Cent- Mortgage-Educational Institutions

1.Eligibility
  • Loan against mortgage of immovable property with Institute building located in Metro/Urban/Semi-urban centres.
  • The private educational institutions incorporated as Society/Trust, should be in existence for minimum 5 years and at least 2 batches of students should have passed out from the institute affiliated to different Educational Boards/Universities recognized by Government / UGC/any Statutory Body like AICTE/IMC etc.
2.Purpose

To meet any sort of operational expenses, but not for any speculative purpose / Real Estate activity / Capital Market activity.
3.Quantum of Finance:
  • Minimum: Rs.1.00Lac
  • Maximum: Rs.500.00Lac.
4.Rate of Interest:

MCLR + 4.50 % for Term Loan and Over Draft.
5.Terms of Repayment:
  • Term Loan is to be repaid in Maximum 120 equated monthly instalments (EMIs), commencing from next month of disbursement.
  • •Over Draft: for 12months renewal annually.
6.Security
  • EM of non-encumbered Land with Building in the name and possession of the Institute, located in Metro/Urban/Semi-urban centres.
7.Other Charges:
  • Processing Charges: In case of Term Loan & Overdraft, @0.50% of Loan Amount subject to maximum of Rs.20,000/- and Rs.10,000/- respectively.
  • Renewal Charges: In case of OD, renewal charges to be levied @0.50%, maximum Rs.2000/- per renewal.
  • Inspection Charges & Documentation Charges: Nil.