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Education Bank Loan in India : Corporation Bank


Every institution has its start in modest initiatives but what makes it great is the passion of the people behind it. Carrying the legacy forward with an undaunted commitment to its vision, the journey of Corporation Bank truly epitomizes this. Started about 104 years ago in 1906, with an initial capital of just Rs.5000, Corporation Bank has recorded Rs. 1,55,936 Crore mark in business and even far more, with over 3500 service outlets across the nation, served by committed and dedicated 12,000 plus Corp bankers. Proof of which is seen in its enviable track record in financial performance. We have many reasons to cheer, predominant of them is, being able to participate in nation building by empowering the rural and urban population alike. Today, we are proud that we are significant contributors to the growth of the country's economy.

Eligibility


Student:

  • Student should have nationality Indian.
  • Must complete previous exam.
  • Must take secured admission to technical or professional courses in India as well in Abroad and admission also secured through entrance exam or through merit based selection process.
  • The person is not qualified for loan if he is in gainful condition.

Courses:

  • For Studies in the India:
    • Graduation courses: B. Sc, B. Com, B.A. etc.
    • Post Graduation courses such as Masters & PhD.
    • Professional Courses: Engineering, Agriculture, Medical, Veterinary, Dental, Law Computer, Management, etc.
    • Certificate courses of the computers of the standard institutes qualified to the electronics department or universities.
    • Courses such as CA, ICWA, CFA etc.
    • Courses conducted in the India by standard foreign universities.
    • Courses arranged by IIT, IIM, IISc, NIFT, XLRI, etc.
    • Courses which are conducted in evening
    • Other degree or diploma courses arranged by universities or colleges and approved by government, UGC, AICTE, ICMR, AIBMS etc.
    • The courses which are presented by the National or any standard institute.
  • Studies in Abroad:
    • Graduation courses which are technical or professional conducted by the standard universities.
    • Post graduation courses such as MBA, MCA, MS etc
    • Courses conducted by CPA - USA CIMA in London, etc


Details of Loan


Exposure of expenses:

  • Fees payable to the school, college or hostel
  • Laboratory, Examination, or Library fee
  • Fees required for purchasing equipments, books, uniforms or instruments.
  • Building funds, caution deposit, or the deposit which is refundable supported by the institution receipts or bills.
  • Passage money or travel expenses for those studies in abroad.
  • Buy the computers which are useful for the course.
  • Other expenses required for completion of course such as study tours, thesis, project Work, etc.

Quantum:

  • The maximum amount is Rs. 10.00 lakhs for the studies in the India.
  • The maximum amount is Rs. 20.00 lakhs for the studies in Abroad

Margin:

  • No any margin on the loan up to Rs 4 lakh
  • The margin on loans greater than Rs 4.0 lakh is 5 percent for students in India and 15 percent for the students in Abroad.

Assistantship or the scholarship is also added in the margin.

Margin is carried out in year basis and when repayments are prepared on basis of pro-rata.

Security:

  • Co-obligation of parents is required on the loan up to Rs. 4.00 lakh. No collateral security is needed in this case.
  • For the loan above Rs. 7.5 lakh, co-obligation of parents is required with collateral security in form of guarantee of third party.
  • Security for the loan above Rs.7.50 lakhs is co-obligation of the parent's tangible collateral security with the obligation of the student's future income.


Disbursement


Repayment holiday or Moratorium period is the course period plus 1 year or the six months from getting job, either is earlier.

Maximum repayment period is 10 years after completion of holiday period.

Insurance:

This may be covered by the student under scheme known as Corp Suraksha.

Processing Charges:

For those studies in India, no any processing charges are applies on the educational loans. Those student studies abroad, the processing charges are 1 percent on total amount of loan and can be collected for the fresh loan.

Other Conditions:

Multiple loans - In case of application for the loan more than the single loan for the student, family of that student is considered for the security.

Take over of loans from other Banks - Student take this loan from one bank only. There is no permission to take loan from other bank.

Co-obligant - Student's parents or guardians are the co-obligant. If the student is married then co-obligant may be spouse, parent in law or the parents.

Disposal of application - Loan applications should be disposed within 7 days of application's receipt and complete it in all sides.


Details & Contact


Corporation Bank
Mangladevi Temple Road,
Pandeshwar,
Mangalore 575001
Phone - (0824) 2426416, 2426417, 2426418, 2426419, 2426420
Fax - (0824) 2440964
Website - http://www.corpbank.com



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