Educational Loan-EDL

Eligible category of borrowers

  • Regular members of our bank only

Line of activity

  • Parents engaged in business/professional services having good turnover/income.

Quantum of loan

  • As mentioned in Interest chart

Repayment

  • Immediately after securing job or with in six months from the date of completion of course whichever is earlier.

Rate of Interest

  • As mentioned in Interest chart (Subject to changes / revision from time to time)

Purpose

  • For higher education

Security

  • Simple Mortgage of the property / other movable Asset by way of hypothecation.

Shares

  • As applicable

Sureties

  • 2 sureties who are necessarily to be Regular members / Nominal members of the bank.

Other charges

  • As applicable.

Documents Required

  • Specified loan application.
  • Guarantor’s declaration form.
  • Address and income proof of both borrower & sureties.
  • IT Assessment orders (3 years) / Audited Financial statements.
  • All original property documents.
  • Valid legal opinion / valuation report on the property along with Insurance
  • Required margin as the case may be
  • Share certificate/Nominal membership
  • Any other letter/document related to the activity/purpose as the case may be.
  • Other terms & conditions as applicable.

For more details / clarification please contact your nearest branch.

Educational Loan-EDL
AMOUNT
Upto Rs. 1.00 Lakhs 10.00%
>Rs 1.00 Lakhs to Rs 4.00 Lakhs 12.00%
>Rs 4.00 Lakhs to Rs. 10 Lakhs 13.00%