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.
* Higher quantum of loan also can be considered in deserving and meritorious cases.
The loan can be availed from the branch nearest to the place of domicile.
Concession of 0.50% in applicable rate of interest will be allowed on fresh Educational Loans to Girl Students for studies in India and Abroad with effect from 1st July 2009. This interest concession will not be applicable to
– Existing female educational loan borrowers
– Educational Loan borrowers who are enjoying finer rate of interest allowed to select premier educational institutions.
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.
In case of receipt of application for more than one loan from students from a family, the ‘family’ as a unit will be taken into account for considering the loan and security will be taken in realtion to the total quantum of finance disbursed, subject to margin and repaying capacity of the parent/student.
For details, click on Indian Bank