SI

 Parameters

Details

Purpose of Loan

To pay coaching fee of students who desire to undergo coaching in reputed Institutes for preparing themselves to appear for competitive Entrance Exam for admission on merits to Professional Courses (Engineering, MBBS, MBA and Post Graduation courses etc.) or to pay coaching fee of students/employed individuals for appearing CIVIL SERVICES Exam of UPSC for employment in Central Government Services (viz: IAS, IPS etc).

Student Eligibility

• Student should be an Indian National
• Should have completed or pursuing Class XI and above aspiring for admission in Engineering, MBBS, MBA, Post-Graduation courses etc.
• Students pursuing graduation/post-graduation course or employed individuals, aged 26 or below, desirous of competing for Civil Service Exam of UPSC for employment in IAS,IPS etc.
• The students should have secured a minimum of 55% marks in the previous qualifying exam.

Borrower

Parent/Guardian, jointly with the student if age of the student is 18 years or above.

Maximum loan amount

Rs. 2 lacs per child for coaching studies in India.

Maximum Amount per parent/guardian-Rs.4 Lacs for two children.

Margin

170%  of the coaching fee (Bank's finance will be 90% of coaching fee or Rs 2 lakh per chi8ld/student, whichever is lower)

Disbursement

Pay9ment directly to Coaching Institutes along with the margin money through Banker's Cheque/Demand Draft.

Repayment

Repayment to commence 3 months after first disbursement of the loan. Maximum Repayment period 36 months including moratorium period of 3 months. Repayment is on EMI basis.  

Other terms & conditions

• Coaching Institute should have been duly approved by the Bank.
• Loan under the scheme to be provided only for coaching classes conducted directly by the approved Coaching Institutes (not through franchisees).

Incentive

• Interest rate concession of 0.50% for liquid securities like Life Insurance policy(Surrender Value)/ our Bank's FDR/ Govt. Securities, NSCs & KVPs, having face value covering 50% of the loan amount

Documents required

• Documents required for compliance of KYC norms.
• Proof of Income---Salary certificate authenticated by the employer/ IT returns/Assessment orders
• Undertaking from the employer to remit the monthly installment.
• Estimates from the Coaching Institutes

Rate of Interest

& Processing Charges