Corp Tutor Fee - Corporation Bank Education Loan

Eligibility

Student has appeared /completed previous qualifying exam and preparing for entrance exam such as CAT, CET, IIT, JEE, AIJEE, AIEEE, GATE, CA/CS/ICWA , COMED-K, NEET etc., and intending to avail tuition facility from reputed coaching Institute such as Brilliant , TIME etc.. 

Individual who is father, mother, spouse of the student having regular and verifiable income and having repayment capacity for meeting tuition fees of son, daughter or spouse. 

In case of salaried class, repayment period not to exceed the retirement age. 

The Institute shall be a reputed coaching institute and should have been in existence and run satisfactorily for a period of at least 3 years.

 

Purpose

For financing tuition fees of entrance exams for professional courses such as CAT, MAT, CET, IIT, JEE, AIJEE, AIEEE, AIPMT, GATE, CA, CS, ICWA, COMED-K, NEET etc..

 

Loan Amount

Min Rs.0.20 lakhs to Max : Rs. 2 lakhs

 

Margin

10% of the tuition fee as per the fee structure issued by the Institute.

 

Security

Where the applicant’s salary/pension is routed through the Branch, no other collateral security is required but third party guarantee is mandatory. 

Where salary/pension is not routed through the branch, loan upto Rs.25000/- will be considered without collateral security.

But, suitable third party guarantee is mandatory. For loan above Rs. 25000/- the entire loan shall be fully secured by collateral in the form of financial asset such as NSC, LIC Policies, Deposits, KVP etc..after maintaining uniform margin of 10% on such securities.

In such cases, third party guarantee is not required 

In exceptional cases, immovable property may also be taken as security with a margin of 25% on value of such property

Rate of interest

Floating rate of interest is linked to the Base Rate & subject to revision from time to time

 

Processing Charges

As applicable from time to time.

 

Prepayment Charges

-NIL-

 

Repayment

Repayable in maximum repayment period of 2 to 3 years without any moratorium.

For of salaried class, repayment period shall not exceed the retirement age.

 EMI/Notional interest of existing and proposed loan together shall not exceed 50% to 70% of net income based on net income of the borrower.

Nature of facility
In the form of short term demand loan

For more information and apply online visit: http://www.corpbank.com/