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Education Loan
PSB, Courses are approved Courses, and therefore all the Banks are bound to provide
Educational Loan as per the policy of Govt. of India. You may approach your home town branch of the bank
where your parents or you have your bank accounts.
Requirement
1. Co-applicant income minimum Rs. 10,000, for salaried. Only first blood can be co-applicant, like father, mother brother & sister. Maximum 3 person can be co-applicant provided they qualify for minimum salary criteria.
2. For business income minimum 1.5 lacks of I.T.R of last two years.
3. Paternal & maternal uncle or aunt or in laws can be one of the co-applicant, provided any of the first co-applicant must qualify basic criteria. In that case one need to do collateral. Collateral can be fixed Deposit, saving bonds, insurance policy provided having surrender value, plus house or other assets.
4. In general one get 15 times of salary income or two times of ITR in case of business income as loan.
5. Moratorium period is of two years or first job which ever comes first & maximum repayment period is 7 yrs.
6. Applicable ROI is in between 12-13 % and processing fees is 1%.
7. Documents required:
For Co-Applicant:
• Three month salary slip,
• 6 Month bank statements,
• Photo I.D Proof,
• Residence proof,
• one photo each of all Co-applicant
(These documents required for all Co-applicant).
For Applicant:
• Letter of acceptance from institute,
• copy of educational certificates,
• copy of passport,
• one photograph,
• Proof of deposit of initial tuition fees.
• If living expenses also required from loan then letter from institute on letter head mentioning tuition fees, and what all living expenses & other expenses required.
These all documents must be self-attested.
Education Loan reimbursed by Banks
Andhra Bank
Punjab National Bank
Canara Bank
Bank of Baroda
Hindon Sehakari Bohmi Vikas Ltd. (Rajasthan)
State Bank of India
UCO Bank
Union Bank (Jaunpur, UP)
Vijaya Bank (Jamshedpur)
Wainganga Krishna Gramin Bank |
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