A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.

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Sample Sanction Letter of AIMS HND-Marine Engineering Cadet-1 (Click here) (From Bank Of Baroda)

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Sample Sanction Letter of AIMS HND-Marine Engineering Cadet-2 (Click here) (From State Bank Of India)

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Sample Sanction Letter of AIMS HND-Marine Engineering Cadet-3(Click here)

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Sample Sanction Letter of AIMS HND-Marine Engineering Cadet-4(Click here)

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Sample Sanction Letter of AIMS HND-Marine Engineering Cadet-5 (Click here) (From Dena Bank)

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Sample Sanction Letter of AIMS HND-Marine Engineering Cadet-6 (Click here) (From United Bank Of India)

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Eligible Courses

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A. STUDIES IN INDIA

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• Graduation, Post-graduation including regular technical and professional Degree/Diploma courses conducted by colleges/universities approved by UGC/ AICTE/IMC/Govt. etc

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• Regular Degree/ Diploma Courses conducted by autonomous institutions like IIT, IIM etc

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• Teacher training/ Nursing courses approved by the Central government or the State Government

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• Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. approved by Director General of Civil Aviation/Govt. etc

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• Shipping or for foreign approved by the competent shipping authorities of respective Country.

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• Vocational Training and Skill Development Study Courses will not be covered under the regular Education Loan Schemes. A separate scheme for Loans for Vocational Education and Training has been launched which covers financing for such Vocational courses.

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B. STUDIES ABROAD

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• Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities.

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• Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. approved by Director General of Civil Aviation.

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• Shipping or for foreign approved by the competent shipping authorities of respective Country.

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EXPENSES CONSIDERED FOR LOAN

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• Fees payable to college/school/hostel

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• Examination/Library/Laboratory fees

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• Purchase of Books/Equipment/Instruments/Uniforms, Purchase of computers- essential for completion of the course (maximum 20% of the total tuition fees payable for completion of the course)

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• Caution Deposit/Building Fund/Refundable Deposit (maximum 10% tuition fees for the entire course)

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• Travel Expenses/Passage money for studies abroad

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• Cost of a Two-wheeler up to Rs. 50,000/-

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• Any other expenses required to complete the course like study tours, project work etc.

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AMOUNT OF LOAN

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• For studies in India, maximum Rs. 10 lacs

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• Studies abroad, maximum Rs. 30 lacs

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INTEREST RATES

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Contact with Nationalize Bank.

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PROCESSING FEES

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Contact with Nationalize Bank.

Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier.

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    Maximum Loan Limit                                                     Repayment Period

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    Upto Rs. 4 Lacs                                                             Upto 10 years

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    Above Rs. 4 Lacs and upto Rs. 7.5 Lacs                           Upto 10 years

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    Above Rs. 7.5 Lacs                                                        Upto 12 years

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SECURITY

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    Particular                                    Security

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    Upto Rs. 4 lacs                            Only Parent/ Guardian as co-borrower

    loan amount                                 

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    Above Rs. 4 lacs to                      Parent/ Guardian as co-borrower and Collateral security in the form of suitable                                  Rs. 7.50 lacs loan amount            third party guarantee*.*Third Party Guarantee can be replaced with                                                                                                   Parent/Guardian as co-borrower provided the Gross Annual Income of Parent/Guardian

                                                     (co- borrower) as given in latest Income Tax Return is 3 times of the loan amount.

       

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    Above Rs. 7.50 lacs                     Parent / Guardian as co-borrower and tangible collateral security

    loan amount

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IN CASE OF MARRIED PERSON, CO-OBLIGATOR CAN BE EITHER SPOUSE OR THE PARENT(S)/ PARENTS-IN-LAW MARGIN

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• For loans up to Rs.4.0 lacs : No Margin

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• For loans above Rs.4.0 lacs:

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• Studies in India: 5%

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• Studies Abroad: 15%

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DOCUMENTATION REQUIRED

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• Completed Education Loan Application Form.

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• Mark sheets of last qualifying examination

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• Proof of admission scholarship, studentship etc

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• Schedule of expenses for the specified course

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• 2 passport size photographs

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• PAN Card of the student and the Parent/ Guardian

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• Studies abroad, maximum Rs. 30 lacs

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• Borrower’s Bank account statement for the last six months

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• Income tax Returns/ IT assessment order, of last 2 yrs (If IT Payee)

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• Brief statement of assets and liabilities, of the Co-borrower

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• Proof of Income (i.e. Salary slips/ Form 16 etc. if applicable)

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