Untitled Document

Education Loan Back

Purpose
Bank provides financial assistance to students for pursuing higher education in India & abroad. Loan can be granted for payment of admission fees, payment of accommodation & boarding expenses, purchase of laptop, traveling expenses.

  • Eligibility
    • Any Student wishing to seek job oriented higher technical /professional / medical / engineering education or any other course acceptable as per banks policy .
  • Documents Required
    • KYC compliance
    • Admission proof, Degree /Certificate/ Mark Sheet for last qualified exam.
    • Original title deeds / sale deed of the plot / flat, Latest copy of city survey record,  Copy of sanction plan (corporation / NIT), Latest corporation tax paid receipt, Copy of Deed of declaration (in case of flat)
    • Income proof of the applicants, Certified copy of latest salary receipt for 3 months. (in case of salaried person)
    • Other relevant applicable documents.
  • Rate of Interest
  • Margin
  • 20 % of fees & expenses.
  • Repayment
    • Repayable in maximum 84 equated monthly installments (with or without moratorium period as per sanctioned terms).
  • Security
    • Guarantee from two persons having assured source of income and adequate networth
    •  Mortgage of Immovable property having sufficient market value to cover the loan amount.
  • Condition
    • Parents should have a regular source of income.
    • Processing / Scrutiny Charges : 1.15% of the loan amount or as per the sanctioned terms.
    • Share linking - Borrower will be required to purchase the shares of the Bank (as per sanction terms)
  • Other Conditions
    • Other terms and conditions as per Sanctioned Terms
Other Loans facilities

172, Shraddhanand Peth,
South Ambazari Road,
Nagpur-440010
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TELEPHONE
0712 - 2221120, 2221686
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MOBILE
+91 9158884855,
+91 9158884844, +91 9158884845