Products - ACCB Educational Loan :
Education loan is granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.
Tuition fees payable to college/school.
Hostel Expenses.
Examination/Library/Laboratory fees.
Purchase of Books/Equipment/Instruments/Uniforms.
Purchase of computers considered necessary for completion of course.
Takeover of Education loan of other banks.
Maximum for two children.
Quantum of Loan :
For studies in India, maximum Rs.6 lakhs subject to equivalent amount collateral security by way of landed property, NSC, KVP and LIC police.
Studies abroad, maximum Rs.6 lakhs subject to equivalent amount collateral security by way of landed property, NSC, KVP, and LIC policy.
Disbursement :
First Year : On the basis of demand letter from the Institute/College/University
Second and Subsequent Years: On the basis of demand letter from the Institute/College/University + proof of Passing last qualifying examination.
For other expense: purchase bills/Hostel Receipt
Margin Money :
10% of the loan advanced.
If any amount have paid by the student from his/her sources before sanction of loan the same will be considered for margin money.
Rate of Interest :
Loans for IIM, IIT, MBBS, MD and MS: 11% p.a Fixed
For Other: 12% p.a.Fixed.
Interest will be lived on monthly basis.
Repayment Period :
Minimum 36 Months and Maximum 60 Months through advance EMI cheques.
Documents required along with duly completed Application Form.
Borrower related document :
Duly filled Education Loan Application Form.
Certificate/Mark sheets of last qualifying examination.
Proof of admission scholarship, studentship etc.
Schedule of expenses for the specified course.
Photographs-2.
Borrower's Bank account statement for the last six months.
Copy of ITR of last 3 years(for Non-Salaried).
Income proof-Last three month’s Salary Slip/Copy of Form 16 in case salaried persons.
Brief statement of assets and liabilities, of the Co-borrower.
KYC documents of borrower(s) as well as Guarantor(s)-PAN card, photo Debit Card, Arms License, Ration Card of the Applicant, Freedom Fighter Pass, Employer Identity Card, etc with the condition that it must contain Name,Photograph and Signature of holder.
Advance EMI Cheque(s).
Age proof.
Residence Adress Proof.
Nominal Member Application along with nominal member fee as par bank’s norms.Bank Statement for last six months of relevant account.
Processing Fee.
Document related to collateral Property :
Copy of title documents viz. Sale Agreement, Registry, Allotment Letter/Lease deed
Non-encumbrance certificate.
Valuation of the property.
Loan Documentation :
Loan Agreement on stamp paper as per bank's norms.
Guarantee deed on stamp paper as per bank's norms.
Demand & time promissory notes.
Letter of continuity.
Usance Certificate
Letter of undertaking in the prescribed format.
Fixed Deposit receipt as per bank’s norms.