Product Details
Education Loan
Mangalore
A Quality Product from
Corporation Bank [View Profile]
Mangalore - India
Description :
Corp Vidya - for higher education in India/Abroad
1. Eligibility : Applicant should be an Indian National and secured admission to professional/ technical courses through Entrance test/ Merit based selection process in India or abroad.
2. Eligible : A) Studies in India
Courses Graduation courses : BA, B Com, B Sc.,etc.
Post Graduation courses : Masters & Phd
Professional courses: Engineering, Medical, Agriculture, Law, Management, Computer, etc. Courses like ICWA, CA, CFA, etc. Courses conducted by IIM, IIT, IISc, XLRI, NIFT, etc. Other courses leading to diploma / degree conducted by colleges / universities approved by UGC/ Govt/ AICTE / AIBMS
B) Studies abroad Graduation : For job oriented professional/ technical courses offered by reputed universities
Post graduation : MCA, MBA, MS etc. Courses conducted by CIMA - London, CPA in USA etc.
3. Expenses Eligible for Finance: Fee payable to College/ School/ Hostel
Purchase of books/ equipment/ instruments/ uniforms
Caution deposit/ Refundable deposit supported by bills.
Travel expenses/ Passage money for studies abroad
Any other expense required to complete the course - like study tours, project work, thesis etc.
4. Quantum of Finance: Need based finance subject to repaying capacity of the parents/ student with following ceilings
Studies in India - Rs 7.50 lakh
Studies abroad - Rs 15.00 lakh
5. Margin : Upto Rs 4.00 lakh - Nil
Above Rs 4.00 lakh : Studies in India - 5 % :
Studies abroad -15 %
6. Security : Upto Rs 4.00 lakh - No security
Above Rs.4.00 lakh and upto Rs.7.50 lakh - Collateral in the form of satisfactory third party guarantee
Above Rs 7.50 lakh - Collateral security of suitable value or third party guarantee along with the assignment of future income of the student for payment of instalments.
7. Rate of Interest : Upto Rs 7.50 lakh - 10.5 % p.a.
Above Rs 7.50 lakh - 10.5 % p.a. for Unsecured loans - 9.50 % p.a. for Secured loans
8. Repayment Holiday: Course period + one year OR 6 months after getting job, whichever is earlier.
9. Repayment : The loan to be repaid in 5 - 7 years after commencement of repayment.
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