Educational Loan

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Our Educational Loan is designed to provide financial support to students who aspire to pursue higher education, both in India and abroad. This loan covers various expenses such as tuition fees, accommodation, books, and other related costs, ensuring that financial constraints do not hinder your academic aspirations.

Key Features:

  • Loan Amount: High loan amount limits to cover all educational expenses.
  • Interest Rates: Competitive interest rates with the option of fixed or floating rates.
  • Repayment Tenure: Flexible repayment tenure ranging from 5 to 15 years.
  • Moratorium Period: Repayment starts after the completion of the course plus an additional grace period.
  • Collateral: No collateral required for loans up to a certain amount. For higher loan amounts, collateral may be required.
  • Coverage: Tuition fees, examination fees, library fees, laboratory fees, cost of books, equipment, travel expenses (for overseas education), and other necessary expenses.

Eligibility Criteria:

  • Student’s Age: Applicants should be between 16 and 35 years old.
  • Course: Admission to professional, technical, or other courses in recognized institutions in India or abroad.
  • Academic Performance: Consistent academic performance with a valid admission offer from a recognized educational institution.
  • Co-borrower: A co-borrower (parent, guardian, or spouse) with a stable income and good credit history is required.

Required Documents:

  • Proof of Identity: Passport, Aadhar card, PAN card, or any government-issued ID.
  • Proof of Address: Utility bills, rent agreement, or any valid address proof.
  • Academic Records: Mark sheets, degree certificates, and proof of admission.
  • Cost Breakup: Detailed cost breakdown provided by the educational institution.
  • Income Proof of Co-borrower: Recent ITR, salary slips, bank statements, and financial statements.

How to Apply:

  • Check Eligibility: Ensure you meet the eligibility criteria.
  • Gather Documents: Collect all the required documents.
  • Apply Online or Offline: Fill out the application form online or visit our branch.
  • Verification: Our team will verify your documents and application.
  • Approval and Disbursement: Upon approval, the loan amount will be disbursed directly to the educational institution.

Benefits:

  • Achieve Your Dreams: Access to quality education without financial stress.
  • Comprehensive Coverage: Covers all educational expenses, including travel for overseas education.
  • Flexible Repayment: Options to start repayment after course completion.
  • Tax Benefits: Avail tax benefits under Section 80E of the Income Tax Act on interest payments.

Conditions Apply:

  • Terms and conditions as per the bank’s policy.
  • Loan approval is subject to the bank’s discretion based on eligibility and document verification.

For more information or to apply for a Professional Business Loan, please visit our website or contact our customer service team.