SLNCB - Education Loan Scheme

Purpose
For pursuing higher studies in technical / professional courses both in india and abroad

Eligibility
Parent of the student Should be a Shareholder of Bank. Salaried Employees / Businessmen/Professionals and Individuals with proven source of Income. Student should be Indian Citizen having secured admission to a higher educational course in India / Abroad

Nature of facility
Term Loan

Quantum of Loan minimum / maximum Limit
No Limit

Rate of Interest
9% P.a

Guarantor
Suitable Third Party guarantee to be obtained for loans above Rs.4.00 Lakhs for students admitted to other domestic institutions and for studies abroad

Security
For Students admitted to other domestic institutions and for studies abroad :
A) Parents to be joint borrower (s) for loans upto Rs.4 lakhs.
B) Collateral security in the form of suitable third party guarantee to be taken for loans above Rs.4.00 Lakhs and upto 7.5 Lakhs besides taking parents as joint borrower(s)
C) Tangible collateral security acceptable to the bank along with assignment of the future income of the student for loans above Rs.7.5 lakhs besides taking parents as joint borrower(s)

Processing Fee / Other Charges
0.5% + GST

Moratorium Period
Course Period + 1Year

Repayment Period
Upto 7 years (after moratorium period)

Insurance
Life Insurance Policy in the name of a Student on Loan Value