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Bank Loan
Features
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A concession of
1% in interest rates can be availed on repayment of interest during
the moratorium period. |
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Loan can be used
for tuition, travel expenses, pursuing studies abroad, purchase of
books/equipment/instruments/uniforms and computers essential to the
course. |
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Up to Rs. 7.5
Lakhs for educational courses in India. |
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Up to Rs. 15
Lakhs for educational courses abroad. |
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Loan can be
repaid in easy instalments calculated with simple interest. This
includes a concession of 1% if the interest amount is repaid during
the period of moratorium. |
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The loan can be
availed for any of the following educational purposes. |
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| » | Fee payable to college /
school / hostel. |
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| » | Examination / Library
/Laboratory fee. |
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Caution deposit / building
fund / refundable deposit supported by Institution bills / receipts.
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Travel expenses / passage
money for studies abroad. |
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Purchase of computers -
essential for completion of the course. |
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| » | Any other expense required
to complete the course - like study tours, project work, thesis,
etc. |
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Can avail of a
margin of 5% on Loans for the courses in India and a margin of 15%
for courses pursued abroad. |
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The scholarship/assistantship can be included in the margin amount. |
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Terms and Conditions
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The applicant
must be an Indian National with a confirmed admission to
technical/professional courses through a valid selection
process/entrance exam. There is however no minimum mark that has to
be obtained to secure the loan. |
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The applicant
must have a letter of co-obligation signed by the
borrowers/parents/relatives/guardians or friends. |
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There also has
to be a stamped declaration /an affidavit confirming that no loans
are availed from other banks. |
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Following are the rates of interests charged: | |
| » Upto Rs.4.00 lacs | 0.75% above BPLR | |
| » Above Rs.4.00 lacs | 1.75% above BPLR |
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Simple interest
to be charged at quarterly rest during the repayment holiday /
Moratorium period. |
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Interest @ 2%
will be levied on any amount overdue in case of the loan exceeding
Rs. 2 Lakhs. |
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1 % interest
concession is provided if the interest is serviced during the study
period when repayment period is specified for interest/repayment
under the plan. |
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Documentation charges to be levied according to the following: | |
| » Upto Rs.25000/- | NIL | |
| » Above Rs.25000/- & upto Rs.2 lacs | Rs. 150/- | |
| » Above Rs.2.00 lacs & upto Rs.5 lacs | Rs.1000/- | |
| » Above Rs.5.00 lacs | Rs.1500/- | |
Loans can be obtained for the following courses:
| A. | For courses in India: | |
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Graduation courses; Post
Graduation courses; Masters & PhD. Professional courses;
Engineering, Medical, Agriculture, Veterinary, Law, Dental,
Management, Computer, Ayurveda, Homeopathy, Physiotherapy. |
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Computer certificate courses
of reputed institutes accredited to Dept. of Electronics or
institutes affiliated to university. |
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Courses like ICWA, CA, CFA,
CS. |
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Courses conducted by IIM,
IIT, IISc, XLRI, NIFT. |
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Courses offered in India by
reputed foreign universities. |
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Evening courses of
institutes approved by State/Central Govt./UGC/ Universities. |
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Other courses leading to
diploma / degree etc. conducted by colleges / universities approved
by UGC / Govt. / AICTE AIBMS / ICMR / ICAR. |
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Courses offered by National Institutes and other reputed private institutions. | |
| B. |
For courses abroad: |
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Graduation Courses: |
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| » | For job oriented
professional/technical courses offered by reputed universities. |
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Post Graduation Courses: | |
| » | MCA, MBA, MS. Courses conducted by CIMA - London, CPA in USA | |
Security
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Conditions
governing security required by the bank for disbursing the loan: |
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| » Up to Rs. 4.00 Lakhs | No Security |
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| » Above Rs. 4.00 Lakhs |
Collateral security equal to
100% of the loan amount or co-obligation of parent/guardian/third
party along with the assignment of future income of the student for
payment of instalments. |
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The document
should be executed by both the student as well as the parent /
guardian. |
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Security can be
in the form of land / building / Govt. securities / Public Sector
Bonds / Units of UTI, NSC, KVP, LIC policy, gold, shares /
debentures, bank deposit in the name of student / parent / guardian
or any other third party with suitable margin. |
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Wherever the
land / building is already mortgaged, it can be taken as security on
second charge basis. This is provided it covers the required loan
amount. |
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In case the loan
is given for purchase of computer the same to be hypothecated to the
Bank. |
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Important
Since the rules, regulations, eligibility conditions, repayments and
interests rates etc. are revised by the banks from time to time in keeping
pace with the changing capital market conditions, students and parents are
advised to thoroughly check the terms and conditions of educational loan
scheme on offer at the time of application.
Central Office
P.O. Box 10046,3, Walchand ;Hirachand Marg
Ballard Pier, Mumbai - 400 001
Gen: 022-2610341, Fax: 022-2611259
E-Mail: secbob@bol.net.in
Website: www.bankofbaroda.com
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