EDUCATION LOAN

You can now pay for college the smart way with our Educational Loan at competitive interest rates! This loan is an ideal solution to help you pay for college expenses and continue to pursue your higher education in India or overseas.

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Eligibility

  • The student should be an Indian National
  • Should have secured admission to a higher education course in a recognized Institution in India or abroad
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Sanction Limit

Studies in India- Maximum upto Rs. 10 lakhs

Studies abroad- Maximum upto Rs. 50 lakhs (higher limit can be considered on a case to case basis).

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Repayment Period

UPTO RS. 4 LAKHS:
Maximum 60 months (after moratorium)

ABOVE RS. 4 LAKHS:
Maximum 120 months (inclusive of the moratorium)

MORATORIUM
Course duration + 1 year OR 6 months after getting a job, whichever occurs earlier.

PREPAYMENT PENALTY: None

Please note that GST is payable @18% on interest charged on delayed installments (Penal Interest). Kindly pay your installment in time to avoid additional charge.

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Security

  • UPTO RS. 4 LAKHS:
    No Security
  • ABOVE RS. 4 LAKHS:
    15% Collateral Security.
    15% Margin.
    Parents/ guardian/ close relative to be a joint borrower(s).
    Collateral security of minimum equivalent to loan amount along with the assignment of future income of the student for payment of Installments.
    Life Insurance Policy of the life of the student and assigned in favour of the Bank for the entire loan amount prior to disbursement of the loan.
    Surety of one individual acceptable to the bank.
  • Parents/ guardian/ close relative to be a joint borrower(s)
  • Collateral security of minimum equivalent to loan amount along with the assignment of future income of the student for payment of Installments
  • Life Insurance Policy of the life of the student and assigned in favor of the Bank for the entire loan amount prior to disbursement of the loan
  • Surety of one individual acceptable to the bank
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Rate of Interest

  • Unsecured loan will be charged at the PLR rate i.e. 12.00%
  • Secured loan will be charged at the PLR rate less 1.00% i.e. 11.00%
  • 0.25% concession in Rate of interest for Girl students
  • 1.00% concession in Rate of interest during the moratorium only, if interest is serviced promptly as when applied during the moratorium period (including duration of course). The concession interest as eligible will be adjusted at the time of closure of the loan

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Documents Required

  • PROOF OF IDENTITY
    Aadhar Card/Driving license/ Passport/ PAN card/Election card/Job card issued by Govt. agencies
  • PROOF OF RESIDENCE
    Aadhar Card/Driving license/ Passport/ Election card/Job card issued by Govt. agencies
  • PROOF OF INCOME
    Last 3 years Balance Sheets/Income Tax Returns, last 3 months salary slips and Salary/Business bank account statement of last 1 year of the co-applicant(s)
  • Enrollment /Offer letter with Prospectus of the College/ University
  • Receipts of the Payment made, if any
  • Undertaking to be obtained from the student pursuing education course abroad to remit his/her salary to the NRE account with the branch/ deposit monthly loan repayments till closure of the loan and SI to debit the same to be held on record
  • Copy of Ticket & Visa (in case of Education course abroad)
  • Term wise marksheet/ transcripts copies

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ccbl@citizencreditbank.com

Citizencredit Co-operative Bank Ltd.
CITIZENCREDIT CENTRE
CTS No:236, Marve Road, Orlem,
Malad (W), Mumbai 400064

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