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Purpose
Educational Loan
Eligibility
Course:
•
Graduation /Post-graduation
in Engineering
,Medical,
Veterinary, Law, Dental, Management,
Computer etc. Computer certificate
course of reputed institutes
affiliated to
university.
Professional like
CA, ICWA, CFA, and courses conducted by IIM, IIT, XLRI etc.,
Courses offered by
foreign institutes. ( List is indicative
in nature )
Students :
Indian National ,Secured
admission to the course /
University / Institutions
through
Selection / Entrance test / On payment seat etc.
Student should have scored
minimum 60% (50% for SC/ST)
in the qualifying
examination
and having consistently god academic record. Age of student: Max.20
for graduation /
diploma/ certificate course and max.25 for other post graduation /
professional courses.
(Age relaxation will be considered on merit.)
Expenses :
Fee payable to College /
Institution, Fees in respect
of Examination / Laboratory
/ Library/
Books / Equipments / Instruments / Uniform etc.
Caution Deposit / building
fund / refundable deposit by
inst./ college Travel
expenses /
passage money for studies abroad ( one way).
Purchase of computer /s if
essential for course
completion.
Quantum of Finance
Studies in India Rs.3.00
lacs max.
Studies abroad Rs.5.00 lacs
max.
Loan will be considered
max.15 times of gross income
of parent/ guardian-.
(If students is earning ,his income also will be considered
provided he /
she continues to earn while continuing education.) OR An
expenditure to be incurred
for
the course whichever is lower.
Security
UptoRs.0.50 lac - Nil
Rs.0.50 lac < Rs.5 lacs 100%
of loan amount
Collateral Security by way
of FDR, NSCs (face value),
LIC (surrender value),Govt.
Bonds,
Mortgage of property (residential flat/gala) etc. Security to be in
the name of borrower and /
or guarantor.
Repayment
In max.5 years incl.
Moratorium max 2 years .
Interest to be serviced as
and when applied during the
period of moratorium and
after
moratorium period EMI to worked out.
In other cases where there
is no moratorium to be
considered in view of the
income of
student / parent EMI to be worked out from beginning.
Guarantors
Two
Common Documents
Attested photocopy of PAN
card / Passport / Driving
License.
Attested photocopy of Ration
Card /Electricity bill /
Telephone bill
Latest Salary Slip and Form
No. 16 in case of salaried
persons
Audited Balance sheet /
Profit & Loss statement for
last 3 years in respect of
firm/company
Income Tax returns, with
computation of total income
for last 3 years in case of
professionals and self-employed persons
Net Worth Form of borrower
and guarantors
Copy of Bank statement (at
least six months)
Latest passport size
photographs
Documents
Mark sheet of last exam
Document showing Date of
birth
College admission letter
Details of prospectus,
Fee receipts
Income papers of guarantors.
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Jan – Vidya
Education Loan
