Benefits of HDFC Credila’s Education Loan are:
Quick & easy loan processing
Pre-approved loan before admission too
Up to 100% finance
Competitive rate of interest No margin money required
HDFC Credila has partnered with T. A. Pai Management Institute (TAPMI) to design a customized loan product
Total Amount : 20 Lakhs unsecured
Tenure of the Loan: Up to 168 months, including the Study period (Can be lower if required)
Rate of Interest : 9.95% (Floating rate of interest p.a.*)
Co Applicant Required: Yes: Father / Mother / Spouse
One Time Origination Fee: Rs. 5000 + GST
Insurance Cover: Required for unsecured cases
Income Tax Benefits: Available under Section 80E of Income Tax Act 1961
List of Documents:
(Please note this list is not exhaustive and few additional documents might be needed on a case to case basis)
|Completely Filled Application Form
||1. Duly signed with latest photograph of Applicant/Co-applicant
2. Soft copy of application to be accepted for login
2. Pan Card and Adhar Card
3. Admission Letter if received
4. Entrance Score Card
5. Graduation last degree or last certificate
|Co-Applicant (Father, Mother or spouse)
2. PAN Card and Adhar card
||1. Any 2 Salary Slips from Last 6 Months
2. Salaried Account 6 month Bank Statement
|Self Employed Co-applicant
||1. Online filed Income Tax Return for Financial Year 2018-19 / 2017 -18
2. 8 Months Current and Saving accounts Bank Statement
||6 Month Pension Banking
For more details:
Mr. Vivek G at +91 8884401226
Ravi Chippe at +91 9916120015
VIDYA TURANT – SCHEME GUIDELINES
1. Eligibility :
3. Quantum of finance:
4. Upfront/ Processing Fee:
5. Expenses considered for loan :
Fee payable to college/ school/ hostel.
Examination on/ Library/ Laboratory fee
Travel expenses/ passage money for studies abroad
Insurance premium for student borrower, if applicable
Caution deposit, building fund/refundable deposit supported by Institution bills/ receipts.
Purchase of books/ equipment’s/ instruments/ uniforms
Purchase of computer at reasonable cost if required for completion of the course
Any other expense required to complete the course – like study tours, project work, thesis, etc.
Reasonable lodging and boarding charges will be considered in case the student chooses I is required to opt for outside accommodation.
7. Rate of interest:
Ongoing One Year RLLR subject to co borrower ship of guardian RLLR Currently 8.05% (As per March 2020).
||CRP over RLLR
|With Co- borrower
However, if student is a Major Joint borrowership can be waived and loan can be disbursed based on execution of loan documents by student alone, subject to 0.60% additional Roi. If the student is offering co-borrowership, then Roi @ RLLR will be charged.
A time period of 3 months is permitted from the date of first disbursement to execute the Joint borrower agreement
up to 15 years excluding Moratorium period, irrespective of loan amount Uniform one-year moratorium period is available for repayment after completion of studies in all cases. i.e. Repayment holiday consists of Course period + (1 year after completion of course).
Repayment of the loan is to be in equated monthly installments for a period of 15 years for all loans irrespective of loan amount
Note: No prepayment penalty will be levied for prepayment of loan any time during the repayment period
10. Additional Requirements:
11. Online application:
Features of Education Loan – Prime
||Education Loan Prime
||Need based loan limit up to Rs.30.00 lakhs
||Nil (Parents/spouse/guardian will be co- obligant) up to Rs. 30.00 lakhs
|Rate of Interest
||MCLR (One Year) + 0.10%
Presently 8.35+0.10= 8.25%
||Merit quota only
(excluding course period and holiday period)
||Loan will be sanctioned at Indian Bank, Udupi Branch for PAN India students.
Documents required for education Loan Prime
||For studies in India
||Copy of PAN of student and co-applicant
||Copy of Aadhaar of student and co-applicant
||– Copy of the Xth std / XIIth std mark list for under graduates.
– Copy of the X th std / XII th std and Degree mark list / provisional certificate all years for post graduates.
||Salary certificate / Pension certificate/ Auditor’s certificate in case of business category / IT return filed
Income certificate from competent authority notified by State Government under ‘CSIS’ scheme
||Approval of institution
||Affiliation/ Accreditation details of the institution
||Admission letter / Bonafide student certificate from the College/University
||Letter from the college of fees structure for the entire course period including hostel charges
||Life Insurance policy for the student availing educational loan is mandatory for the loan limit sanctioned, covering the entire period of loan i.e. Study Period, Holiday / Moratorium Period and Repayment Period.
||Branch will take the same. It is one time insurance will cover loan amount.
National Securities Depository Limited (NSDSL) e-Governance Infrastructure Ltd., has developed the Vidya Lakshmi Portal. This portal has facilities of education loan, scholarship and other student friendly facilities through one link. The portal is gateway to banks for education loan & has linkages with the National e-Scholarship Portal (NeSP). 26 banks have been registered so far and 52 loan schemes have been uploaded to the Vidya Lakshmi Portal.
SYNDICATE BANK: SYND SUPERVIDYA SCHEME
Syndicate Bank is one of the oldest and major commercial banks of India with its head office located in Manipal. The bank, along with 13 major commercial banks of India, was nationalised on 19 July 1969 by the Government of India. Under the Synd SuperVidya Scheme of the Syndicate Bank, educational loans have been approved for 12 Premier Management/Technical Institutes including TAPMI.
Key Features of this scheme are:
Parents should join as a Guarantee/Surety. No collateral security required
The rate of interest is MCLR (at present it is 8.75). MCLR + 0.10% if interest is serviced during moratorium period, otherwise 1% additional interest.
Loan tenure up to 180 months
Loan up to 20 Lakhs
Additional loan up to 3 Lakhs if selected to go to abroad under Student Exchange Scheme during the Second Year of the course in Management, up to the maximum loan of 20 Lakhs
No processing fee
Nodal Branch: Manipal
For more details contact Mr Mario Wilson Mathias at 9449862676 or mail at email@example.com
STATE BANK OF INDIA: SBI SCHOLAR LOAN SCHEME
State Bank of India (SBI) approved the inclusion of TAPMI, Manipal under SBI Scholar Loan Scheme.
Salient features of SBI Scholar loan Scheme to TAPMI:
100% financing for TAPMI (For fees and expenses up to 20 Lakhs)
Lowest Interest Rates @ 8.45%
Income proof of parents not mandatory
Repayment period up to 15 years after course period + 12 months of repayment holiday
Income Tax Rebate
No Processing Fee
Nodal Branch: Manipal
For more details on required documents, T & C and to download forms, please contact: 9449842848 / 0820-2572814 or write to us: firstname.lastname@example.org
(Path: Personal Banking>SBI Educational Loan> SCHOLAR LOANS)
Axis Bank is the third largest private sector bank in India, offering Education Loans for studies both in India and abroad
Features of Axis Bank Education Loan
Unsecured Loan Amount up to 40 Lacs
Principal Moratorium available
No Prepayment Charges
Repayment tenure as long as 180 months with a very low EMI
100% tax benefit for interest paid u/s 80E
For more details on required documents, T & C and to download forms, please contact:
Sathish Gowda 8105884891 / Sathish.email@example.com
Prashanth R 8095501811 / firstname.lastname@example.org
Deepak Pai 8095501813 / email@example.com