| Coverage of Expenses
- Fees payable to College including examination /library /laboratory
fees
- Caution deposits and refundable deposits(not exceeding 10% of tuition
fees for the entire course).
- Cost of study books / equipments / computers
- Cost of uniform
- Hostel Boarding and lodging
- One time premium of life insurance policy (without maturity return)
covering the entire period of loan with sum assured equal to the loan
amount
Quantum
Max.Rs.10.00 lakhs subject to actual requirement, whichever
is lower.
Margin
- Up to Rs. 4 .00 lakhs - Nil.
- For loans above Rs. 4 .00 lakhs - 5%
Scholarships /assistantship can be included in margin . Margin may
be brought in on year-to-year basis as and when disbursements are made
Mode of payment :
Payment, preferably through RTGS direct to the institution / supplier
for college/hostel fees, books, uniform, computers etc as far as possible.
RTGS charges may be waived. The paid bills / vouchers (not older than
3 months) may be reimbursed by credit to borrower’s account.
Borrower/ Guarantor :
In the case of (major) students – borrower to be the student him/herself
along with atleast one of his/ her parents as guarantor. Networth of
the guarantor/s should not be less than the loan amount.
If parents are not alive, close relative should be guarantor.
(Either one guarantor with net worth not less than the loan amount
or more than one guarantor with total networth not less than the loan
amount).
In the case of minor students- one of the parents to be the borrower
along with other parent/ close relative as guarantor.
Security :
Guarantee by one of the parents/close relative .
Life Insurance policy (Single Premium) for equal amount of loan and
tenure to be got assigned in bank’s name . |
