Special Features Of Cosmos Bank Loans :-

• Minimum Documents.
• Fast Processing of Loans.
• Immediate Loan Sanction.
• Schemes under Capital Subsidy, Technology Up-gradation Fund etc also available.

The scope of education has widened both in India and abroad covering new courses in diversified areas. Development of human capital is a national priority and common enterprise should be that no deserving student is denied opportunity to pursue higher education for want of financial support. Loans for education should be seen as an investment for economic development and prosperity. Knowledge and information would be the driving force for economic growth in the coming years

Objectives of the Scheme

The main emphasis of the Educational Loan Scheme is that every meritorious student though poor is provided with an opportunity to pursue education with the financial support from the banking system with affordable terms and conditions. No deserving student is denied an opportunity to pursue higher education for want of financial support.

In short, the scheme aims at providing financial assistance on reasonable terms:

• to the poor and needy to undertake basic education.
• to the meritorious students to pursue higher/professional/technical education.

The scheme could be adopted by all Commercial Banks. The scheme provides broad guidelines to the banks for operationalising the educational loan scheme and the implementing bank will have the discretion to make changes suiting to the convenience of the students/parents to make it more customer friendly.

Eligibility:

1) Only for Educational Loans availed from Scheduled Banks for pursuing any of the approved courses after Class XII in Technical and Professional streams from recognized institutes in India under the Educational Loan Scheme of IBA.

2) Students belonging to Economically Weaker Sections with annual gross parental/family income from all sources with an upper limit of Rs.4.50 lacs.Certificate to this effect issued by authorized officers of State Government is to be submitted.

3) Full interest subsidy is available for the period of moratorium i.e Course Period plus 1 year or 6 months after getting the job, whichever is earlier.

Eligibility: You should be a student preparing for a professional examination or parent / guardian of such student, with adequate regular income to service the Loan. (If the applicant is a parent/ guardian, the student to be a joint applicant.)

Loan Amount: Maximum loan amount would depend on the course of study and repayment capacity. Maximum Rs 3,000,000/-

Drawdown: You can draw funds within the loan amount, as and when you require to pay your fees, within 24 months from the first drawdown.

Repayment period: A maximum of 24 months for each drawdown. (However, the loan should be repaid fully within 48 months from the first drawdown.)

Rate of Interest: An exclusive interest rate will be applicable for Education loans

Conditions:

• Loan proceeds will be released only to the Governing Body of the Professional Certification Institution (Eg: CIMA / CIM) or the tuition providers in the form of a bank draft. (Documentary evidence should be submitted)
• Loan proceeds will be disbursed on installment basis at the applicants request, as and when payments to the respective institution falls due.

Security: Guarantors or any other security will be requested as necessary, depending on the particular loan

Documentation:

• Letter from Governing Body confirming the studentship
• Recent Salary Slip or documents evidencing income of the Applicant (person repaying the loan)
• Copy of a recent Utility Bill showing Applicant’s name and address
• Letter of undertaking from the Employer to remit the applicant’s salary to a Commercial Bank Account.

Other benefits:

• Access to the account through branches Island-wide
• Speedy processing
• Convenient access to loans officers for guidance / advice before or during repayment period
• You can obtain loan application forms after interview with Manager of the Commercial Bank Branch most convenient to the applicant.

The UCO Bank’s education loan rates of interest are very low and the applying process is very simple so one can get the loan easily in a hassle free way.

Note: The parents will become co-borrowers with their dependant (student) if the latter applies for educational loan.

Courses Eligible:

For Studies in India -

• School education including plus 2 stage.
• Graduation courses leading to degrees like B.A., B.Sc., B.Com. etc.
• Post Graduate courses leading to Masters degrees as also Ph.D.
• Professional courses in Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc.
• Computer Certificate courses of reputed institutes accredited to Universities or DoE.
• Courses like ICWA, CA, CFA, etc.

For Studies Abroad -

• Graduation: Job oriented professional / technical courses offered by reputed Universities.
• Post Graduation: MCA, MBA, MS, etc.
• Courses conducted by CIMA – London, CPA in U.S.A., etc.

UCO Bank Education Loan Eligibility Criteria:

• Applicant must have secured admission to professional/technical course through Entrance Test/Selection Process.
• Secured admission to foreign University / Institution.
• No maximum or minimum income is prescribed for parents/family.

Age limit:

• 18 to 25 years for graduation course – may be extended from 28-30 years for general and SC/ST candidates respectively.
• 21 to 28 years for post-graduation course etc. – may be extended from 30 -33 years for general & SC/ST candidates respectively.

Quantum of loan:

Need based finance subject to repaying capacity of parents/students with following ceilings :

• Studies in India : Maximum Rs. 10.00 Lac
• Studies Abroad : Maximum Rs. 20.00 Lac.

The loan amount under the scheme would be for meeting the following expenses:

• Course Fees
• Hostel/Boarding Fees including caution deposit/building fund etc.
• Books, Stationery & Equipment required for the course, including Computers.
• Examination/Library/Laboratory fees.
• Travel Expenses/Passage for studies abroad.

UCO Bank Education Loan Security:

• Upto Rs.4.00 lacs – No security
• Above Rs.4.00 lacs – Collateral securities by way of suitable 3rd party guarantee or tangible security equivalent to loan amount.

UCO Bank Education Loan Margin:

• Upto Rs. 4 Lac – Nil
• Above Rs. 4 Lac Studies in India – 5%
• Studies Abroad – 15%

Service Charge : There is no processing fee /no service charge

UCO Bank Education Loan Repayment:

• The loan will be repaid in 5-7 years after commencement of repayment. There will be moratorium for repayment during “the course period +1 year or 6 months after getting job, which ever is earlier”.
• 1% interest concession may be provided, if the interest is serviced during moratorium period.

Eligibility:

• The applicant should be an Indian National.
• He / She should have secured admission to professional / technical courses in India or abroad through Entrance Test / Merit based selection process

Purpose:

• To meet the cost of education covering fee payable to college / school / hostel, exam fees, purchase of books / equipment’s, travel expenses / passage money for studies abroad, purchase of computers essential for completion of the course etc.
• Caution Deposit, Building fund/ refundable deposit supported by institution bills/receipts, subject to a maximum of 10% of total tuition fees for the entire course.
• Insurance premium for student borrower.

Course of Study:

1) Studies in India

• Diploma/Graduation/Post-graduation courses in various disciplines.
• Computer certificate courses of reputed institutes accredited to The Department of Electronics.

2) Studies Abroad

• Job-oriented professional/technical courses offered by reputed universities.
• MCA, MBA, MS etc.
• Courses conducted by CIMA – London, CPA in USA etc.

Maximum Permissible Amount of Loan:

• For Studies in India – Rs.10.00* lakhs
• For Studies Abroad – Rs.20.00* lakhs

Margin:

• Upto Rs.4.00 lakhs – NIL
• Above Rs.4.00 lakhs –  5% For Studies in India and 15% For Studies Abroad – 15%

Holiday Period & Repayment:

• The course period PLUS 1 year or 6 months after getting a job, whichever is earlier.
• Repayable in 5- 7 years.

Insurance: Life Insurance cover available to the student borrowers under ‘IB Jeevan Vidya’ Insurance Scheme.

Security: Documents should be executed both by the student and parent / guardian as joint borrower.

1. Upto Rs. 4 lacs – No security

2. Above Rs. 4 lacs & Upto Rs.7.50 lacs – Collateral in the form of satisfactory third party guarantee

3. Above Rs.7.50 lacs – Co-obligation of parents / guardians together with tangible collateral security of suitable value along with assignment of future income of the student for payment of installments.

In case of receipt of application for more than one loan from students from a family, the ‘family’ as a unit will be taken into account for considering the loan and security will be taken in realtion to the total quantum of finance disbursed, subject to margin and repaying capacity of the parent/student.

You are eligible if:

• You are an Indian national and have secured admission to a professional or technical course in an Indian or Foreign university.
• Simply walk in with the marksheet of the qualifying exam. and proof of admission.

Course Eligibility:

Study in India: Graduation courses, Post-Graduation courses, Masters & PhD, Professional courses.

Study Abroad: Graduation for professional/ technical courses offered by reputed universities; Post Graduation (MCA, MBA, MS)

Loan Amount

• Upto Rs.10 lakhs for studies in India.
• Upto- Rs. 20 lakhs for studies abroad.

Loan takes care of :

• Fee payable to colleges/ schools/ hostels
• Examination/ Library/ Laboratory fees.
• Purchase of books, equipment, instruments and uniforms.
• Passage fare for travel abroad.
• Purchase of computers needed to complete the course.
• Any other expense to complete the course like study tours, project work, thesis etc.

Margin:

• Upto Rs. 4 lakhs- NIL for study in India and abroad.
• Above Rs. 4 lakhs- 5% for study in India and 15% for study abroad.

Repayment: 

• Moratorium- Course period + 1 year or 6 months after getting a job, whichever is earlier.
• Repayment period- 5-7 years after start of repayment.

There are a large number of Philippines students who prefer to go abroad for their post-graduation studies. The loans prove to be a boon, mainly to the students whose education and stay abroad would be very costly. Some private banks grant education loans and also cover the expenses of lodging and travel. Most private banks in Philippines offer flexible options related to education loans. Certain private banks offer very low interest rates and give various allied benefits to the borrowers, by opening a savings account for them or providing them with debit cards. Some banks also provide customized education loans, created for specific requirements. They grant secured as well as unsecured loans. Secured loans can be repaid in seven years by holding residential properties or shares as security. The unsecured loans can be repaid in four years. Various banks offer exclusive schemes on educational loans to their customers, of six months or more.

The education loans in Philippines are mostly granted to the parents of the students, unless or until the students are eligible, above 18 years of age. Most nationalized and private banks providing education loans, take the authorization of the college or university into consideration. They do not grant loans to students who are not from approved educational institutions.

The indian national students who secured admission to professional/technical cources through entrance test/selection process are eligible to get education loans from State Bank of Patiala. The State Bank of Patiala educational loan amount depends upon the repayment capacity of the parents/students.

• Studies in india – Max Rs.10 lacs
• Studies in abroad – Max Rs.20 lacs

State Bank of Patiala Education Loan Margin:

• Margin: Upto Rs.4 lacs: Nill
• Above Rs.4 lacs: Studies in India: 5% and Studies Abroad: 15%

Documents Required:

• Completed application form
• Marksheet of last qualifing examination, Proof of admission, Shedule of expenses and duration of course.
• 2 Passport size photographs, Passport/ID Card/Voter Card/PAN Card etc., of student/parent/guardian and guarantator (wherever applicable)
• Details regarding the guarantator (where loan amount is more than Rs.4 lacs)
• Proof of income of the borrower/guarantator.
• Title deed of property or other securities and other related papers etc. (in case loan amount is more than Rs.7.50 lacs)

State Bank of Patiala Education Loan Repayment:

Repayment to be made after completion of moratorium period i.e. Course period +1 year or 6 moths after getting job, Whicever is earlier. The loan to be repaid in a maximum of 5-10 years after commencement of repayment.