Short term Education Loan Scheme

This is a scheme of choice for parents who wish to educate their children for the best careers in the best institutions. The cost of the study can be borned by the loan from the bank. The interest rate has been kept below the normal prime lending rate of the bank to enable the future generations make the best use of the facilities offered by the bank

Eligibility :

To secure admission to school education / under graduation course / Diploma courses & Post Graduation Courses.

Courses

School education including plus 2 stage.
Graduation Course: Arts, Science Courses, Diploma Courses.
Evening Courses of approved institution.
Other courses leading to diploma / degree etc. conducted by colleges / universities approved by UGC / Govt. / AICTE etc.

Loan Details

Coverage of Expenses

Fee payable to College / School / Hostel.
Examination / Library / Laboratory fee.
Purchase of Books / Equipments / Instruments / Uniforms.
Caution Deposit / Building Fund / Refundable Deposit supported by Institution Bills / Receipts.

Quantum

Maximum of Rs.25,000/- or 3 Months Gross Salary of the Parent whichever is lower.

Pre-requisite

Proof of income and certificate from the employer for the Take Home Salary.
Undertaking from the employer to deduct and remit the instalment amount from the salary of the staff every month when the employer is agreeable for the same.

Processing Charges

1.00% of Limit sanctioned without any maximum cap.

Rate of Interest

PLR - 1.75% (12.25% p.a.).
Current Prime Lending Rate (PLR) is 14.00% p.a.

Repayment

Maximum 10 to 12 monthly installments with interest (without holiday period).

Contact Details

Head Office
Tamilnad Mercantile Bank Limited,
# 57, V. E. Road, Tuticorin, Tamilnadu, India. Zip : 628 002
Phone : 0461-2321382 / 2321929 / 2321932
E-mail : Contact Now
Website : visit
Tamilnad Mercantile Bank Limited Regional Offices

Click here for the nearest bank branches

Note : Since the rules, regulations, eligibility conditions, repayments and interests rates etc. are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.