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Educational Loan
Purpose :
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For pursuing higher studies in India and Abroad.
Eligibility :
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Applicant will be parent having regular source of income with student as co-applicant.
Loan Amount :
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100% of cost of the fees and other expenses on the basis of the eligibility and income proof provided by the applicant or 70% of Face Value of NSC's or 70% of valuation of Gold or 85% of outstanding balance ,in case of cumulative deposits or 95% of outstanding balance in case of other deposits or 70% of the market value of the property or 50 times of the net salary of the parents or 3 times of net cash accruals in case of businessman. (Maximum – Up to Rs. 10.00 lakh in India and Up to Rs. 20.00 lakh Abroad).
Repayment Period :
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Maximum 120 months inclusive of Moratorium period of Max 5 years.
Moratorium Period :
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Duration of the course plus an additional period of six months or 5 years whichever is earlier.
Rate of Interest :
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12% p. a.
Security :
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a) Up to Rs. 2.00 lakhs :
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Two guarantors of well placed means.
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b) Above Rs. 2.00 lakhs :
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Two guarantors of well placed means.
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Equitable mortgage of Property or Pledge of any other tangible security acceptable to the bank. Tangible Investments like LIC (Surrender Value), NSC (Face Value), KVP (Face Value), Gold (As per Banks Valuation), or FD’s with our Bank can be considered while assessing the proposal and for sanctioning the loans.
Documents Required :
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a) Documents of Students :
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Admission letter of the Educational Institute giving details of year wise fee, boarding and lodging expenses. Letter confirming scholarship, if any.
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Attested copies of documents for proof of age/date of birth and proof of residential address.
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Passport size photo of the applicant, co-applicants and guarantors.
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Copy of mark-sheets /degree certificates of previous academic qualifications.
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Income proof/latest income tax return of parents/co-applicants, guarantors (if any).
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Details of collateral security along with valuation certificate of Government approved valuer (if any).
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Details/statements of Bank accounts held by the student applicant/co-applicant(s)/guarantors (if any) for the last six months.
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Copy of Passport/Visa, cost of air fare (documentary detail) in case of studies abroad.
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b) For Salaried Guardians(Co-applicant Parent)/ Guarantors :
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Latest Three Months Salary slip/Form 16 A.
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Photograph and Identity Proof (Office ID Card / Pan Card).
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A photocopy of the first and last pages of Ration card or copy of Telephone/Electricity bills.
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A photocopy of bank statement for the last six months.
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c) For Self-Employed/Businessman :
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A brief introduction of Business/Profession.
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Balance Sheet, Profit and Loss account and statement of income with Income Tax returns for the last 3 years certified by a CA.
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A photocopy of Advance Tax payments (if applicable).
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A photocopy of Registration Certificate of establishment under shops and Establishments Act/Factories Act.
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A photocopy of Registration Certificate for deduction of Profession Tax (if applicable).
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Bank statements of Current and Saving accounts for the last 6 months.
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A photocopy of Certificate of Practice (if applicable).
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A photocopy of any bank loan (if applicable).
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A photocopy of the first and last pages of the Ration card or a copy of PAN/Telephone/Electricity Bills.
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A photocopy of LIC policy (if applicable).
**All loans at the sole discretion of The C.K.P. Co-op Bank Ltd.
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