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Education Loans

Vidya Loan Scheme
Purpose
To provide financial assistance to the meritorious & indigent students to undergo professional courses including hostel accommodation with a view to acquire technical skills and training in any specialised discipline like

  • Medical & Dental
  • Engineering
  • Computer Science
  • Management, etc.

Maximum Finance
Rs.3.00 Lacs
Basis Of Advance
Maximum 85% of course fee.
Rate Of Interest
@11.00%


Eligibility
The applicant should be over 18 years of age and a confirmed employee of the allied organization / establishment of repute having a regular source of income.
Where the applicant is not having any income source, any one Parent / Guardian having a regular source of income can apply as Co-borrower.
Where the student is a minor, any one Parent / Guardian having a regular source of income should apply as a borrower.

Repayment Period
Maximum 60 month E.M.I.
(Including repayment holiday of maximum 24 months)

Membership
Nominal membership where recovery U/S.49 is available. In all other cases regular membership is applicable.

Share Holding
5% of loan amount where recovery U/s. 49 is not available.

Guarantors
Two guarantors having a regular source of income including any family members filing regular Income Tax Returns.

Collateral Security:
50% of Loan amount to be secured against hypothecation of Household items and the remaining 50 % of the Loan amount to be secured by tangible security - any of the following:

  • Surrender Value of LIC Policies
  • Government / Trustee securities such as NSC, KVP
  • Marketable Shares of Blue Chip companies equivalent to the loan amount
  • Term Deposits
  • Mortgage of immovable property
Banking Relations
Previous banking relations are not necessary. Fresh A/c holders fulfilling above criteria may be considered.

Documents To Be Submitted With The Loan Application :
  • Proof of age and educational qualification such as Mark sheet, Degree Certificate etc
  • Proof of admission to the course with fee structure
Mode Of Disbrusement
Margin money of 20% of course fee to be deposited in the A/c. 100% of course fee will be remitted by pay order in favour of the institutions as per their course fee / payment schedule.

You may please contact the Retail & Housing – Relationship Cell at:
5 & 6, First Floor, Ganesh Anand, Chatrapati Shivaji Marg, Anand Nagar, Dahisar(E), Mumbai - 400 068. Email: retailcell@greaterbank.com

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