Purpose of Tamilnad bank to offer education loan is to extend financial assistance for students to pursue higher education in India/abroad.
Eligibility criteria for candidates who want to get education loan from TMB: Students Nationality should be Indian.Eligible Age limit is 18 years.Students should have secured admission in any Indian or Abroad university/institution.
To studies in India, candidates get loan for U.G courses : BCA.,BA., B.Sc., B.B.M,Engineering, Medical, Agriculture, Law, Veterinary, Dental, Aeronautical, pilot training and more.,P.G courses : MBA, MCA, M.E, M.Tech. and more and Regular courses or diploma courses conducted by Autonomous institutions or Government colleges.
To study Abroad, loan can be sanctioned for U.G courses : Job related Professional or Technical courses offered by major Abroad Universities. P.G courses : MS., MCA, MBA.
Expenses included for study loan:Expenses that are included in education loan is College fee, hostel fee, Lab fee, Uniform fee, book fee, equipment fee, exam fee, Buying computers or laptops, Study tours and project work amount.
To studies in India, the maximum education loan amount is Rs. 10,00000. To study Abroad, the maximum education loan amount is Rs. 20,00000. TMB Study loan's Security details:Education loans uptoRs. 4 Lakhs : No need of security.Education loans uptoRs. 7.5 Lakhs : Third party guarantee + Parents approval. Education loans above Rs. 7.5 lakhs &uptoRs. 20 Lakhs : Statements of assets equals to the loan amount and NSC / UTI / LIC policy / RBI Bonds or any transferable Government securities.
In education loan UptoRs. 4 lakhs, interest rate = Base Rate + 3.50%. In education loan above Rs. 4 Lakhs uptoRs. 7.5 Lakhs, interest rate = Base Rate + 3.50%. In education loan above Rs. 7.5 Lakhs uptoRs. 20 Lakhs = Base Rate + 3%
.1% interest concession is available if the interest amount is paid during course period.
The repayment duration is 5 years to 7 years.If the student is not able to pay within the time period the repayment duration can be extend 2 years.
Course Period + 6 months after completion of the course. If the student got employed within 6 months after completion of the course, the repayment should start immediately after the expiry of one month from the date of employment.
For further details please click on the link: Tamilnad Mercantile Bank Education Loans