Education Loan

Bala Vidya Yojana:

Salient Features The loan shall be sanctioned to the parent of the child for meeting the expenses relating to the admission fee, tuition fee, cost of uniform and books, etc
Eligibility
  • Students studying from LKG to 10 standard
  • Parents should be Salaried Class with minimum service of three years.
  • Businessmen, Professionals and Self-employed with minimum standing of three years.
Quantum of Loan Not exceeding Rs.1,00, 000/-.
Processing Fee 1.10% of loan amount with minimum of Rs.250/-
Interest Rates As prescribed by the Board.
Tenure 12 Months
Repayment Mode In equal monthly installments with monthly interest or in equated monthly installments.
Required documents
  • Loan application duly filled and signed by the borrower and Surety with income proof
  • A letter from the nursery/ primary school confirming the allotment of seat and containing the particulars of the amounts to be paid.
Release of Loan Amt
  • Execution of prescribed document by the borrower and the surety.

PHROUDHA VIDYA YOJANA:

Salient Features The Loan is sanctioned to the parent who is a regular or associate member of the Bank having regular income for meeting the educational expenses of his/her son or daughter studying in P.U.C. or degree class. The loan is sanctioned for one academic year only. Fresh loan will be sanctioned for the next academic year subject to clearing of the previous loan as per schedule and the student securing first class marks.
Eligibility
  • Student studying in PUC or Degree
  • Parents should be Salaried Class with minimum service of three years.
  • Businessmen, Professionals and Self-employed with minimum standing of three years.
Quantum of Loan Not exceeding Rs.2,00, 000/-.
Processing Fee 1.10% of loan amount with minimum of Rs.250/-
Interest Rates As prescribed by the Bank
Tenure 24 Months
Repayment Mode In equal monthly installments with monthly interest or in equated monthly installments.
Required documents
  • The loan application along with income proof,
  • Surety with income proof.
  • School/college certificate evidencing the admission
  • Estimate of the tuition fee, Donation and Cost of books to be purchased
  • Hostel fee in case of availing hostel facility to the student.
  • Personal security of the borrower
  • One or two surety (ies),
  • Collateral security of life insurance policy having surrender value of least 50% of the loan amount or immovable property with value equivalent to loan amount exceeds Rs. 50,000/-
Release of Loan Amt
  • Execution of prescribed document by the borrower and the surety.
  • Creation of charge in favour of the Bank on security.

UNNATA / VIDESH VIDYA YOJANE

Salient Features The loan will be sanctioned to the student /Parent of the student for prosecuting higher education like post graduation in Science, Arts, Commerce, etc., Technical or professional courses such as Engineering, Medical, Law, BBM, MBA, Chartered Accountancy, etc., in recognized universities or institutions like Indian Institute of Management, Indian Institute of Science, Business Schools, etc., in India or Abroad by the Student.
Eligibility
  • The Student should have secured distinction in his/her Degree /Pre-university examination. In this regard the student has to produce academic record for verification and its photocopy for Bank’s file.
  • Salaried Class with minimum service of three years.
  • Businessmen, Professionals and Self-employed with minimum standing of three years.
Quantum of Loan Maximum of Rs. 40,00,000/-
Processing Fee 1.10% of loan amount.
Interest Rates As prescribed by the Board
Tenure 60 Months
Repayment mode Where the loan is sanctioned to student the repayment of loan amount starts after one year from the date of completions of course or after one month from the date of securing job which ever is earlier. There is no objection for repaying the loan with interest monthly if the parent of the student desires to repay the loan. In such a case the payment of the installments shall starts after 60days from the date of availment of the loan.
Required documents
  • The loan application along with income proof.
  • Surety of income
  • School/college certificate evidencing the admission
  • Collateral security of immovable property belonging to the parent.
  • A life insurance policy for an amount equivalent to the loan amount, where the loan is repayable by the student.
  • Estimate of the tuition fee /Donation /Cost of books to be purchased
  • Hostel fee in case of availing hostel facility to the student shall be obtained.
  • Personal security of the borrower and surety.
Release of Loan Amt
  • Execution of prescribed document by the borrower and the surety.
  • Creation of charge in favour of the Bank on security.

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