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Education Loans

Education Loans

  1. Introduction :

    2. Our Rural area needs educated manpower. Lending for the purpose of education has attained a national priority. It should be our endeavor to extend financial help to promising students from Rural area in the pursuit of their education.

  2. Classification Of Loans:

    3. Educational Loans may be issued for the following purposes

    • For studies in India.

    • For studies Abroad.

    • Education Loan to Children’s of our Employees.

  3. Eligibility criteria for Studies in India:

    4. Eligible Courses All recognised Courses (By respective State Govts./Universities) from High School (VIII Std.) to Ph. D.

    (Note : The loan under the Scheme shall not be made available to pursue education at Nursery, Primary, Middle School and Correspondence Courses)

  4. Co-obligants (Sureties):

    5. There shall be atleast one co-obligant / 2 surety owing immovable property / salaried persons / or such other persons as decided by the Bank from time to time.

  5. Security:

    6. The housing loan shall be secured by Mortgage of un-encumbered immovable property belonging to the applicant situated within the jurisdiction of the Society. In case of direct finance, it should be situated within the territorial jurisdiction of the Branch from where the loan is availed.

  6. Rate of Interest:

    7. The Rate of Interest shall be as decided by the Board from time to time subject to the direction of the RBI from time to time.