Karnataka Bank Educational Loans | www.karnatakabank.com
Website : http://www.karnatakabank.com
Bank Type : Private Bank
Provided study loan amount in India
* Up to 7.5 Lakhs
Provided study loan amount in Abroad
* Up to 15 Lakhs
Any student, representing himself / herself if major, or a minor student represented by parent or guardian, of Indian nationality, who has secured admission to a professional / technical other course, in India or abroad.
Tuition Fees; Hostel Fees and Boarding and Lodging Fees if resident outside Hostel;Examination / Laboratory and Library Fees; Purchase of Books/Study material / Equipment and Uniforms; Caution Deposit / Building Fund /Refundable Deposits ; Travel expenses/passage money for study abroad; Purchase of Computer if certified as essential for completion of course; other expenses like Project Work, Study Tour and Thesis, which are necessary for completion of course
* Up to Rs.2 Lakhs – no margin required
* Above Rs.2 Lakhs – 25% for studies in India and abroad. Scholarship / Assistantship may be reckoned as part of margin. Margin may be brought in on year -to-year basis as and when disbursements are made on a pro-rata basis
Interest Rate :
* For loans up toRs.4 Lakhs:12%p.a. at present.
* For loans aboveRs.4 Lakhs: 12.50% at present.
The loan shall be repaid in 5 to 7 years after commencement of repayment. If the student secures employment during the gestation period, the repayment schedule should be Advanced to commence immediately. The completion of the course includes internship or apprenticeship if compulsory for award of Degree. If the student does not complete the course within the scheduled time, a maximum time limit of 2 years is permitted. If the student is unable to complete the course for reasons beyond his control then extension may be granted if deemed necessary to complete the course. The accrued interest during the repayment holiday will be added to the principal and repayment in equated monthly installments (EMI) shall be fixed.
For loans up to Rs.2 Lakhs: Loan shall be given jointly with Parent / Guardian. A Guarantor with net worth not less than loan amount shall join the transaction in addition to Parent / Guardian.
For loans above Rs.2 Lakhs: Loan shall be given jointly with Parent / Guardian and collateral equal to 100% of the loan is required. In case land and buildings are already mortgaged, the same can be used as security on II charge basis provided adequate security cover of100%of the loan amount i s a v a i l a b l e . Computers purchased with the loan would have to be hypothetical to the Bank.
Time Taken :
Nearly a Month