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Loan Faqs
Faq

Can I avail of a loan on my existing car? :

No, we do offer loans only for new cars.
Faq

Who is eligible for an Education Loan ? :

Students who wish to pursue higher education .You need to be an Indian resident having secured admission in any of the bank's list of approved course or universities.
Faq

Which courses can I take an Education Loan for ? :

 Management Courses ( Full-Time + Part Time ) - PostGraduation Engineering Courses ( Government + Private ) - Graduation Medicine - Graducation + Post Graducation Masters in Computer Application ( MCA/MCM) - Post Graduation Online / Distance Learning courses. Wherever it is a...
Faq

Is there any Age criteria for taking an Education Loan ? :

Anyone in the age group of 16-35 years can take this loan.
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Which all expenses does the loan cover ? :

Fee Payable to College/School/Hostel Exam/Library/Lab fees Caution deposit / Refundable deposit asked by the institution/Building fund - upported by Institution bills/receipts Purchase of Books/equipments/instrument/uniforms Travel expenses/passage money for studies abroad...
Faq

Do I have to pay part of the fees ? :

100% loan is available for select courses. Margin ranges from 5-15 % for courses in India & Abroad .Depends from Bank to Bank.
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Is there moratorium/repayment holiday available ? :

Yes. A moratorium/repayment holiday is available for select courses.
Faq

What is the moratorium period ? :

Moratorium Period is a holiday on repayment which would be for the course period + 1 year or 6 months after the student gets a job/start earning whichever is earlier. Some banks will also allow you a moratorium on payment of interest. This means that you can defer payments of even the interest...
Faq

Is there any kind of repayment that has to be made in the moratorium period ? :

Interest would have to be paid during the moratorium, the interest servicing would be of simple interest calculated on the loan amount disbursed payable monthly. Some banks will also allow you a moratorium on payment of interest. This means that you can defer payments of even the interest during...
Faq

What would be the mode of repayment ? :

Repayment is done on an EMI (equated monthly installments) basis at the time of starting the repayment, by giving standing instruction to the bank, having an ECS(electronic clearing services) with the bank or by giving PDC(post dated cheques) to the bank. If you are unable to complete the...
Faq

What would be the tenure of the loan ? :

Maximum tenure of the loan can be 7 years including moratorium period.



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