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Education Loans to staff members (for self and children) pursuing professionals courses of education like engineering, medicine, etc. 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 half yearly)

Terms and Conditions:

1. Loanee should be regular/permanent employee of the bank and Cooperative department, UT, Chandigarh and having 5 years service.

2. Student should also be nominal member of the bank.

3. 40% carry home salary should be maintained.

4. Maximum period of loan is 5 years or recoverable at the time of retirement from his/her retirement dues. The installments shall be calculated keeping in view the period of remaining service of employee.

5. Installment should be recovered from monthly salary and at the time of retirement from his/her retirement dues.

6. Two good sureties.

7. Collateral security. (Equitable mortgage.)

8. Interest will be calculated on half yearly basis.

9. Should submit an undertaking that remaining dues, if any be recovered from the retirement dues.

10. Irrevocable letter countersigned by the employer/DDO.

11. Proof/letter of admission

12. EMI will start after one month from the date of the advancement.