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EDUCATION LOAN FOR PERSUING HIGHER STUDIES

Loans to students pursuing professionals courses of education like engineering, medicine, MBA etc. or any other course run by recognized university/institute/college of India/abroad can apply for education loan and also on the basis of repaying capacity of parents

AMOUNT OF LOAN:
(I) RS. 5.00 LAC FOR DOMESTIC STUDY
(II) RS. 20.00 LACS FOR STUDY ABROAD

Rate of Interest: 10% P.A. (Calculation of interest rests monthly)

ELIGIBILITY An Indian national with minimum of 17 years and maximum 35 years of age can apply

REPAYMENT: WITHIN 5 YEARS

Terms and Conditions:

i) Parents should be a nominal member of the bank

ii) Parents should be the resident of Chandigarh/Mohali/Panchkula.

iii) Proof/letter of admission for pursuing higher studies and the expenses involved.

iv) Parents should produce proof of ownership valuation certificate, non-encumbrance certificates, and possession certificate, issued by the competent authority regarding immovable property at Chandigarh to be mortgaged in favour of the bank in lieu of the loan.

v) Advance cheques in favour of the bank for repayment of loan

vi) Up to 5 Lacs without collateral security if both of the parents are govt. employees and on their personal guarantees. Above five lac equitable mortgage of an immovable property is required.

vii) The age of parent should not be more than 55 years till full recovery of loan amount and an undertaking from govt. employee for deduction from his/her retiral benefit.

viii) Family income should not be less than 40% or below after calculating loan installment.

ix) EMI will start from the next month from the day of advancement.

x) The student and parent should be co-applicant in the loan application.

xi) Bank statement for last six months of parents.

xii) Two good sureties.