Most Important Terms & Conditions:
Target group Parents of Students pursuing school education from Nursery to Class XII.
Quantum of finance Maximum Rs. 4.00 Lakh
Need based finance subject to repayment capacity of parents.
Coverage of expenses for
- Fee payable to college / school.
- Examination / Library / Laboratory Fee.
- Fee and other charges payable to hostel.
- Purchase of books / equipments / instruments / uniforms.
- Personal Computers / Laptops wherever required.
- Caution deposit / building fund / refundable deposit supported by instituion bills / receipts.
- Cost of external coaching/tuition is not to be considered
- Loan for each yearly sub limit is repayable in 12 equal monthly instalments. First instalment to be due 12 months after first disbursement of each year's loan component.
- Interest to be serviced as and when applied during the moratorium period.
Total deductions from the income including the proposed instalment and interest should not exceed 60% of total income. The income of spouse, wherever spouse is working also to be considered. Suitable proof of income is to be obtained.
Unified Processing charges: NIL
- No security
- In case the loan is given for purchase of computer the same is to be hypothecated to the Bank
- Directly to School / Institution / hostel -- term wise / year wise.
- Directly to book seller / shop for purchase of books, instruments, equipments.
- Next year disbursement to be made only after student has passed the current year annual examination & progress report / marksheet to that effect is produced by parents.
- Branch in the vicinity of the Institute
- Branch which is in close proximity to the permanent residence of parent/at the place of posting/service of the parent Branch
A stamped declaration / an affidavit confirming that no Educational loan is availed from other banks / institutions for the child for whom loan is sanctioned by us and shall not avail educational loan from any other bank without obtaining NOC from our bank during the pendency of our educatinal loan, be obtained No dues certificate need not be insisted upon.