| Eligibility : Student
- Should be an Indian National.
- Secured first class and wish for admissions in Professional / Technical
/ Other Courses of various studies.
- Secured admission to foreign University Institutions.
- Any Student who has attained the age of 18 years or Parent of the
Student can avail the loan.
Courses
Studies in India
- School education / Graduation / Post Graduation Courses.
- Professional courses: Engineering, Medical, Agriculture, Veterinary,
Law, Dental, Management, Computer etc.
Courses like ICWA, CA, CFA etc
Courses conducted by IIM, IIT, IISc, XLR1, NIFT etc.
- Courses offered in India by Reputed Foreign universities.
Studies Abroad
- 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.
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.
- Travel expenses / passage money for studies abroad.
- Purchase of computers - essential for completion of the course.
- Any other expense required to complete the course - like study tours
, project work, thesis etc.
Quantum
- For studies in India - maximum Rs.10.00 Lakhs
- For studies Abroad - maximum Rs.20.00 Lakhs
Margin
- Upto Rs. 4.00 Lakhs - Nil.
- For loans above Rs. 4 lacs
- Studies in India - 5%
- Studies abroad - 15%
Security
- Upto Rs. 4.00 Lakhs - No Security
- Above Rs.4.00 Lakhs upto 7.50 Lakhs Suitable Third Party Guarantee
- Above Rs. 7.50 Lakhs and upto Rs. 15.00 Lakhs - 100% collateral in
any of the form of Immovable property / NSC / Units of UTI / LIC policy
/ RBI Bonds or any transferable Government securities.
Guarantee / Co-obligant
- Guarantee of Parents.
- In case, the loan is sanctioned to Parents suitable third party guarantee
is to be obtained.
- Wherever loan is sanctioned to Parents, guarantee is to be obtained
from the student on attaining his majority.
Processing Charges
- 1.00% of Limit sanctioned without any maximum cap.
Rate of Interest
- Upto 4 Lakhs - PLR - 0.75% (13.25% p.a.)
- Above 4 Lakhs upto 7.5 Lakhs - PLR + 0.75% (14.75% p.a.)
- Above 7.50 Lakhs upto 20 Lakhs (With 100% Collateral Only) - PLR -
0.25% (13.75% p.a.)
Repayment Holiday / Moratorium Period: Course Period
+ 6 months after completion of the course. If the student got employed
within 6 months after completion of the course, the repayment should start
immediately after the expiry of one month from the date of employment.
Maximum Repayment period of Loan: The loan to be repaid in 5-7 years
after commencement of repayment. If the student is not able to complete
the course within the scheduled time extension of time for completion
of course may be permitted for a maximum period of 2 years. If the student
is not able to complete the course for reasons beyond his control, sanctioning
authority may at his discretion consider such extensions as may be deemed
necessary to complete the course
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 |
