Education Loans in India
Sunday, March 24, 2019
Education & Career
Find Us on FacebookFollow Us on TwitterFollow Us on Google Plus tellafriendYoutube
 
Search by Voice
  
  
  
  
       Pin It       tellafriend        

Tamilnad Mercantile Bank Education Loan Scheme

Education Loan Scheme | Short term Loan Scheme

TMB Education Loan Scheme

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

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.