| EDUCATIONAL LOAN | |||||
|---|---|---|---|---|---|
| TITLE | NORMS | ||||
| Purpose | Higher Education of Children in India and Abroad | ||||
| Eligibility | Salaried Employees / Businessmen/Professionals and Individuals with proven source of Income | ||||
| Loan Limit | Within India – Upto Rs.25 Lakhs Abroad - Upto Rs.50 Lakhs |
||||
| Repayment Period | Repayable in 120 Months EMI | ||||
| Rate of Interest |
|
||||
| Share Holding | 2.5% of the Loan amount as per RBI notification | ||||
| Security | Mortgage of the Property by way of Registered Memorandum of Deposit of Title deeds | ||||
| Documentation | Prescribed Application Form with Attested Copies of Photo ID – Voter ID/DrivLicense/Passport/Aadhar PAN Card | ||||
|
Income Proof - Salaried Certified Salary Certificate/Payslips- 3 months Form 16A issued by employer, Copy of Passbook 3 years IT Returns |
|||||
|
Business/Professionals 3 years IT Returns, with Tax paid challan Professionals/ Bank pass book/statement |
|||||
|
Self employed 1. Consent declaration from family members wherever applicable. 2. Income proof as above of family members wherever applicable. |
|||||
| Purpose Proof | Purpose Proof Study Certificate from the Institution/ Admission allotment letter issued by the Authority/Fee’s structure demand letter from Institution. | ||||
