Category: Educational Loan

ING VYSYA BANK EDUCATION LOAN INTEREST RATE

ING Vysya Bank Ltd is a premier private sector bank with retail, private and wholesale banking platforms that serve over two million customers. With 80 years of history in India and leveraging ING’s global financial expertise, the bank offers a broad range of innovative and established products and services, across its 527 branches. The bank, which has close to 10,000 employees, is also listed in Bombay Stock Exchange Limited and National Stock Exchange of India Limited. ING Vysya Bank was ranked among top 5 Most Trusted Brands among private sector banks in India in the Economic Times Brand Equity – Neilsen survey 2011.

The bank was formed from the 2002 acquisition of an equity stake in Indian Vysya Bank by the Dutch ING Group. This merger marked the first between an Indian bank and a foreign bank. Prior to this transaction, Vysya Bank had a seven-year old strategic alliance with erstwhile Belgian bank Banque Bruxelles Lambert, which was also acquired by ING Group in 1998.

 Education Loan

Educational Loan provides financial support to deserving/meritorious students to pursue higher education in India and abroadEligibility: Student should be an Indian National and should have secured admission to professional / technical curses in India and abroad through Entrance Test/Merit based selection process

Studies in India: (Indicative list)* Graduation courses: BA, B.Com, B.Sc., etc. * Post Graduation courses: Masters and 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. * 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 depending upon future prospects /recognition .

Expenses Considered: * Fee payable to college/ school/ hostel. * Examination/ Library/ Laboratory fee. * Purchase of books/ equipments/ instruments/ uniforms. * Caution deposit/ building fund/ refundable deposit supported by Institution bills/ receipts. * Travel expenses/ passage money for studies abroad. * Purchase of computers – essential for completion of the course. * Any other expense required to complete the course – like study tours, project work, thesis, etc.Note: A certificate from the college/institute to the schedule of expenses for the course year wise to be submitted.

Loan Amount:

 Studies in India – Maximum Rs.7.50 lakhs  Studies abroad – Maximum Rs.15.00 lakhs

Rate of Interest:

 Up to Rs 4 lacs: IVRR  Above Rs 4 lacs: IVRR +1% p.a   Up to 1% interest concession is provided for loanees if the interest is serviced during the study period

Margin:

 Studies in India: Upto Rs 4 lacs – Nil  Above Rs 4 lacs – 5%  Studies Abroad: 15%

Security:

 Up to Rs 4 lacs: No security  Above Rs 4 lacs and up to Rs 7.5 lacs: Collateral in the form of a ‘third party guarantee’ having net worth of 100% of the loan amount.  Above Rs 7.5 lacs: Collateral security equivalent 100% of the loan amount and assignment of future income of the student for the payment of installment.

The collateral security can be in the form of Land/Building/Govt Securities/Public Sector Bonds/Units of UTI, NSC, KVP/LIC Policy and Shares/Debentures, Bank Deposits in the name of the student/parent/guardian or any other third party. Land/ Building wherever already mortgaged, the unencumbered portion can be taken as security on II charge basis provided it covers the required loan amount (loan not to exceed 75% of unencumbered value). In case the loan is given for purchase of a computer the same to be hypothecated to the Bank.

Tenor:

Repayment Holiday / Moratorium: Course period + 1 year or 6 months after getting a job whichever is earlier. Interest has to be serviced during the course period. The loan to be repaid in 5-7 years after commencement of repayment.

Processing Fee:

Processing Fee: Nil Foreclosure Charges: NilTo apply for the loan – Contact your nearest branch

INDIAN OVERSEAS BANK EDUCATION LOAN INTEREST RATE

 Eligibility 

• Should be an Indian National
• Should have secured admission to professional/technical courses in India or abroad

PurposeLoan is made available for Graduation/Post graduation/Diploma/Computer education in any recognized State/Central Government/University, professional courses including Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, courses like ICWA, CA, CFA, etc., courses conducted by IIM, IISC, XLRI, NIFT etc, courses offered in India by reputed foreign universities/Evening courses of approved institutes, 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. Incase the course is pursued abroad,  the institute should be  recognized by the competent local aviation/ shipping authority.   For studies abroad, loans will be made available only for Graduation and Post Graduation Courses offered by Reputed Universities and not for diplomas Quantum of loan Maximum of Rs. 30.00 lakhs for studying in India and Rs. 40.00 lakhs for studying abroad. Rate of Interest  Please click Retail credit interest rates    – Interest to be debited monthly  on simple basis during the repayment holiday/moratorium period. Margin For loans upto Rs. 4.00 lakh Nil For loans above Rs. 4.00 lakh Studies within India 5% For studies abroad 15% Scholarship/assistantship to be included in margin. Security  Security For loans upto   Rs. 4.00 lakh  Co obligation of parents . No security For loans above Rs. 4.00 lakh and up to Rs.7.50 lakh  Co obligation of parents together with collateral security  in the form of suitable  third party guarantee. For loans above Rs.7.50 lakh  Co obligation of parents  together with tangible collateral security .Collateral security in the form of NSC /KVP/ LIC Policy/ Gold/ Shares/Debentures or immovable properties Bank Deposits 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 second charge basis provided  it covers the required  loan amount. In case the loan is given for the purchase of computer , the computer  has to be hypothecated to the bank..   Holiday period 6 months after getting the job or 12 months after completion of  the course whichever is earlier. Repayment  Repay the loan in equal monthly Instalments for a maximum period of 5 – 7 years excluding holiday period. Interest servicing It is left to the option of the student either to service the interest during the study period or pay it along with the principal over a period of 5 – 7 years to commence from 12th month after completion of the study. Interest servicing – concession For prompt servicing of interest for all months during the study period when repayment holiday  is specified for interest / repayment  under the scheme, an interest rebate @1.00 % is allowed. Interest concession at 0.50% on all Education Loans to Girl Students for pursuing education in India and Abroad is allowed. The interest rebate thus calculated will be credited back to loan account at the time of commencement of repayment of the principal sum.

INDIAN BANK EDUCATION LOAN INTEREST RATE

Indian Bank provides convenient educational loans for meritorious/deserving students to acquire knowledge and skill in the field of their interest. By playing beacon, new-generation’s quest for success is ably supported, paving way for Generation Banking

 Eligibility

• The applicant should be an Indian National.
• He / She should have secured admission to professional / technical courses in India or abroad through Entrance Test / Merit based selection process..

Purpose

• To meet the cost of education covering fee payable to college / school / hostel, exam fees, purchase of books / equipment’s, travel expenses / passage money for studies abroad, purchase of computers essential for completion of the course etc.
• Caution Deposit, Building fund/ refundable deposit supported by institution bills/receipts, subject to a maximum of 10% of total tuition fees for the entire course.
• Insurance premium for student borrower.

Course of Study

            Studies in India

1. Diploma/Graduation/Post-graduation courses in various disciplines.
2. Computer certificate courses of reputed institutes accredited to The Department of Electronics.

Studies Abroad

1. Job-oriented professional/technical courses offered by reputed universities.
2. MCA, MBA, MS etc.
3. Courses conducted by CIMA – London, CPA in USA etc.

 

Maximum Permissible Amount of Loan

• For Studies in India – Rs.10.00* lakhs
• For Studies Abroad – Rs.20.00* lakhs
  * Higher quantum of loan also can be considered in deserving and meritorious cases.

 Place of availment

The loan can be availed from the branch nearest to the place of domicile.

Margin

• Upto Rs.4.00 lakhs – NIL
• Above Rs.4.00 lakhs
  For Studies in India – 5%
  For Studies Abroad – 15%

Rate of Interest

• 12.50 % p.a. at present (irrespective of the loan limit sanctioned under both IBA as well as non-IBA scheme)
• Concession of 0.50% in applicable rate of interest will be allowed on fresh Educational Loans under IBA Scheme to Girl Students for studies in India and Abroad with effect from 1st July 2009. This interest concession will not be applicable to Education Loans under non-IBA scheme.
• Educational Loan borrowers who are enjoying finer rate of interest allowed to select premier educational institutions.
• Floating Rate linked with Base Rate (BR) of the Bank and liable to undergo changes whenever there is a change in BR.

Holiday Period & Repayment

The course period PLUS 1 year or 6 months after getting a job, whichever is earlier.

Repayable in 5- 7 years.

Insurance

Life Insurance cover available to the student borrowers under ‘New IB Jeevan Vidya’ Insurance Scheme.

Security 

Documents should be executed both by the student and parent / guardian as joint borrower.

1. Upto Rs. 4 lacs – No security

2. Above Rs. 4 lacs & Upto Rs.7.50 lacs – Collateral in the form of satisfactory third party guarantee

3. Above Rs.7.50 lacs – Co-obligation of parents / guardians together with tangible collateral security of suitable value along with assignment of future income of the student for payment of installments.

ICICI BANK EDUCATION LOAN INTEREST RATE

ICICI Bank is India’s largest private sector bank with total assets of Rs. 5,367.95 billion (US$ 99 billion) at March 31, 2013 and profit after tax Rs. 83.25 billion (US$ 1,533 million) for the year ended March 31, 2013. The Bank has a network of 3,384 branches and 11,063 ATMs in India, and has a presence in 19 countries, including India.

ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries in the areas of investment banking, life and non-life insurance, venture capital and asset management.

The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has established branches in Belgium and Germany.

ICICI Bank’s equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).

Education Loan Scheme

SALIANT FEATURES OF “SHIKSHA SARTHI” – EDUCATION LOAN SCHEME

Synopsis/ Objectives	This is an ideal scheme which provides financial support to deserving and meritorious students for pursuing technical / professional higher education in India as well as abroad. The main emphasis is that every meritorious student even poor is provided with an opportunity to pursue education with the financial support and on liberal / simple terms and conditions.
Eligibility	A. Student Eligibility: The student should be an Indian National and secured admission to professional / technical / Graduation / Post Graduation courses in India or Abroad through Entrance Test / Merit Based Selection process.  Sanction of loan will be considered on the basis of academic record, net worth & income of family and scope for securing good / gainful employment. The student will have to submit all required documentary evidences including receipts, estimates etc. & progress / performance report to the Bank regularly till completion of the course. In case of studies abroad, student should submit the Unique Identification Number (UIN) / copy of Identity Card to the branch. The student / applicant should not be availing / will not avail any education loan during currency of our loan. Necessary Affidavit / Undertaking to this effect to be obtained. Type of Loan: Term Loan (To be sanctioned preferably by the Branch nearest to the place of residence of parents).  Borrower: Student and Parent / Guardian jointly. Age Limit: Minimum 16 years and maximum upto 40 years. B.Courses eligible: For Studies in India: Graduation courses – BA, B.Com, B.Sc. etc. Post Graduation courses – Masters & Phd. Professional courses – Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, ICWA, CA, CFA etc. Courses conducted by IIM, IIT, IISc, XLRI, NIFT etc. Computer certificate courses of reputed institutes accredited to Dept. of Electronics or Institutes affiliated to University. 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 – depending on future prospects / recognition by the user Institutions. Courses leading to certification are not to be considered. For Studies Abroad: Graduation – for job oriented professional / technical courses offered by reputed universities. Post graduation – MCA, MBA, MS etc. Courses conducted by CIMA – London, CPA in USA etc.
Purpose	Advance may be allowed for the following expenses in connection with the studies of the Applicant / Students in the country or abroad: a) Fee payable to college/school/hostel. b) Examination / Library / Laboratory fee. c) Purchase of books / equipments / instruments / uniforms. d) 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. e) Travel expenses (to and fro) for studies abroad. f) Purchase of computer – essential for completion of the course g) Any other expenses required to complete the course – like study tours, project work, thesis etc.
Quantum of Loan	Maximum upto Rs.10.00 lacs for studies in India and Maximum upto Rs.20.00 lacs for studies abroad. Quantum of loan will be determined by the Bank on the basis of estimates given by the college / institute (with proper documentary evidence) and repaying capacity of student / parent. Any monetary benefit / Scholarship / grants / stipend received by the student will be deducted from the total cost.
Margin	Loan upto Rs.4.00 lacs: No margin Loan above Rs.4.00 lacs: (i) 5% for studies in India (ii) 15% for studies outside India. (In special / deserving cases for studies abroad bank may consider lesser margin on selective basis at its sole discretion.) Margin may be brought-in, on year to year basis on pro-rata basis as per disbursements.
Rate of Interest	As prescribed / changed by bank from time to time at monthly rests. Presently the rate of interest is 11% (4% below BPLR)(subject to change from time to time) Penal Interest : As per Bank’s circulars in force for overdue amount and period. Interest as and when debited will be recovered from the parent till repayment commences. (In special / deserving cases interest may be funded for the study period up to a maximum of 2 years on selective basis at its sole discretion.)
Security	Loan upto Rs.4.00 lacs: No security Loan above Rs.4.00 lacs and upto Rs.7.50 lacs:  Collateral Security in the form of third party guarantee to the satisfaction of bank. Loan above Rs.7.50 lacs: Collateral security equivalent to the loan amount comprising of any one or more of the following : NSCs, Govt. Securities, Bank Deposits and Mortgage of Immovable Property (supported with guarantee of the owner) in favour of the Bank and acceptable to the Bank. In case loan is allowed for computer, the same should also be hypothecated to the bank.
Disbursement	It will be made in stages directly to the College / Institution / Hostel. Payment of air fare, books, equipments, Computer etc. will be made directly to authorized travel agent / supplier. Hostel charges for students studying abroad will be remitted as per prevailing RBI guidelines at the time of remittance. However, in deserving cases wherein caution deposit / fees for the 1st year has already been paid to the institution the same may be reimbursed.
Processing / Upfront / Fore Closure charges	No Processing / Upfront / Fore closure charges will be collected on education loan.
Repayment	Loan will be repaid in 5 – 7 years after commencement of repayment in equated monthly installments depending upon quantum of loan and repaying capacity. Repayment will commence six months after completion of course or one month after the student starts earning, which ever is earlier. Interest debited will be recovered from the parents till the repayment commences. (In special / deserving cases interest may be funded for the study period up to a maximum of 2 years on selective basis at its sole discretion.) If the student is not able to complete the course within the schedule time, extension of time for completion of course may be permitted for a maximum period of 2 years.

FEDERAL BANK EDUCATION LOAN INTEREST RATE

The history of Federal Bank dates back to the pre-independence era. Though initially it was known as the Travancore Federal Bank, it gradually transformed into a full-fledged bank under the able leadership of its Founder, Mr. K P Hormis. The name Federal Bank Limited was officially announced in the year 1947 with its headquarters nestled on the banks of the river Periyar. Since then there has been no looking back and the bank has become one of the strongest and most stable banks in the country.

Key features

• Speedy loan approval
• Loan can be availed for higher studies in India & Abroad excluding vocational training & skill development study courses.
• Loan amount up to Rs.10 Lakhs for studies in India and Rs.20 Lakhs abroad
• No security is needed Up to Rs 4 Lakhs.
• Minimal paperwork
• No repayment during Moratorium period
• Repayment can be made in easy EMIs

With Special Vidya Loan, Meritorious students are provided with an opportunity to pursue education with the financial support from the bank.

Documents Recuired:

• Proof of Identity (Passport / Voters ID card/ Driving License/PAN Card)
• Address Proof (Ration card Tel/ Electricity Bill/ Lease agreement/ Passport/Trade license /Sales Tax certificate)
• Offer letter / Admission letter
• Basic Qualification & mark-list
• Proof of Fees structure

Terms & Conditions

Quantum of Finance:

Quantum of finance is subject to repaying capacity of the parents / students.

Satisfactory performance of the student necessary for continued disbursal.

 Items covered under loan:

• Fee payable to College / School, Hostel, Tuition, Examination, Library, Lab
• Cost of books, equipments, instruments, Uniform, Travel expenses, Computer (if essential for the course)
• Expenses for study tours / project work / thesis etc
• Caution deposit, Amount payable towards building fund, refundable deposit etc supported by bills / receipts but cannot exceed 10% of the tuition fee.

Margin:

• Up to Rs 4.00 L No Margin is applicable.
• For studies in India above Rs 4 Lakhs – 5%
• For Studies Abroad above Rs 4 Lakhs – 15%

Loan Period:

Moratorium period + 5 to 7 years.

(Moratorium period  will be period of the course + one year / 6 months after getting job, whichever is earlier)

Co-obligants: Documents should be executed by the student and parent / guardian as joint borrowers

Security:

• No security is needed Up to Rs 4 Lakhs.
• Third party guarantee acceptable to bank / collateral security for loans up to 7.50 Lakhs.
• Above Rs 7.50 Lakhs, collateral security with stipulated margin is required- Single premium insurance policy on the life of the student to be taken covering the loan amount and period.

Repayment options

Repayment of the loan is made as Equated Monthly Installments (EMI).

You can use any one of the ways to repay the loan:

• Cheques
• Standing instructions at your branch
• FedNet – Internet Banking
• Automated Payment through ECS
• Mobile Banking

Interest Rates & Charges

Please visit the Interest Rates page for details.

During moratorium period only simple interest will be charged.

DHANLAXMI BANK EDUCATION LOAN INTEREST RATE

Dhanlaxmi Bank Ltd. was incorporated in 1927 at Thrissur, Kerala by a group of ambitious and enterprising entrepreneurs.Over the 86 years that followed, Dhanlaxmi Bank with its rich heritage has earned the trust and goodwill of clients. It is due to our strong belief in the need to seek innovation, deliver best service and demonstrate responsibility, that we have grown from strength to strength. Be it in the number of customers, the scale of business, the breadth of our product offerings, the banking experience we offer or the trust that people invest in us. With more than 670 touch points across India at your service; our focus has always been on customizing services and personalizing relations

Education Loan

Education loan is the most convenient way of supporting your child’s education. You can now easily fund most education-related expenses including fees, boarding & lodging, air travel, insurance premiums, and computers etc.

Features

• Pay admission and tuition fee
• Purchase books, study material, equipment and instruments
• Pay hostel fees and boarding charges
• For studies abroad, fund expenses of air travel, incidental charges, purchase of outfits (clothing & other equipment)
• Fund other education-related expenses such as examination, library and laboratory fee, uniforms, caution deposit, building fund or refundable deposits supported by Institution bills and receipts, up to 10% of the total tuition fees for the entire course
• Purchase computers needed for the course.
• Insurance premium for student borrower
• Any other expense in relation to the course – study tours, project work, thesis etc.

Eligibility

For higher studies in India:

• Students of Indian nationality (whether minor or major)
• Parents can also apply jointly with the student and facilitate repayment through existing sources of income

Courses applicable:

• Graduate and post-graduate degree/diploma courses in computer science, engineering, medicine, dental science, pharmacy, agricultural and veterinary sciences
• Post-graduate courses in arts, general science, commerce, and management (from recognized colleges and universities)
• Post graduate diploma in computer application from reputed institutes such as NIIT, APTECH, BITECH, SSI etc.

For studies abroad:

• Indian National over 18 years of age
• The applicant should produce a copy of the Result of Qualifying/ Mandatory examination such as TOEFL, SAT, GRE, AGRE, GMAT etc. together with a copy of valid passport, proof of Admission to the college or university and a copy of the Visa / Form I-20

Courses applicable (for courses abroad)

• Under-graduate courses in biological & natural sciences, computer sciences, engineering
• Post-graduate courses in the above disciplines and business administration (Applicants should submit a brief report on the prospects of the course.)

Academic background (for India and abroad)

• Applicant/student should have passed the qualifying examination securing a position eligible for admission to the course opted for study.

Duration of course

• Courses within India – 5 years
• Courses abroad – 3 years

Holiday period

• Duration of the course plus 6 months or getting a job, whichever is earlier

Security

• Up to Rs. 4 lakhs – No security
• Above Rs. 4 lakhs – Collateral in the form of a satisfactory guarantee
• Approved shares / insurance policies with surrender value, national savings certificates, IVP, Bank deposits etc. or collateral security such as land or building,  equivalent to loan amount accepted as security collateral

Documentation

• Photocopies of all certificates from previous examinations (SSC onwards)
• A certificate from the College/University authorities stating that the student is continuing education, should be submitted every year.

 Fees&Charges

Description of Charges	Dhanlaxmi Bank	Comments
Loan Processing Charges	Nil
Prepayment	Nil
Pre-payment charges	Nil
No Due Certificate / No Objection Certificate (NOC)	Rs. 250/-
Duplicate no due certificate / NOC	Rs. 250/-
Capability Certificate	Rs. 250/-	Applicable to studies abroad
Charges for late payment of EMI	@ 24 % p.a on amount outstanding from date of default
Stamp Duty & other statutory charges	As per applicable laws of the state
Cheque swapping charges	Rs 500/- per event
Loan Re-booking charges / Re-scheduling charges	Not applicable
Loan cancellation charges	Not applicable
Cheque Bounce Charges	Rs. 500/- Per Cheque
Legal / incidental charges	At actual

DEVELOPMENT CREDIT BANK EDUCATION LOAN INTEREST RATE

DCB Bank is a modern emerging new generation private sector bank with 100 branches across 15 states and 2 union territories. It is a scheduled commercial bank regulated by the Reserve Bank of India. It is professionally managed and governed. DCB Bank has contemporary technology and infrastructure including state of the art internet banking for personal as well as business banking customers.

DCB Bank’s business segments are Retail, micro-SMEs, SMEs, mid-Corporate, Agriculture, Commodities, Government, Public Sector, Indian Banks, Co-operative Banks and Non Banking Finance Companies (NBFC). DCB Bank has approximately 450,000 customers.

DCB Bank has deep roots in India since its inception in 1930s. Its promoter and promoter group the Aga Khan Fund for Economic Development (AKFED) & Platinum Jubilee Investments Ltd. holds over 19% stake. AKFED is an international development enterprise. It is dedicated to promoting entrepreneurship and building economically sound companies.

 

 

DENA BANK EDUCATION LOAN INTEREST RATES

Dena Bank, in July 1969 along with 13 other major banks was nationalized and is now a Public Sector Bank constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970. Under the provisions of the Banking Regulations Act 1949, in addition to the business of banking, the Bank can undertake other business as specified in Section 6 of the Banking Regulations Act, 1949.
 

The Topper for your children’s Higher Education

Ensure a bright future for your children. Provide them with the best of higher education in India or abroad. Avail Dena Vidya Laxmi Educational Loan.

You are eligible if:

·You are an Indian national and have secured admission to a professional or technical course in an Indian or Foreign university.

·Simply walk in with the marksheet of the qualifying exam. and proof of admission.

Course Eligibility

Study in India:

Graduation courses, Post-Graduation courses, Masters & PhD, Professional courses.

Study Abroad:

Graduation  :   For job oriented professional / technical courses offered by reputed universities
Post Graduation : MCA, MBA, MS etc.
Courses conducted by CIMA-London, CPA in USA etc.

Loan Amount

·Upto Rs.10 lakhs for studies in India.

·Upto- Rs. 20 lakhs for studies abroad.

Loan takes care of :

· Fee payable to colleges/ schools/ hostels

· Examination/ Library/ Laboratory fees.

· Purchase of books, equipment, instruments and uniforms.

· Passage fare for travel abroad.

· Purchase of computers needed to complete the course.

· Any other expense to complete the course like study tours, project work, thesis etc.

Margin

•Upto Rs. 4 lakhs- NIL for study in India and abroad.

•Above Rs. 4 lakhs- 5% for study in India and 15% for study abroad.

Rate of Interest

Please Check out the Interest Rates Section to find latest Interest Rates applicable.

1% interest concession if interest is serviced as and when due during the moratorium period when repayment holiday is specified.

SIMPLE INTEREST CHARGED DURING MORATORIUM PERIOD.

Process Fees

Rs.1000/- for studies abroad which is refundable on availing the limit.

Repayment 
For loans upto Rs.7.50 lakhs    :   Upto 10 years
For loans above Rs.7.50 lakhs  :   Upto 15 years

 

CITY UNION BANK EDUCATION LOAN INTEREST RATE

The bank, ‘The Kumbakonam Bank Limited’ as it was then called was incorporated as a limited company on 31st October, 1904. The first Memorandum of Association was signed by twenty devoted and prominent citizens of Kumbakonam including Sarvashri R. Santhanam Iyer, S.Krishna Iyer, V.Krishnaswami Iyengar and T.S.Raghavachariar. T.S.Raghavachariar was the First Agent of the Bank.  In 1908, he was succeeded by Shri R. Santhanam Iyer who became the Secretary of the bank under the amended Articles of Association which created the office of a Secretary to be in charge of the Bank’s Management in the place of the Agent, which post he held till his death in 1926. He was succeeded by Shri. S. Mahalinga Iyer as Secretary who subsequently became the First full-time Managing Director of the bank in tune with the amendment of Articles in 1929.  He held the position of Secretary from 1926 to 1929 and that of Managing Director from 1929 to 1963.

The bank in the beginning preferred the role of a regional bank and slowly but steadily built for itself a place in the Delta District Thanjavur. The first Branch of the Bank was opened at Mannargudi on 24th January 1930.  Thereafter, branches were opened at Nagapattinam, Sannanallur, Ayyampet, Tirukattupalli, Tiruvarur, Manapparai, Mayuram and Porayar within a span of twenty five years.  The Bank was included in the Second Schedule of Reserve Bank of India Act, 1934, on 22nd March 1945.

The Bank celebrated its Golden Jubilee on 14th November, 1954 at Kumbakonam under the Presidentship of Shri.C.R.Srinivasan, Editor, ‘Swadesmitran’ & Director, Reserve Bank of India.

In 1957, the bank took over the assets and liabilities of the Common Wealth Bank Limited and in the process annexed to it the five Branches of Common Wealth Bank Limited at Aduthurai, Kodavasal, Valangaiman, Jayankondacholopuram and Ariyalur.

In 1963,  Shri. R. A.Venkataramani Iyer took charge as the Chairman of the Bank which position he held up to 1969.

Educational Loan

Objectives:The Educational Loan Scheme aims to provide financial support to deserving/meritorious students for pursuing higher education in India and abroad. The Scheme also aims to provide financial assistance to the needy poor to undertake basic education. Eligible Courses of Study in India 1. Graduation courses – B.Sc, B.A, B.Com etc 2. post graduation courses- Masters & Ph.D 3. Professional courses – Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc 4. Computer certificate courses of reputed institutes accredited to Dept. of electronics or Institutes affiliated to University 5. Courses like ICWA, CA, CFA etc 6. courses conducted by IIM, IIT, IISc, XLRI, NIFT etc 7. Regular degree/diploma courses like aeronautical, pilot training, shipping etc approved by Director general of Civil Aviation / shipping, if the course is pursed in India. In case the course is perused abroad, the institute should be recognized by the competent local aviation/shipping authority 8. courses offered in India by reputed foreign universities 9. evening courses of approved institutes 0. 10. Other courses leading to diploma / degree etc., conducted by colleges / universities approved by UGC / Govt. / AICTE / AIBMS / ICMR etc Eligible Courses of Studies abroad: 1. Graduation : For job oriented professional / technical courses offered by reputed universities 2. Post-Graduation – MCA, MBA, MS, PhD etc. 3. Courses conducted by CIMA-London, CPA in USA etc Student Eligibility: 1) Should be an Indian Resident. 2) Secured admission to Professional/Technical courses through Entrance Test/Selection Process and should produce proof. 3) Secured admission to Foreign University / Institutions and should produce proof. 4) No specific age restriction with regard to age of the student to be eligible for educational loan Purpose of the Loan: 1) For payment of College / School/ Hostel Fees. 2) For payment of Examination / Library / Laboratory Fees. 3) For purchase of books/equipments/instruments. 4) For payment of Caution Deposits (caution deposit not to exceed 10% of total tuition fees for the entire course) 5) For making Travel Expenses / Passage Money for studies abroad. 6) For purchasing inputs essential for completion of the course. 7) Any other expenses required to complete the course like study tours, project work, thesis, etc. 8) for purchase of computer / laptop of uniforms 10) Insurance premium for student borrower