Educational Loan-EDL

Eligible category of borrowers

• Regular members of our bank only

Line of activity

• Parents engaged in business/professional services having good turnover/income.

Quantum of loan

• As mentioned in Interest chart

Repayment

• Immediately after securing job or with in six months from the date of completion of course whichever is earlier.

Rate of Interest

• As mentioned in Interest chart (Subject to changes / revision from time to time)

Purpose

• For higher education

Security

• Simple Mortgage of the property / other movable Asset by way of hypothecation.

Shares

• As applicable

Sureties

• 2 sureties who are necessarily to be Regular members / Nominal members of the bank.

Other charges

• As applicable.

Documents Required

• Specified loan application.
• Guarantor’s declaration form.
• Address and income proof of both borrower & sureties.
• IT Assessment orders (3 years) / Audited Financial statements.
• All original property documents.
• Valid legal opinion / valuation report on the property along with Insurance
• Required margin as the case may be
• Share certificate/Nominal membership
• Any other letter/document related to the activity/purpose as the case may be.
• Other terms & conditions as applicable.

For more details / clarification please contact your nearest branch.