| Eligibility of borrower |
- Applicant must have current/savings account holder of the Bank
- Applicant must be resident of area of operation of the bank.
- Have good reputation and credit worthiness.
- Student must have good academic record.
- Student must have secured admission.
- Student must have passport & visa for abroad education.
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| Purpose of Loan |
- For higher education after 12th standered.
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| Quantum of finance |
- Up to 50.00 lakh for study at abroad subject to repaying capacity.
- Up to 80% of the cost of books, instruments, tuition fees, hostel fees [Lodging/boarding], living expenses, air fare, all types of equipments/instruments required for the respective educational purpose and premium of life insurance.
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| Share Linkage |
- Borrower must have Bank share holding @ 1% of the loan sanction amount.
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| Repayment period |
- 84 Monthly installments including interest immediately after next month of the loan disbursement.
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| Rate of Interest |
9.00 % p. a. |
| Security |
Prime:
- LIC Policy equivalent to the loan amount of the student to be assign to the bank
Collateral:
- Third party guarantee of two personal guarantors having good credit worthiness and financially sound and member of the Bank.
- Simple mortgage of title cleared property of the borrower/ guarantors.
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