Educational Loans – Corporation Bank

Corporation Bank
Website : www.corpbank.com/
Bank Type : Nationalized Bank

Abroad Courses
Graduation: For job oriented professional/ technical courses offered by reputed universities ;
Post Graduation : MCA, MBA, MS etc ;Courses conducted by CIMA – London, CPA in USA etc
Provided study loan amount  in India : Upto 10 Lakhs
Provided study loan amount in Abroad : Upto 20 Lakhs
Eligibility :
Student should be an Indian National. Should have completed previous qualifying examination. Secured admission to professional/ technical courses in India or Abroad through Entrance Test/Merit Based Selection process. Person already in gainful employment are not eligible for loan under the scheme except for pursuing evening course covered under the scheme of approved institute.
Coverage :
Fee payable to college/school/hostel ;Examination/Library/Laboratory fee ;Purchase of books/equipments/instruments/ Uniforms ;Caution deposit ;Travel expenses/ passage money for studies abroad ;Purchase of computers – essential for completion of the course ;Insurance premium for student borrower ;Any other expense required to complete the course – like study tours, project work, thesis etc. ;building fund/refundable deposit supported by Institution bills/ receipts stands deleted
Margin
Up to Rs.4 Lakhs – Nil;Above Rs.4 Lakhs – Studies in India 5% ;Studies abroad 15% – Scholarships / assistantship to be included in margin – Margin may be brought-in on year-to-year basis as and when disbursement are made on a pro-rata basis.
Interest rate
As prescribed from time to time With effect from 1st July, 2008 as follows:

• Upto Rs.7.5 Lakhs : 11.75%.
• Above Rs.7.5 Lakhs.(Secured) : 11.50%.

Simple interest to be charged during the Repayment holiday/Moratorium period.1% interest concession may be provided for loanees if the interest is serviced as and when debited. Appraisal / Sanction / Disbursement .The loan to be sanctioned as per delegation of powers preferably by the Branch nearest to the place of domicile of parents
Processing Fee :
No processing/upfront charges shall be collected on educational loan for studies in India. For studies abroad, processing charges @ 1% of total loan limit sanctioned may be collected for fresh loan. These charges are scheme specific & inclusive of application
Re-Payment :
Repayment holiday/Moratorium: Course period + 1 year, or 6 months after getting the job, whichever is earlier.The loan has to be repaid within a maximum period of 10 years after completion of repayment holiday period.
Security :

• Up to Rs.4 Lakhs : Co-obligation of parent/s. No other collateral Security.
• Above Rs.4 Lakhs and upto Rs.7.50 Lakhs : Co-obligation of parents together with collateral security in the form of suitable third party guarantee.
• Above Rs.7.5 lacs : Co-obligation of parents together with tangible collateral security along with the assignment of future income of the student for payment of installments