About AIMS

Aarna Institute of Maritime Studies (AIMS) is promoted by Aarna Foundation, a public charitable trust established in 2008. AIMS is a premier Institute established to Impart International Maritime Education and Training (MET)

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    Bank Loan Facility

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

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

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

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

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

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

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

    Eligible Courses

    A. STUDIES IN INDIA

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

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

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

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

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

    • 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.

    B. STUDIES ABROAD

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

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

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

    EXPENSES CONSIDERED FOR LOAN

    • Fees payable to college/school/hostel

    • Examination/Library/Laboratory fees

    • 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)

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

    • Travel Expenses/Passage money for studies abroad

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

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

    AMOUNT OF LOAN

    • For studies in India, maximum Rs. 10 lacs

    • Studies abroad, maximum Rs. 30 lacs

    INTEREST RATES

    Contact with Nationalize Bank.

    PROCESSING FEES

    Contact with Nationalize Bank.


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

        Maximum Loan Limit                                                     Repayment Period

        Upto Rs. 4 Lacs                                                             Upto 10 years

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

        Above Rs. 7.5 Lacs                                                        Upto 12 years

    SECURITY

        Particular                                    Security

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

        loan amount                                 

        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.

           

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

        loan amount

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

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

    • For loans above Rs.4.0 lacs:

    • Studies in India: 5%

    • Studies Abroad: 15%

    DOCUMENTATION REQUIRED

    • Completed Education Loan Application Form.

    • Mark sheets of last qualifying examination

    • Proof of admission scholarship, studentship etc

    • Schedule of expenses for the specified course

    • 2 passport size photographs

    • PAN Card of the student and the Parent/ Guardian

    • Studies abroad, maximum Rs. 30 lacs

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

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

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

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