Loan can be availed for courses like Medical/ Engineering/ C.A./ I.C.W.A./ Pharmacy/ M.B.A./ Company Secretary/ Degree/ Diploma/ Post Graduate Course in Computerization/ Fashion Designing/ Catering/ Hotel Management/ Architecture/ Degree or post graduate Course in Textile designing/ P.H.D., etc. The Courses should be full time, approved by A.I.C.T. / Government / conducted by the recognized university.
The member can avail maximum two higher education loan for ward (maximum one loan for one ward) within membership period. However, at a time only one loan will be given for the one ward upto Rs. 40 Lacs.If both husband and wife are member of the bank they can get maximum Loan limit of Rs. 80 Lacs
Fees includes: Fee payable to College/ Hostel, Examination/ Library, Laboratory Fee, Purchase of Books/ Equipments/ Instruments/ Uniforms, Caution Deposit/ Building Fund/ Refundable Deposit, Other Expense required to complete the course - like Study Tours, Project Work, Travelling Expenses.
Minimum one compulsory deposits recovery must be received from Salary.
7.50 % p.a.
Maximum Repayment term is of 120 months. Terms of loan depend on Maximum repayment period or remaining service period less 3 months whichever is less. Applicant must get ¼ of gross salary in their hand after deduction of loan installment with interest thereon. Remaining service of borrower and guarantor(s) should be equivalent.
Member can avail Moratorium Period upto Four years on specific request.
Certificate of the admission of the concerned institute, lower exam marksheet, Diploma, Graduation Certificate, information about admission, yearly fees, certified xerox copy of the Aadhaar card
Now no need of Guarantor(s) for Education loan but have to contribute towards Surety Guarantee Fund @Rs. 5/- per thousand on Education Loan sanctioned amount