Education Loan

Education in India or Abroad

* "Conditions Apply. Loan at sole discretion of the Bank." SMS 'LOANS' to 70659 66665

Repayment Tenure:

Repayment period upto 120 Months including moratorium period.

Margin :

Loan Upto Rs. 4 lakhs - Nil
Above Rs. 4 lakhs
Studies in India - 5% of Course fee plus accommodation.
Studies Abroad - 15% of Course fee plus accommodation.
100% Collateral security by way of FDR, NSCs (face value), LIC (surrender value), Govt. Bonds, Mortgage of property (residential flat/gala) etc.

Maximum Loan Amount Limit :

No Limit*

Eligibility :

Higher education

Guarantors : One competent guarantors acceptable to Bank

Subscription to Bank's Share - Membership:

1 - Loan upto 5 lacs (unsecured) – 1% of loan amount.

2 - Loan above 5 lacs (secured) – 1% of loan amount.

Processing fee : NIL

Minimum Documentation
KYC
Net worth form
Any other documents required by the Bank.

In adherence with RBI Notification no. DoR.MCS.REC.28/01.01.001/2023-24 dated 18/08/2023, Penal charges for delay in payment of interest/ instalment , non-compliance or delay in compliance of critical terms of sanction and takeover of loan by other bank/ NBFC would attract penal charges @ 3.25% on the sanction amount in case of Working Capital limit and on the outstanding amount in case of term loan limit.

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