Education Loan Scheme


Education Loan scheme for Bachelor of Architecture (B. Arch)
Eligibility A student admitted to a recognized University / Institution for graduation in Bachelor of Architecture course. The father or legal guardian of the student will be co-applicant. Satisfactory academic performance.
Purpose For pursuing graduation
Classification

Loans sanctioned upto Rs. 10.00 lakh will be classified under Priority Sector.

Loans sanctioned above Rs. 10.00 lakh will be classified under Non-Priority Sector
Maximum Loan Amount
Tenure of Course Govt College
Education Hostel
5 years Between Rs. 17,800/- to Rs. 90,000/- annually On actual basis
Maximum Loan amount restricted to 90% of the above expenditure.
Rate of interest 12.50% p.a.
Margin 10 % of the cost of course such as fees, boarding and lodging expenses and books cost, etc.
Share Linkage 1% of loan sanctioned
Processing Fees 0.50% of Loan Amount upto Rs. 2,00,000/- plus Service Tax 1% of Loan Amount above Rs. 2,00,000/- plus Service Tax Maximum Rs. 50,000/- plus Service tax
Repayment Period
  1. During the completion of the final degree course, the interest is to be serviced regularly.
  2. The 1st EMI shall fall due six months after completion of the Course duration or on getting gainful employment whichever is earlier.
  3. The entire loan shall be repaid in maximum 60 EMI’s from commencement of 1st Emi.
Securities Collateral Security with charge by way of Lien / Assignment / Mortgage of Tangible marketable securities acceptable to the Bank such as FD’s / LIC police / Govt. Securities / Immovable property respectively as the case may be.
Documentation to be submitted Documents to be executed by the Student along with is Natural / Legal Guardians and Sureties be jointly as under:
  1. Application in prescribed format
  2. Photographs
  3. PAN CARD ( MANDATORY)
  4. CIBIL REPORT ( MANDATORY)
  5. Address proof: Passport/telephone/electricity bill, Ration card/ Voter identity card, Driving license, etc. ( any one).
  6. Identity proof: Pan Card / Passport / Voter identity card / Driving License / Adhar Card, etc. ( any one)
  7. Proof of admission from Government College / Institutions, copies of mark-sheet/certificate of last exam passed
  8. Proof of income of father/guardian and Guarantors, IT Return copy of last 3 years

Original property documents offered for mortgage/ FDR / LIC / Government Securities.
Guarantors Two Creditworthy Guarantors
Disbursement By way of direct disbursement to University/Institute against submission of demand notice/ bill.
Bank Documentation (Post Sanction)
  1. Form No. 24: Demand Promissory Note
  2. Form No. 30: Authorisation letter for deduction of Loan Installments out of Salary (to be executed in case Co-Borrower/Parent is Salary Earner)
  3. Form No. 30A: Authorisation letter for deduction of Loan Installments out of Salary (to be executed in case Surety is Salary Earner)
  4. Form No. 33: Agreement for Loan
  5. Form No. 36: Letter of Lien & Set-off from Borrower
  6. Form No. 45: Letter of Guarantee.
  7. Form No. 55: Letter of Lien & Set-off from Guarantor/co-obligants
  8. Undertaking from Borrower / Co-borrower for servicing of monthly interest till the commencement of 1stEMI.
Administrative Instructions:
  1. Pre sanction visit to be conducted and report to be held in Record.
  2. Valuation Report of Property from Bank’s approved Valuer
  3. Search, Tile and marketability report from Bank’s Panel Advocate
  4. Post Sanction, Inspection and verification report of security offered to bank
  5. Semester wise or Yearly as applicable, progress report of the student.
  6. Bank’s lien to be noted with Builder/Society’s record
Who can Apply A student admitted to a recognized University/Institution in India or abroad for higher studies. The father or legal guardian of the student will be co-applicant and in case the student is minor, the father or legal guardian will be the applicant.
What should be the purpose? For pursuing higher studies at graduation or diploma or post-graduation level in India or abroad in the areas like Medical, Engineering, Management, Architecture, Law, Fashion Designing, Catering etc.
What is maximum age limit of the student? 28 years
How much loan can be granted ? Under Priority Sector:-
  1. In India : maximum upto Rs. 10 Lakhs
  2. Abroad : maximum upto Rs. 20 Lakhs
Under Non-Priority Sector:-
  1. In India : maximum upto Rs. 35 Lakhs
  2. Abroad : maximum upto Rs. 50 Lakhs
What is rate of interest?

12.50% p.a. upto Rs. 10 lakhs

13% p.a. above Rs. 10 lakhs
What will be the share linkage 1% of loan sanctioned
What will be the repayment period?
  1. Moratorium : Duration of Course plus 6 months or getting gainful employment whichever is earlier for EMI to start
  2. Interest from the date of disbursement till the start of EMI to be serviced regularly every month. The borrower /co-borrower has to give an undertaking to this effect.
  3. Moratorium plus 66 EMIs for studies in India Moratorium plus 72 EMIs for studies Abroad
What will be the securities?
  1. Our Bank’s Fixed Deposits and/or
  2. Immoveable Assets (Flat, Shop, office, other premises) value of which should not be less than 133% of loan amount
What about guarantors?

Two guarantors acceptable to Bank

Documents to be submitted by Guarantors:

  1. Photographs
  2. PAN CARD ( MANDATORY)
  3. CIBIL REPORT ( MANDATORY)
  4. Duly filled and signed Consent Letter
  5. Address proof : Passport / telephone / electricity bill, Ration card / Voter identity card / Driving license, etc. (any one).
  6. Identity proof : Pan Card /Passport/Voter identity card/ Driving License / Adhar Card etc. ( any one)
  7. Submission of Financial Paper as under:
Salaried Person:-
  1. 3 Months’ Salary Slips
  2. Form No-16, Tax Return copy
  3. Latest Bank Statement 6 Months.
Businessmen: -
  1. Latest I.T returns Copy
  2. Balancesheet & Profit & Loss Account statement
  3. 6 Months latest Bank statement.
How to apply? Documents to be furnished as under:
  1. Application in prescribed format
  2. Photographs
  3. PAN CARD ( MANDATORY)
  4. CIBIL REPORT ( MANDATORY)
  5. Address proof: Passport/telephone/electricity bill, Ration card/ Voter identity card, Driving license, etc. ( any one).
  6. Identity proof: Pan Card / Passport / Voter identity card / Driving License / Adhar Card, etc. ( any one)
  7. Proof of admission, copies of mark-sheet/certificate of last exam passed, I-20 Form and valid Visa
  8. Proof of income of father/guardian , IT Return copy of last 3 years
  9. Original property documents offered for mortgage or FDR
  10. Pre sanction visit report
  11. Valuation Report of Property from our approved Valuer Satisfactory academic performance having > 55% Marks~
Documents to be furnished as under:
  1. Application in prescribed format
  2. Photographs
  3. PAN CARD ( MANDATORY)
  4. CIBIL REPORT ( MANDATORY)
  5. Address proof: Passport/telephone/electricity bill, Ration card/ Voter identity card, Driving license, etc. ( any one).
  6. Identity proof: Pan Card / Passport / Voter identity card / Driving License / Adhar Card, etc. ( any one)
  7. Proof of admission, copies of mark-sheet/certificate of last exam passed, I-20 Form and valid Visa
  8. Proof of income of father/guardian , IT Return copy of last 3 years
  9. Original property documents offered for mortgage or FDR
  10. Pre sanction visit report
  11. Valuation Report of Property from our approved Valuer Satisfactory academic performance having > 55% Marks
Education Loan scheme for Medicos (MBBS)
Eligibility A student admitted to a recognized University / Institution for graduation in MBBS degree course. The father or legal guardian of the student will be co-applicant. Satisfactory academic performance.
Purpose For pursuing graduation in India
Classification Loans sanctioned upto Rs. 10.00 lakh will be classified under Priority Sector. Loans sanctioned above Rs. 10.00 lakh will be classified under Non-Priority Sector
Maximum Loan Amount
Tenure of Course Govt College
Education Hostel
4 ½ years + 1 yr internship Between Rs. 15,000/- to Rs. 70,000/- annually On actual basis

Maximum Loan amount restricted to 90% of the above expenditure.
Rate of interest 12.50% p.a.
Margin 10 % of the cost of course such as fees, boarding and lodging expenses and books cost, etc.
Share Linkage 1% of loan sanctioned
Processing Fees 0.50% of Loan Amount upto Rs. 2,00,000/- plus Service Tax 1% of Loan Amount above Rs. 2,00,000/- plus Service Tax Maximum Rs. 50,000/- plus Service tax
Repayment Period
  1. During the completion of the final degree course, the interest is to be serviced regularly.
  2. The 1st EMI shall fall due six months after completion of the Course duration or on getting gainful employment whichever is earlier.
  3. The entire loan shall be repaid in maximum 60 EMI’s from commencement of 1st Emi.
Securities Collateral Security with charge by way of Lien / Assignment / Mortgage of Tangible marketable securities acceptable to the Bank such as FD’s / LIC police / Govt. Securities / Immovable property respectively as the case may be.
Documentation to be submitted Documents to be executed by the Student along with is Natural / Legal Guardians and Sureties be jointly as under:
  1. Application in prescribed format
  2. Photographs
  3. PAN CARD ( MANDATORY)
  4. CIBIL REPORT ( MANDATORY)
  5. Address proof: Passport/telephone/electricity bill, Ration card/ Voter identity card, Driving license, etc. ( any one).
  6. Identity proof: Pan Card / Passport / Voter identity card / Driving License / Adhar Card, etc. ( any one)
  7. Proof of admission from Government College / Institutions, copies of mark-sheet/certificate of last exam passed
  8. Proof of income of father/guardian and Guarantors, IT Return copy of last 3 years
  9. Original property documents offered for mortgage/ FDR / LIC / Government Securities..
Guarantors Two Creditworthy Guarantors
Disbursement By way of direct disbursement to University/Institute against submission of demand notice/ bill.
Bank Documentation (Post Sanction)
  1. Form No. 24: Demand Promissory Note
  2. Form No. 30: Authorisation letter for deduction of Loan Installments out of Salary (to be executed in case Co-Borrower/Parent is Salary Earner)
  3. Form No. 30A: Authorisation letter for deduction of Loan Installments out of Salary (to be executed in case Surety is Salary Earner)
  4. Form No. 33: Agreement for Loan
  5. Form No. 36: Letter of Lien & Set-off from Borrower
  6. Form No. 45: Letter of Guarantee.
  7. Form No. 55: Letter of Lien & Set-off from Guarantor/co-obligants
  8. Undertaking from Borrower / Co-borrower for servicing of monthly interest till the commencement of 1stEMI.
Administrative Instructions:
  1. Pre sanction visit to be conducted and report to be held in Record.
  2. Valuation Report of Property from Bank’s approved Valuer
  3. Search, Tile and marketability report from Bank’s Panel Advocate
  4. Post Sanction, Inspection and verification report of security offered to bank
  5. Semester wise or Yearly as applicable, progress report of the student.
  6. Bank’s lien to be noted with Builder/Society’s record
Education Loan scheme for Medicos (BDS)
Eligibility A student admitted to a recognized University / Institution for graduation in dental degree course. The father or legal guardian of the student will be co-applicant. Satisfactory academic performance.
Purpose For pursuing graduation in India
Classification

Loans sanctioned upto Rs. 10.00 lakh will be classified under Priority Sector.

Loans sanctioned above Rs. 10.00 lakh will be classified under Non-Priority Sector
Maximum Loan Amount
Tenure of Course Govt College
Education Hostel
4 years + 1 yr internship Between Rs. 15,000/- to Rs. 90,000/- annually On actual basis

Maximum Loan amount restricted to 90% of the above expenditure.
Rate of interest 12.50% p.a.
Margin 10 % of the cost of course such as fees, boarding and lodging expenses and books cost, etc.
Share Linkage 1% of loan sanctioned
Processing Fees 0.50% of Loan Amount upto Rs. 2,00,000/- plus Service Tax 1% of Loan Amount above Rs. 2,00,000/- plus Service Tax Maximum Rs. 50,000/- plus Service tax
Repayment Period
  1. During the completion of the final degree course, the interest is to be serviced regularly.
  2. The 1st EMI shall fall due six months after completion of the Course duration or on getting gainful employment whichever is earlier.
  3. The entire loan shall be repaid in maximum 60 EMI’s from commencement of 1st Emi.
Securities Collateral Security with charge by way of Lien / Assignment / Mortgage of Tangible marketable securities acceptable to the Bank such as FD’s / LIC police / Govt. Securities / Immovable property respectively as the case may be.
Documentation to be submitted Documents to be executed by the Student along with is Natural / Legal Guardians and Sureties be jointly as under:
  1. Application in prescribed format
  2. Photographs
  3. PAN CARD ( MANDATORY)
  4. CIBIL REPORT ( MANDATORY)
  5. Address proof: Passport/telephone/electricity bill, Ration card/ Voter identity card, Driving license, etc. ( any one).
  6. Identity proof: Pan Card / Passport / Voter identity card / Driving License / Adhar Card, etc. ( any one)
  7. Proof of admission from Government College / Institutions, copies of mark-sheet/certificate of last exam passed
  8. Proof of income of father/guardian and Guarantors, IT Return copy of last 3 years
  9. Original property documents offered for mortgage/ FDR / LIC / Government Securities..
Guarantors Two Creditworthy Guarantors
Disbursement By way of direct disbursement to University/Institute against submission of demand notice/ bill.
Bank Documentation (Post Sanction)
  1. Form No. 24: Demand Promissory Note
  2. Form No. 30: Authorisation letter for deduction of Loan Installments out of Salary (to be executed in case Co-Borrower/Parent is Salary Earner)
  3. Form No. 30A: Authorisation letter for deduction of Loan Installments out of Salary (to be executed in case Surety is Salary Earner)
  4. Form No. 33: Agreement for Loan
  5. Form No. 36: Letter of Lien & Set-off from Borrower
  6. Form No. 45: Letter of Guarantee.
  7. Form No. 55: Letter of Lien & Set-off from Guarantor/co-obligants
  8. Undertaking from Borrower / Co-borrower for servicing of monthly interest till the commencement of 1stEMI.
Administrative Instructions:
  1. Pre sanction visit to be conducted and report to be held in Record.
  2. Valuation Report of Property from Bank’s approved Valuer
  3. Search, Tile and marketability report from Bank’s Panel Advocate
  4. Post Sanction, Inspection and verification report of security offered to bank
  5. Semester wise or Yearly as applicable, progress report of the student.
  6. Bank’s lien to be noted with Builder/Society’s record

Concession Rate 0.25% p.a. of Interest to Women borrower for Housing Loan, Education Loan, Gold Loan, Business Loan.


National Co-operative Bank