EDUCATION LOAN TO EXECUTIVES FOR PURSUING MBA FROM IIMs & OTHER PREMIER MANAGEMENT INSTITUTES

EDUCATION LOAN TO EXECUTIVES FOR PURSUING MBA FROM IIMs & OTHER PREMIER MANAGEMENT INSTITUTES

Eligibility

  • The student should be an Indian National with minimum work experience of 2 years in Government/ Corporate/Multinational concern.
  • The minimum age of the student should be 23 years.
  • Should have secured admission or intimation of final selection to Executive MBA programme of a reputed institution in India or abroad.

Co-borrower


Loan to be sanctioned in individual name of the student.
Parent(s)/guardian/ spouse/parents-in-law of the student may also be taken as joint-borrower.

Quantum of finance


Rs.40.00 Lakh

Margin


Nill
 

Security

  • No collateral security, except assignment of present as well as future income of the student.
  • Insurance Policy on the life of the student availing Educational Loan to the extent of at least loan amount for a minimum period of loan term (i.e., course period + moratorium period + repayment period) assigned in favour of the Bank. Premium to be paid regularly by borrower

Rate of Interest:

REPO RATE (6.50%) + 1.60 (Credit Risk Premium) = 8.10% presently [For AAA Category]
REPO RATE (6.50%) + 1.70 (Credit Risk Premium) = 8.20% presently [For AA Category]

REPAYMENT PERIOD:

  • Repayment of EMIs to start 3 months after completion of course.
  • Repayment period (excluding moratorium period) is 8 years for limits up to Rs.7.50 lakh
  • Repayment period (excluding moratorium period) 12 years for limits above Rs.7.50 lakh.
  • Moratorium period= Course Period + 3 Month

EXPENSES CONSIDERED FOR LOAN:

  • Fee payable to the institute/ hostel.
  • Examination/ Library/ Laboratory fee.
  • Purchase of books/ equipment/ instruments.
  • Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts
  • Travel expenses/ passage money for studies abroad.
  • Purchase of computer - essential for completion of the course.
  • Insurance premium for student borrower
  • Any other expense required to complete the course - like study tours, project work, thesis, etc. However, living expenses, personal/family maintenance expenses, etc. will not be covered.

Processing Charges
NIL
 

Repayment

  • Repayment in EMIs to start 3 months after completion of course.
  • Loan is repayable in EMIs for a period upto 8 years in case the loan amount upto Rs.7.50 lakh and upto 12 years in case the loan amount is more than Rs.7.50 lakh.

 

For further details please contact our nearest branch or call on the toll free no. 1800 22 1911