Education Loan
Personal Banking (Loans)Mahalaxmi Education Loan is the loan product that finances eligible expenses of students who is pursuing or willing to pursue higher education inside the country and abroad.
Eligible Expenses
- Tuition Fee payable to college/university
- Examination/Library/Laboratory fee.
- Purchase of books/equipment/instruments/uniforms etc.
- Deposits if any as per the needs/requirements of educational institution
- Travel Expenses in case of abroad study.
- Advance fee to be payable to college/University
- Any other expenses required to complete the desired course
Loan Features
Loan Tenure:
- Maximum 15 years
Bank Finance:
- Maximum 70% of FMV of land and building as per the valuation report.
- Financing can be made up to 95% in case of cash/near
Note: financing can be made up to 100% of total cost of education and other related expenses.
Eligibility:
In case of Students
- Minimum-17 years
- Maximum-50 years on loan maturity
In case of Parents & Guardian of students as borrower
- Maximum 70 years on loan maturity
Other Requirements:
- Students should have completed at least SLC or Equivalent level of education.
- Parents/Sponsors should have regular source of income
- (salaried individuals, self-employed, professionals, pensioners)
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(*) Note: Other Terms and Conditions shall be applicable as per the Bank’s Policy. In addition, to the above mentioned parameters the bank can analyze other details too, where deemed necessary. |
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