Education Loan 

Corporation Bank Education Loan | Interest Rates | Eligibility | Documents | Information

12913 Views

Corporation Bank Student Loan / Study Loan – Details on Corporation bank Loans With Documents, Eligibility, Fees and Charges and Interest Rates.

Apply for Education Loan

Full Name

Country of Study

Course of Study

Co-borrower’s* Income

Email ID

Residence City

Course Name

Required Loan Amount

Mobile Number

Applicant’s Income Status

* Co-borrower : Relative with good income who can support your education loan application. Typically it can be your Father, Mother, Brother, Sister, Spouse, Cousin, Paternal Uncle (Chacha), Paternal Aunt (Chachi), Maternal Uncle (Mama), Maternal Aunt (Mami), Grandfather, Grandmother

Eligibility of the Student

  • Student should be an Indian national.
  • Sould have completed previous qualifying examination.
  • Should have secured at least 60% marks [ 55% for student belonging to SC/ST category ] in the previous qualifying examination.
  • Should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance test / Merit based selection process after completion of HSC [10 plus2 or equivalent].”
  • Person already in gainful employment not eligible for loan under the scheme except for pursuing evening course covered under the scheme of approved Institute.
  • If a gainfully employed person wants to pursue full time education either on study leave or by resigning from present employment, such proposals may be considered provided the applicant submits the proof in this regard to the sanctioning authority before disbursement of loan.

    • Corp Bank Education loan Interest Rates

    Interest Rates 6.90% – 9.55%
    Max. Loan Amount upto 25 Lakh
    Processing Fees Nil
    Loan Repayment upto 15 years

    Processing Fees:

    Studies in India – Nil
    Studies abroad: Rs. 2000/- Refundable.

    Eligible Courses

    For Studies in India:

    • Approved courses leading to Graduate/Post Graduate Degree, Diploma and PG Diplomas conducted by recognized Colleges/Universities recognized by UGC/Govt/AICTE/AIBMS/ICMR etc..
    • Courses like ICWA, CA/integrated CA -on virtual /video mode , CFA,etc..
    • Courses conducted by IIMs, IITs, IISc, XLRI, NIFT, NID etc.
    • Regular Degree/Diploma courses like Aeronautical, Pilot training, Shipping etc., approved by Director General of Civil Aviation/ Shipping , if the course is pursued in India.
    • In case of the Aircraft Maintenance Engineering /Pre Sea training courses must be either a Degree course recognized by a competent University or Diploma course recognized by appropriate State Body to be eligible for loan.
    • Research course/Ph.D courses for study in India are not eligible for loan under the scheme.

    Approved Courses offered in India by reputed Foreign Universities.

    • Teachers training /Nursing/B.Ed courses provided the training institutions are approved either by Central Govt or by State Govt and such courses should lead to Degree or Diploma course and not to Certificate course.
    • Employment oriented courses like Teachers training courses and 3 year technical diploma courses in polytechnic institutions after completion of 10th standard are also eligible provided they are offered by approved/recognized college/institutions.
    • Correspondence courses/Part time /Certificate/Short duration /Vocational / skill development study courses , off-campus courses and On-site/Partnership programme are not eligible for loan under the scheme.

    For Studies abroad:

    • Graduation: For job oriented Professional/Technical courses offered by reputed Universities .
    • Post Graduation: MCA, MBA, MS etc.
    • Course 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.
    • Diploma courses for study abroad is not permitted. However, PG diploma courses for study abroad is permitted.

    Research course/Ph.D courses for study abroad are not eligible for loan under the scheme.

    Eligible Expenses

    • Fee payable to College./School/Hostel /Examination/ Library/ Laboratory fee.
    • Travel expenses/Passage money for studies abroad.
    • Caution Deposit, Building Fund/Refundable deposit, though supported by Institution bills/receipts, are not eligible.
    • Hostel fees/expenses may be considered as an eligible item for finance under the Scheme. Payment of hostel fees should be made directly to the hostel authorities.
    • Reasonable lodging and boarding charges will be considered in case the student chooses/is required to opt for outside/private/paying guest accommodation.
    • In such cases, payment towards accommodation and food may be made directly to the student.
    • Insurance premium for life of student borrower.

    Quantum of Loan

    1. Studies in India – Maximum upto Rs. 10 lakh
    2. Studies Abroad – Maximum upto Rs. 20 lakh

    Margin

    • Upto Rs. 4 lakh – Nil
    • Above Rs. 4 lakh – Studies in India 5%
    • Studies abroad 15%
    • Margin may be brought–in on year-to-year basis as and when disbursement are made on a pro-rate basis.

    Source: Corporation Bank Website

    Related Posts: