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Credit Student Loan
The times are changing fast that an abundant number of banks have come up with study / student loan schemes to assist students in their study programs. In addition to this, some private trusts and endowments are running study loan scheme, the terms and conditions of which vary from organization to organization.
Eligibility conditions: Students, who have secured admission in any of the general/ professional courses including computer and job-oriented courses recognized by the Government/Universities, are eligible for education loan to study in India or abroad. This scheme does not cover correspondence or distance study programs. The student should be between 16 and 28 years. However, the age is relaxable for special students. The student should have a good and consistent academic record in previous examinations.
Loan amount: Credit student Loan amount will cover admission and tuition fees, books and stationery, equipment/ instruments, examination fees, hostel/mess charges and travel expenses in case of overseas courses. The amount varies from different study course to course.
Repayment: Repayment of education loan is done by installments that are nominal (to cover interest portion, atleast) during the period the student is undertaking the studies. The installments will be stepped up one year after the completion of the course or after the student gets a job, whichever is earlier, so that the loan gets repaid together with interest within a period of 48 months thereafter.
- Private loan for a student will be granted in the joint names of students and parent/guardian (in case of minors, the parent/guardian will execute the documents on behalf of the minor and also in his capacity as co-borrower).
- Guarantee of suitable third party if deemed necessary and where sufficient collateral security is not available
- Insurance: An insurance policy will be taken on the life on the student borrower for an amount equivalent to the loan amount and the policy should be convertible whole-life one for 25 / 30 years, convertible after 5 years into one with endowment benefits. The Bank will pay the insurance premium on the policy by debiting it from the loan account. On liquidation of the loan, the policy will be reassigned and delivered to the borrower.
- Collateral security equal to the amount of loan in the form of Government Securities / NSCs / Units of UTI and / or immovable property.
Students who are interested in further studies and running short of financial resources, need not worry any more that a wide range of Education loans are available in almost all the nationalized and private Banks of India.
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