Education Loan Scheme
 
Who can apply?
A student  admitted to a recognized University/Institution  in India or abroad for higher studies. The father or legal guardian of the student will be  co-applicant and in case the student is minor, the father or legal guardian will be the applicant.
 
What should be  the purpose?
For pursuing higher studies at graduation or diploma or post-graduation level in India or abroad in the areas like Medical, Engineering, Management, Architecture, Law, Fashion Designing, Catering etc.
 
What is maximum age limit of the student?
28 years
 
How much loan can be granted ?

Under Priority Sector:-

In India :  maximum upto Rs. 10 Lakhs
Abroad :  maximum upto Rs. 20 Lakhs

Under Non-Priority Sector:-

In India :  maximum upto Rs. 35 Lakhs
Abroad :  maximum upto Rs. 50 Lakhs
 
What is rate of interest?
8.50% p.a. upto Rs. 25 lakh
 
What will be margin
10 % of the cost of course such as fees, boarding and lodging expenses and books cost, air ticket cost.
What will be the share linkage
1% of loan sanctioned
 
What will be the repayment period?
i)     Moratorium : Duration of Course plus 6 months or getting gainful employment whichever is earlier for EMI to start
ii)   Interest from the date of disbursement till the start of EMI to be serviced regularly every month. The borrower /co-borrower has to give an undertaking to this effect.
iii) Moratorium plus 66 EMIs for studies in India Moratorium plus 72 EMIs for studies Abroad
 
What will be the securities?
i) Our Bank’s Fixed Deposits and/or
ii) Immoveable Assets (Flat, Shop, office, other premises)  value of which should not be less than 133% of loan amount
 
What about guarantors?
Two Guarantors acceptable to Bank.
Documents to be submitted by Guarantors:
 
a)     Photographs
b)     PAN CARD ( MANDATORY)
c)     CIBIL REPORT ( MANDATORY)
d)     Duly filled and signed Consent Letter
e)     Address proof : Passport / telephone / electricity bill, Ration card / Voter identity card / Driving license, etc. (any one).
f)      Identity proof : Pan Card /Passport/Voter identity card/ Driving License / Adhar Card etc. ( any one)
g)     Submission of Financial Paper as under:
Salaried Person:-
1)  3 Months’ Salary Slips,
2)  Form No-16, Tax Return copy,
3)  Latest Bank Statement 6 Months.
Businessmen: -
1) Latest I.T returns Copy,
2) Balancesheet & Profit & Loss Account statement,
6 Months latest Bank statement.
 
How to apply?
Documents to be furnished as under:
 
a)     Application in prescribed format
b)     Photographs
c)     PAN CARD ( MANDATORY)
d)     CIBIL REPORT ( MANDATORY)
e)     Address proof: Passport/telephone/electricity bill, Ration card/ Voter identity card, Driving license, etc. ( any one).
f)      Identity proof: Pan Card / Passport / Voter identity                           card / Driving License / Adhar Card, etc. ( any one)
g)     Proof of admission, copies of mark-sheet/certificate of last exam passed, I-20 Form and valid Visa 
h)     Proof of income of father/guardian , IT Return copy of last 3 years             
i)       Original property documents offered for mortgage or FDR
j)       Pre sanction visit report
k)     Valuation Report of Property from our approved Valuer
Satisfactory academic performance having > 55% Marks~
Documents to be furnished as under:
 
a)     Application in prescribed format
b)     Photographs
c)     PAN CARD ( MANDATORY)
d)     CIBIL REPORT ( MANDATORY)
e)     Address proof: Passport/telephone/electricity bill, Ration card/ Voter identity card, Driving license, etc. ( any one).
f)      Identity proof: Pan Card / Passport / Voter identity                           card / Driving License / Adhar Card, etc. ( any one)
g)     Proof of admission, copies of mark-sheet/certificate of last exam passed, I-20 Form and valid Visa 
h)     Proof of income of father/guardian , IT Return copy of last 3 years             
i)       Original property documents offered for mortgage or FDR
j)       Pre sanction visit report
k)     Valuation Report of Property from our approved Valuer
Satisfactory academic performance having > 55% Marks
 
How disbursement will be made?
By way of direct disbursement to University/Institute against submission of  demand notice/ bill for studies in India and against I-20 form for studies abroad.
 
Sanctioning Authority
Loan Committee upto Rs 10 lacs
Board above Rs 10 lacs
(Clearance to be obtained as per HO circular NCB/HO/ADV/810/2014-15 dt. 05.12.2014)
Post Sanction
   1)   Inspection and verification report of   security offered to bank
2) Bank’s lien to be noted with Builder/Society’s record
Processing Fees
0.50% of Loan Amount upto Rs. 2,00,000/- plus Service Tax
1% of Loan Amount above Rs. 2,00,000/- plus Service Tax
(Maximum processing fees should not exceed Rs. 25000/- excluding service tax)
Subject to change as advised from time to time.
National Co-operative Bank