Corporation Bank

Why For/Purpose /Objective:

Corporation Bank provides the Corp Vidya Aims for bringing Education within the reach of students and helps them improve their prospects in life.

Eligibility Criteria

Student eligibility:

• Student should be an Indian National.
• Should have completed previous qualifying examination.
• Secured admission to professional/ technical courses in India or Abroad through Entrance Test/Merit Based Selection process.
• Person already in gainful employment are not eligible for loan under the scheme except for pursuing evening course covered under the scheme of approved institute.

Courses Eligible

Studies in India:

• Graduation Courses : BA, B.Com, B.Sc., etc
• Post Graduation Courses : Masters & Phd.
• Professional Courses : Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.
• Courses like ICWA, CA, CFA etc
• Courses conducted by IIM, IIT, IISc, XLRI, NIFT etc
• Regular Degree/Diploma courses like Aeronautical pilot training, shipping etc., approved by Director General of Civil Aviation/Shipping, if the Course is pursued in India. In case the course is pursued abroad, the Institute should be recognized by the competent local aviation/shipping authority.
• Courses offered in India by reputed foreign universities
• Evening courses of approved institutes.
• Nursing/Teachers training courses for periods of one year & above from recognized colleges/institutes leading to Diploma/Degree.
• Other Courses leading to diploma/degree etc. conducted by Colleges/universities approved by UGC/Govt /AICTE /AIBMS/ ICMR etc.
• Courses offered by National Institutes and other reputed private institutions.
• Vocational Training and skill development study courses will not be covered under the model educational loan scheme, as the scheme is framed to provide Bank loans for higher studies

Studies Abroad:

• Graduation : For job oriented professional/ technical courses offered by reputed universities
  Post Graduation : MCA, MBA, MS etc
  Courses conducted by CIMA - London, CPA in USA etc

Other Conditions:

• The courses eligible for financial assistance under the scheme should be conducted by the colleges/ universities/ institutions which are either recognized by the government /affiliated to a university/deemed university or conducted by autonomous institutions like IIT, IIM etc or approved by AICTE /accredited to Department of Electronics, Government of India, courses offered by reputed universities/institutions abroad.
• Correspondence courses / computer part time /certificate courses are not eligible for finance under the scheme.

Quantum/ Amount of Loan

Need based finance, subject to repaying capacity of the parents / students with margin and the following ceilings
            Studies in India - Maximum Rs.10.00 lacs
            Studies abroad - Maximum Rs.20.00 lacs

Expenses Considered for Loan:

• Fee payable to College / School /Hostel
• Examination / Library / Laboratory fee.
• Purchase of books / equipments / instruments / uniforms.
• Caution deposit*
• Travel expenses/ passage money for studies abroad
• Purchase of computers - essential for completion of the course
• Insurance premium for student borrower
• Any other expense required to complete the course - like study tours, project work, thesis etc.

building fund/refundable deposit supported by Institution bills/ receipts stands deleted.

Margin/ Allowance:

Upto 4 lacs - NIL
Above 4 lacs
for education in India - 5%
Education Abroad - 15%
Scholarships / assistantship to be included in margin
Margin may be brought-in on year-to-year basis as and when disbursement are made on a pro-rata basis.

Rate of Interest :

At competitive rates on reducing balance only. Please check-up for latest rates at your nearest branch Interest is compounded at quarterly basis.

Repayment/Tenures:

With effect from 04.05. 2009:

Upto Rs.4.00 Lakh Applicable for fresh loans sanctioned/initially disbursed on or after 14.08.2009 1 1.00% Above Rs. 4 Lakh & Upto Rs.7.50 Lakh Applicable for fresh loans sanctioned/initially disbursed on or after 14.08.2009 12.00% Above Rs.7.50 Lakh New Loans disbursed on or after 14.08.2009 11.50%

• Interest concession of 0.50% is to be extended for education loans availed by Girls students for pursuing studies in India as well as Abroad for fresh loans sanctioned/initially disbursed on or after 04.03.2009.
• Simple interest to be charged during the Repayment holiday/Moratorium period
• 1% interest concession may be provided for loanees if the interest is serviced as and when debited.

Repayment/ Tenures:

Repayment Holiday / Moratorium Course period + 1 year, or 6 months after getting the job, whichever is earlier
The loan has to be repaid within a maximum period of 10 years after completion of repayment holiday period.

Security:

• Upto Rs.4.00 Lacs – Co-obligation of parent/s. No other collateral Security.
• Above Rs. 4.00 lacs and upto Rs. 7.50 lacs – o-obligation of parents together with collateral security in the form of suitable third party guarantee.
• Above Rs. 7.50 lacs – Co-obligation of parents together with tangible collateral security along with the assignment of future income of the student for payment of installments.

Contact

Delhi Tel: 011- 23322245 / 23357316 / 23738313,
Bangalore Tel: 080- 22221354 / 22727315 / 22221355,
Chennai Tel: 040- 28521311 / 28415245,
Hyderabad Tel: 040- 23420169 / 23236998,
Kolkata Tel: 033- 64517479 / 22128976,

Website

  http://www.corpbank.com/