The Bank offers education loan product for establishment / development of educational institutions in the work area of the Bank.This loan can be sanctioned for establishment / development of Medical College; Nursing College; Engineering College etc.
| Purpose |
- To provide credit facilities for establishment / development of educational institutions in the work area of the Bank.
- The loan can be provided mainly for construction of building, purchase of furniture, Computers, Educational equipment, Lab equipment, Vehicle for students, Sports accessories and working capital.
|
| Eligibility |
- Individuals, Registered societies or any trust who are capable of running of educational institution. In the case of a society or a trust, the CEO should be capable of running of educational institution.
- All the necessary NOCs/Sanctions from the government departments should have been obtained before applying for the loan.
- Required infrastructure to run the institution should have been obtained before applying for the loan.
|
| Loan Amount |
- 85 % of the total project cost or Rs. 25.00 Lakh, whichever is less.
|
| Margin |
- 15 % of the total project cost.
|
| Interest Rate |
13.00 % |
| Loan Period |
Minimum 3 years and Maximum 10 years |
| Re-Payment Mode |
Quarterly |
| Documents |
Land documents of the collateral security, ID proof, purpose of loan declaration, Project report and proposed income sheet, Registration certificate of trust/Society, Blueprint of the proposed construction site, . |
