pursued in India.
  • Any other course as shall be declared from time-to-time.
  • Studies abroad
  • Graduation: Reputed universities
  • Post graduation: MCA, MBA, MS and other courses as shall be declared from time-to-time
  • Other courses such as CIMA – London, CPA in USA, CFA, CISA, and other approved courses as shall be declared
    Degree/Diploma course like aeronautical, pilot training, shipping etc. provided these are recognised by competent regulatory bodies abroad for the purpose of employment in India/abroad

 

Documentation

Document Applicant Co-applicant/ co-borrower Guarantor
Application Form Yes Yes Yes
2 photographs Yes Yes Yes
Proof of Identity Yes Yes Yes
Proof of Residence Yes Yes Yes
Signature verification from bank Yes Yes Yes
Income Details No Latest payslip or Form 16 or 2 years ITR Latest payslip or Form 16 or 2 years ITR
Proof of Ownership No Yes Yes
Proof of Relationship Yes Yes Yes
Confirmed admission letter Yes No No
Letter from college Details of course and fee structure to be paid No No
Academic Pass out Mark sheet/Certificate Yes No No

 

 

KARUR VYSYA BANK EDUCATION LOAN INTEREST RATE

KARUR VYSYA BANK EDUCATION LOAN INTEREST RATE

 OUR VISION:

OUR VISION: DELIGHT THE CUSTOMERS CONTINUALLY BY BLENDING TRADITION WITH TECHNOLOGY TO DELIVER INNOVATIVE PRODUCTS AND SERVICES AT AFFORDABLE RATES THROUGH A PAN INDIA BRANCH NETWORK

Welcome to Karur Vysya Bank – the bank that carries with it a tradition of 96 years and yet is young enough to adapt itself to the rapidly changing scenario in the banking industry.

Origins:

Karur Vysya Bank was started in the year 1916 in Karur, then a small textile town with a vast agricultural background, by two illustrious sons of the soil – Sri M.A. Venkatarama Chettiar and Sri Athi Krishna Chettiar. What started as a venture with a seed capital of Rs. 1.00 lakh has grown into a leading financial institution that offers the wide gamut of financial services to millions of its customers under one roof.

KVB has made it possible for you to pursue your educational dreams. Our loan has been specifically structured to provide you with financial help if you wish to pursue education of your choice, either in India and abroad.

Features

  • It is a term loan given for studies in India and abroad.
  • Students who are Indian nationals and have secured admission to professional/ technical courses in India through a common Entrance Test, or who have secured admission to a foreign University or Institution.
  • The Father or guardian of the student will be the guarantor in case of individual applicants.
Maximum Loan Amount For studies in India – Rs.10.00 Lakhs.
For studies abroad – Rs.20.00 Lakhs
Margin Up to Rs.4.00 Lakhs – Nil
Above Rs.4.00 Lakhs:
Studies in India – 5%
Studies in abroad – 15%
Repayment Tenor In 5-7 years after repayment holiday (course period and 1 year or 6 months after getting job whichever is earlier)
ROI Click Here
Primary security DPN
(In case of loan is used for purchase of equipments/instruments, the same is to be hypothecated to us)
Collateral security For loans up to Rs.4.00 Lakhs:
Parents to join as Co Applicants & No security.
For loans above Rs.4.00 Lakhs and up to Rs.7.50 Lakhs:
Parents to join as Co applicants together with collateral security in the form of suitable third party guarantee. The bank may, at its discretion, in exceptional case, waive third party guarantee if satisfied with the Net Worth / Means of parent/s who would be executing the documents as “Joint Borrower”
Above Rs.7.50 Lakhs: Parents to join as Co applicants together with tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments.
Students admitted under Management Quota are also eligible for Educational Loan. However other norms / guidelines with regard to eligibility criteria are to be complied as per State/Central government norms
Guarantee Father/Guardian in case of Individual applicant
Processing charges Nil

 

KARNATAKA BANK EDUCATION LOAN INTEREST RATE

KARNATAKA BANK EDUCATION LOAN INTEREST RATE

At Karnataka Bank, we understand that all customers are different in unique ways, which is why, regardless of the size of your business or your aspirations, we treat every one as individual and special. This means offering you choices, not only in relation to our products and services but also in the way you interact with us. We understand the changes in your lifestyle, recognize these changes and support you with a high standard of professionalism and service.

As a premier bank, we have developed comprehensive range of customized products & services suitable for every kind of market, trade or perceived need – Business or Personal. They include, borrowing facilities, deposits, providing optimum returns on surplus funds or helping with overseas transactions.

We believe in total quality at all levels. We have deployed the most modern information technology to deliver products & services for your benefit with an aim to develop an effective long-term relationship. But most of all, Technology is matched to your expectations of service, for today & for the future.

Education Loan Scheme

Who is eligible?

Any student, representing himself / herself if major, or a minor student represented by parent or guardian, of Indian nationality, who has secured admission to a professional / technical / other course, in India or abroad.

What are the courses eligible for finance?

Studies in India: Graduate Courses – B.A., B.Sc., B.Com., B.C.A., B.B.M., Diploma in Engineering, Post Graduate Courses – Masters and Ph.D; Professional Courses – Engineering, Medical, Agriculture, Nursing, Veterinary, Law, Dental, Management, Computer, Pharmacy, Physiotherapy, Hotel Management, ICWA, CA, CFA; Courses conducted by IIM, IIT, XLRI, NIFT; Courses offered in India by reputed foreign universities; Evening Courses of approved Institutes; Other Courses leading to Diploma / Degree conducted by Colleges / Universities approved by UGC / GOVT. / AICTE / AIBMS / ICMR; Courses offered by National Institutes and other reputed private Institutions.

Studies Abroad: Graduation – Only for job oriented professional / technical courses offered by the reputed Universities; Post Graduation – MCA, MBA, MS; Courses conducted by CIMA-London, CPA in USA etc.

What is the amount of loan available?

For studies in India – a maximum of Rs.10 lakh.

For studies abroad – a maximum of  Rs.20 lakh.

What kind of expenses does the loan cover?

Tuition Fees, Hostel Fees and Boarding and Lodging Fees if resident outside Hostel; Examination / Laboratory and Library Fees; Purchase of Books / Study material / Equipment and Uniforms; Caution Deposit / Building Fund / Refundable Deposits (supported by Receipts issued by the Institution); Travel expenses / passage money for study abroad; Purchase of Computer if certified as essential for completion of course; other expenses like Project Work, Study Tour and Thesis, which are necessary for completion of course.

 

What is the amount of margin money required?

Loan upto Rs.4 lakh: No margin required.

Loan above Rs.4 lakh: 5% for studies in India and 15% for studies abroad. Scholarship / apprenticeship may be reckoned as part of margin. Margin may be brought in on year-to-year basis as and when disbursements are made, on a pro-rata basis.

Security:

Up to Rs.4 lakh: No security.

Above Rs.4 lakh and upto Rs.7.50 lakh: Collateral in the form of a suitable third party guarantee.

Above Rs.7.50 lakh: Collateral security of suitable value or suitable third party guarantee along with the assignment of future income of the student for payment of instalments.

Note:

* The loan documents should be executed by both student and the parent / guardian as joint-borrowers.

* The security can be in the form of land / building / Govt. securities / Public Sector Bonds/ Units of UTI, NSC, KVP, LIC policy, gold, shares/ debentures, bank deposit in the name of student / parent / guardian or any other third party with suitable margin.

* Wherever the land / building is already mortgaged, the unencumbered portion can be taken as security on II charge basis provided it covers the required loan amount.

* In case the loan is given for purchase of computer the same has to be hypothecated to the Bank.

What is the period for repayment of the loan?

The loan shall be repaid in 5 to 7 years after commencement of repayment. If the student secures employment during the holiday period, the repayment schedule should be advanced to commence immediately.

The completion of the course includes internship or apprenticeship if compulsory for award of Degree. If the student does not complete the course within the scheduled period, a maximum period of 2 years is permitted for completion. If the student is unable to complete the course for reasons beyond his control then extension may be granted if deemed necessary to complete the course.

The accrued interest during the repayment holiday will be added to the principal and repayment in equated monthly installments (EMI) shall be fixed.

Rate of interest: Click Here for Latest Rate of Interest

 

JAMMU & KASHMIR BANK EDUCATION LOAN INTEREST RATE

JAMMU & KASHMIR BANK EDUCATION LOAN INTEREST RATE

J&K Bank functions as a universal bank in Jammu & Kashmir and as a specialised bank in the rest of the country. It is also the only private sector bank designated as RBI’s agent for banking business, and carries out the  banking business of the Central Government, besides collecting central taxes for CBDT.

 J&K Bank follows a two-legged business model whereby it seeks to increase lending in its home state which results in higher margins despite modest volumes, and at the same time, seeks to capture niche lending opportunities on a pan-India basis to build volumes and improve margins.

J&K Bank operates on the principle of ‘socially empowering banking’ and seeks to deliver innovative financial solutions for household, small and medium enterprises.

The Bank , incorporated in 1938, and is listed on the NSE and the BSE. It has a track record of uninterrupted profits and dividends for four decades. The J&K Bank is rated P1+, indicating the highest degree of safety by Standard & Poor and CRISIL.

Education Loan Scheme

 

Courses Financed
(India)
  • Graduate /  Courses in :BA, B.Com., B.Sc., etc. Medicine, Surgery, Engineering, Hotel Management, Design, Architecture, Bio-chemistry, Agriculture, Veterinary etc.
  • P.G Courses in : Business Management, Chartered or Cost Accounting , Company Secretaryship, Masters & PhD.
  • Professional Courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.
  • Computer Certificate Courses: of reputed institutes accredited to Dept. of Electronics or institutes affiliated to university.
  • Courses like ICWA, CA, CFA etc.
  • Courses Conducted by IIM, IIT, IISc, XLRI. NIFT etc.
  • Regular  Degree/Diploma courses like Aeronautical, pilot training, shipping etc., approved by Director General of Civil Aviation/Shipping, if the course is pursued in India. In case the course is pursued abroad, the Institute should be recognized by the competent local aviation/shipping authority.
  • Courses offered in India by reputed foreign universities.
  • Evening courses of approved institutes.
  • Other courses leading to diploma/ degree etc. conducted by colleges/ universities approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc.
  • Courses offered by National Institutes and other reputed private institutions..
  • Courses under Distance Education/ learning leading to professional/ technical certificates/ degree/ diploma courses etc offered/ conducted by reputed colleges/ universities/ institutions recognized/ approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc.
  • Teacher Training Courses/ Nursing Courses/ B.Ed. conducted by institutions that are approved by Central Government/ State Government provided the said courses lead to degree or diploma and not to certification course.
Courses Financed
(Abroad)
  • Graduation: For job oriented professional/ technical courses offered by reputed universities.
  • P.G Courses: MCA, MBA, MS, etc.
  • Courses conducted by CIMA- London, CPA in USA etc.
Eligibility
  • Should be an Indian National
  • Should have secured admission to professional/technical courses through entrance test/selection process.
  • Should have secured admission to foreign universities/institutions
  • Should have passed the qualifying examination for admission to the courses.
  • Employed person intending to improve their educational qualification and/or receive training in modern technology in India or abroad can also be assisted under this scheme provided training offers prospects of better placement.
Security
  • Personal guarantee of borrower/ ‘s
  • Collateral security equal to amount of loan.

 

Margin
  • For loans upto  4 lacs – nil
  • For loans above  4 lacs Studies in India – 5% Studies abroad – 15%
Rate of Interest (subject to change)
  • Click here for rate of Interest
Payment of interest during the moratorium period
  • Optional : Customers have the liberty to decide whether they want to pay interest during the repayment holiday or want to capitalize the same. However, an incentive in the form of 1% concession in rate of interest shall be provided to the loanees if the interest is serviced during the study period.
Repayment
  • Repayment Holiday/ Moratorium: Course period + 1 year or 6 months after getting job, whichever is earlier.
  • The loan to be repaid in 5 to 7 years after commencement of repayment. If the student is not able to complete the course within the scheduled time, extension of time for completion of course may be permitted for a maximum of two years
Term Loan For B.Ed/ M.Ed. Courses
Purpose
  • To provide loan to students. Employed persons who want to pursue B.Ed/M.Ed courses.
  • For meeting admission / tuition/ examination/ library/ lab Fee.
Nature of Facility
  • Term Loan
Eligibility
  • Student should be an Indian National.
  • Should be a graduate in any discipline from any recognized university.
  • Should have secured admission to the recognized Institution/College imparting the B.Ed/M.Ed Course.
  • Loan application should be forwarded by the Principal of the college.
Quantum of finance
  • Maximum:  25,000.
Margin
  • 10%.
Security
  • Third party guarantee of one person
Processing charges
  • 0.05% (Minimum: 25/-)
Rate of Interest
  • Click here for rate of Interest
Repayment
  • 12 equal monthly installments.
Budshah Primary Education Finance
Nature of Facility
  • Term Loan
Objective
  • To provide opportunity to children to have good quality primary education.
Purpose
  • To finance the entire cost of education of a child including school fee, uniform, books, etc.
Eligibility
  • All Children above the age of 3 years. Finance granted in  the name of  Guardian.
Quantum of Finance
Class School Maximum Amount ()

Pry.Edu.

Private

30,000.

Pry.Edu

Govt.

2,000.

Sec.Edu

Private

25,000.

Sec.Edu.

Govt.

5,000.

Margin
  • 10%.
Security
  • Personal guarantee of the parent/guardian.
    Third Party guarantee of one person*.

*(Third party guarantee shall not apply in case of Government employees drawing salary through our branches.)

Criteria for Selection
  • Child should be 3+ years of age.
  • The applicant should produce a Certificate from the concerned school    that the child has been granted Admission.
  • The loan application should be forwarded by the Principal of the School.
  • The parent/guardian should have an independent regular source of income.
  • The school should be recognized/ registered.
Processing Charges
  • 0.05% of the amount sanctioned with a minimum cap of  25/- to be paid upfront
Rate of Interest
  • Click here for rate of Interest
Repayment
  • 12 equal monthly installments. There shall be no moratorium period