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Loan Product

School Fees Education Loan All eligible parents of KG to 12th Standard




Purpose of Loan

  • School fees – annual/term fees
  • Books & Stationary cost – all books & Note Books
  • Uniform cost: Actual cost + tailoring expenses
  • Boarding Fees: Actual Boarding fees
  • Coaching center Fees: Actual Coaching center fees
  • Cost of Laptop or Personal computer
  • Refundable Caution Deposit /Building Fund payment to school with receipt from the School/Institute
  • Bicycle & School Transportation Cost ( School Bus )

The mind once enlightened cannot become dark

Eligibility Criteria

  • Both mother & father have to be Co- applicant for the loan, except in case of single parent.
  • Borrower must be a residing citizen of India. ID & Address proof have to be submitted
  • Borrower must be a permanent employee of a private limited company or public sector undertaking (including central, state, and local bodies), and have put in minimum of 6 months service. Salary certificate /Letter from the HR of the Co confirming the employment and salary. Self-employed professionals need to provide Income proof as per Co policy & guidelines
  • Borrower must be between the aged between 21 and 60 years.
  • Borrower should have a minimum income of Rs 15,000 to 25000 per month depending on the city of residence. PAN Card proof for those who are under IT assessment.
  • Loan Eligibility depends on several factors including location, net income, employment or business stability, existing monthly obligations, past payment track records, etc.)
  • Loan can be released subject to the rating score of Credit Rating agencies like CIBIL/ EQUIFAX/ CRISIL/ICRA/BWR/FITCH etc. The minimum score requirement decision is confidential and purely company policy and guidelines

Documents to be submitted

  • Completed personal loan application form with your recent photograph
  • Proof of identity (voter ID card, driving license, PAN card, or passport copy)
  • Address proof (ration card, telephone bill, rental agreement, passport copy, driving license, bank passbook or statement, or electricity bill). The company will accept the address proof in the name of the joint applicant by declaration that the relationship with the co-applicant is established on the ID documents of the primary applicant.
  • Age proof (PAN card, passport, Birth certificate )
  • Bank statements or bank passbook with records of the last six months and your salary slips from the last three months
  • Form 16 for latest 2 years & Income tax returns
  • Processing fee cheque

Repayment Capacity

Total deductions from the income including the proposed instalment and interest should not exceed 60% of total income. The income of spouse, wherever spouse is working also can be considered. Suitable proof of income is to be provided.

Rate of Interest & Tenure

  • Flat rate of 10% to 16% on the loan amount
  • Repayment in 12 equal monthly installment

Fee Type Applicable Charge

  • Processing fees 6% of loan amount
  • Collection of Cheque/Cash (per collection) Rs300
  • Cheque /ECS/NACH dishonored Charges (per dishonor of cheque/ECS/NACH per presentation) Rs30
  • Swap Charges- for replacement of Post-dated cheques to ECS(per instance) Rs500
  • Swap Charges- for replacement of ECS to NACH (per instance) Rs. 500
  • Loan Cancellation charges(loan cancelled before first EMI) Rs 1000
  • Foreclosure charges 6% of loan Outstanding amount
  • Loan Default payment charges 0.50% per month on the loan outstanding amount from the actual due date till the actual payment date

Security for the Loan

  • No security
  • In case the loan is given for purchase of computer the same is to be hypothecated to the Company.
  • A stamped declaration / an affidavit confirming that no Educational loan is availed from any other institutions for the child for whom loan is sanctioned by our company.

Disbursement

  • Directly to School / Institution / hostel.
  • Directly to book seller / shop for purchase of books, instruments, equipment’s.
  • Loan can be renewed every subsequent year as a fresh loan with all documents , and priority will be given for those who have a clean record of payment on due date without any default