● For Salaried Persons :
* employees of reputed and financially sound organization. minimum take home salary of INR. 15,000/- per month and confirmed service for at least one year.
● For Businessmen & Professionals :
* business should have establishment of minimum of three years.
● Co-Applicant :
* Parents of the student must be taken as co-applicant.
● Student's Eligibility
* Student should have secured admission to a higher education course in recognised institution in india or abroad. Repayment
● Loan Limit : Is Maximum Upto Rs. 25.00 Lacs.
● Repayment Period : Upto/Maximum 7 Years Excluding Moratorium
● Moratorium Period : Duration Of Course +12 Months
● No Pre-Payment Penalty.
● Rate Of Interest : Is Applicable From Time To Time.
● Service Charges : Are Applicable From Time To Time.
1. Duly Filled Form With :
I. Income Proof Of Applicant(S) & Guarantor(S)
Ii. Residential Proof Of Applicant(S) & Guarantor(S)
Iii. Course Details
Iv. Property Documents
V. Pan Card Of Applicant(S) & Guarantor(S)
Vi. KYC Of Applicant(S) & Guarantor(S)
2. Prime Security : Assignment Of future income receivables of student.
3. At Least One Guarantor And security holders to be also taken as guarantors
4. Other Charges : franking charges, legal charges,(cersai, filing mortgage, insurance of property, valuation, sanction confirmation if applicable).
Margin On Loan Requirement
● Upto Rs.2.00 Lacs- 15%.
● Above Rs. 2.00 lacs- studies in india- 20% & studies in abroad- 25%.
Margin On Collateral Security
● 30% margin in case the security is an immovable property
● Nil margins, if the party offers fixed deposit as security.
● Regular membership for the applicant and for the co-applicant, 1% of sanctioned amount, subject to minimum of Rs. 1000.00 & maximum of Rs. 2500.00
Sureties & Security : upto Rs. 2lakhs- parents to be joint borrower(s) and two sureties with substantial net worth/income acceptable to the bank. no tangible security.
Above Rs. 2.00 lakhs- parents to be joint borrower(s), one surety acceptable to our bank, out of whom, one working with reputed firm/govt/semi govt concern and collateral of tangible security covering loan amount/fixed deposits.
Harbour Crest, Mazgaon T.T., Mumbai - 400 010.
+91-22 2372 3753, 2372 9969, 2637 9971, 2373 4202, 2373 4311