Being a Commercial Bank, giving Loans and Advances is among our primary activities. Apart from our participation in meeting both Term Loan and Working Capital requirements of Agriculture sector, Trade and Service sector, Large/Medium and Small Scale Industries sector, Infrastructure sector etc. including taking care of their Export/Import and non-fund based needs like Letter of Credit, Bank Guarantee etc., we have a fairly large basket of loan products specially designed to suit your personal needs. Salient features of some of the more attractive Personal Loan Schemes are described below.
Fixed Rate: Additional Fixed Rate Premium (FRP) of 1.00% over and above the applicable card rate at the time of sanction/switchover when customer opts for fixed rate option. Fixed Rate Premium will be revised by Bank from time to time based on fluctuation in Repo Rate.
Regular full-time Degree/ Diploma courses and Part-time courses offered by Institutes eligible under the scheme, admission in which is obtained through an Entrance Test/Selection Process/ Percentage of marks as prescribed by the Institute would be allowed.
Age Limit
Age limit for General - 38 yrs. Age limit for SC/ST - 40 yrs.
Quantum of Finance
Maximum loan amount Rs. 30 lacs (Rs.35 Lacs) (inclusive of group credit life insurance premium) subject to ceilings for different categories of Institutes as under:
Category of Educational Institutes
Maximum Loan Amount
Modification to be done
List 'A'
Rs. 30 lacs
Rs.35 Lacs
List 'B'
Rs. 20 lacs
Rs.25 Lacs
List 'C'
Rs. 15 lacs
Rs.15 Lacs
Margin
Up to Rs. 4 lacs : No Margin. Above Rs. 4 lacs : 5 % of total fee i.e. Course fee and other expenses.
Insurance
Group Life Insurance Cover Scheme for Educational Loan Borrowers to cover the outstanding loan in case of accidental or natural death of borrower
Security
Category of Educational Institutes
No Security, only Parent/ Spouse/ Guardian as co-borrower
With tangible collateral of full value and Parent/Spouse/ Guardian as co-borrower
List 'A'
Rs. 20 lacs
Over Rs. 20 lacs to Rs. 30 lacs
List 'B'
Rs. 15 lacs
Over Rs. 15 lacs to Rs. 20 lacs
List 'C'
Rs. 10 lacs
Over Rs. 10 lacs to Rs. 15 lacs
In case of married person, co-obligator can be spouse or the Parent(s)/ Parent(s)-in-law. Parental co-obligation can also be substituted by a suitable third party guarantee acceptable to the Bank.
For Foreign Study
PARTICULARS
GUIDELINES
Maximum Loan Amount
Rs. 30.00 lacs
Institute/University
The Institute/University must be ranked in World Top-150 universities as per www.webometrics.info as on the date of application.
Courses
Eligible for Post graduate, Post graduate diploma, Doctoral, Post-doctoral studies only. Eligible for Engineering & Technology, Medicine, Management & Law streams only.
Security
Up to 15 lac - No Security Only parent/ spouse/ guardian as co-borrower. Over 15 Lac - With tangible collateral of full value and parent/ spouse/ guardian as co-borrower.
Other Conditions
As per Scheme applicable for studies in India.
Repayment
Repayment of the loan will be maximum 180 equated monthly installments (EMIs*). (i.e. 15 years maximum)
Providing financial support at preferential terms to students who have secured admission in 8 premier educational institutes in the country.
Eligible Institutes
Indian Institute of Management, Ahmedabad
Indian Institute of Management, Bangalore
Indian Institute of Management, Kolkata
Indian Institute of Management, Indore
Indian Institute of Management, Lucknow
Indian Institute of Management, Kozhikhode
Xavier Labour Relation Institute, Jamshedpur
Indian School of Business, Hyderabad
Courses Eligible
Regular full-time Degree/ Diploma courses.
Minimum Age
Age limit for General - 38 yrs.
Age limit for SC/ST - 40 yrs.
Quantum of Finance
Maximum loan amount Rs. 30 lacs (inclusive of group credit life insurance premium).
Margin
NIL
Moratorium Period
Course period + 1 year after completion of study.
Rate of Interest
UCO Float Rate + 0.40%
Simple interest to be charged during the Repayment holiday/ Moratorium period.
Servicing of interest during moratorium period is optional. Accrued interest will be added to the principal amount borrowed while fixing EMI for repayment.
Penal interest @2% p.a. to be charged on overdue amount for the overdue period only for limits above Rs. 4 Lacs.
Processing Charges
NIL
Security
No Security.
Repayment
Repayment of the loan will be in maximum 180 equated monthly installments (EMIs*) i.e. 15 years after repayment holiday/moratorium period.
To cater the financial needs of students pursuing Medical Courses in India and studies abroad.
Eligible
Studies in India
Approved Medical courses leading to graduate/post graduate degree and PG diplomas conducted by Colleges/Universities recognized/permitted by Medical Council of India (MCI).
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.
Degree/diploma courses like aeronautical, pilot training, shipping etc. provided these are recognized by competent regulatory bodies in India/abroad for the purpose of employment in India/abroad.
All existing courses up to world ranking 2500 shall be considered for studies abroad. World ranking of Institutes/Universities as available in the website www.webometrics.info to be referred for the purpose.
Age limit
Maximum Age Limit :
28 years for Graduation and 30 years for Post-Graduation/Post Graduation Diploma for General/OC candidates.
30 years for Graduation/Diploma and 33 years for post-graduation for SC/ST candidates.
Eligibility
The main conditions for eligibility include
Student must be an Indian National
Secured admission to a higher education course in India or entrance test or selection process after completion of HSC (10 plus 2 or equivalent)
Quantum of loan
Studies in India
Minimum Rs. 10 lac
Maximum Rs. 75 lac
Studies Abroad
Minimum Rs. 20 lac
Maximum Rs. 75 lac
Security
Co-obligation of parents
Tangible collateral security of 125% of Loan Amount
Margin
10%
Processing Charge
Processing Fee of 0.50 % of Loan amount subject to maximum of Rs.10,000 + applicable GST
Disbursement
Disbursement in stages as per the requirement directly to institutions.
Skill Loan Scheme aims at providing a loan facility to individuals who intend to take up skill development courses.
Courses Eligible
Course run by Industrial Training Institutes (ITIs), Polytechnics or in a school recognized by central or State education Boards or in a college affiliated to recognized university, training partners affiliated to National Skill Development Corporation (NSDC)/Sector Skill Councils, State Skill Mission, State Skill Corporation, preferably leading to a certificate / diploma / degree issued by such organization as per National Skill Qualification Framework (NSQF) is eligible for a Skilling Loan.
Minimum Age
No minimum age.
Quantum of Finance
Minimum: 5,000/- and
Maximum: 1,50,000/-
Margin
NIL
Moratorium Period
For courses of duration upto 1 year - 6 months from the completion of the course.
For courses of duration above 1 year - 12 months from the completion of the course.
Simple Interest will be charged during the course period and up to commencement of repayment.
Servicing of interest during study period and the moratorium period till commencement of repayment is optional for students.
1% interest concession may be provided by the Bank, if interest is serviced during the study period and subsequent moratorium period prior to commencement of repayment.
Processing Charges
NIL
Security
No collateral or third party guarantee will be taken. However, the parent will execute loan document along with the student borrower as joint borrower.
Credit guarantee coverage by NCGTC at nominal fee of 0.50% of the amount outstanding. This guarantee fee will be borne by the Bank.
Repayment
Loans upto Rs. 50,000 - Upto 3 years
Loans between Rs. 50,000 to Rs.1 lakh - Upto 5 years