Educational Loans

Bank introduced this scheme as per demand from members in Annual General Meeting for F.Y. 2004-05.
The policy was formed for this scheme, as under

1 There should be appropriate security
2 Repayment capacity is taken in to consideration
3 Repayment will be in equal monthly installment
4 Duration of loan will be maximum 60 months
5 Rate of interest – 11%
6 Two guarantors are compulsory with adequate net worth
7 Maximum limit will ` 5,00,000/- (In words ` Five Lacs Only)
8 The loan will be disbursed as follows —
75% to be paid by Pay slip in favor of the Institute
25% will be given to that student for other educational expenses. (i.e. for books & other material)