Why For/Purpose /Objective:
Tamil Nadu Mercantile bank education loan is a scheme of choice for parents who wish to educate their children in professional courses in India / Abroad and help them get graduation / post graduation in any field of choice of the student. The cost of the education can be born by the loan from our bank.
Eligibility Criteria
Student eligibility:
- Student be an Indian National
- Secured first class and wish for admissions in Professional / Technical / Other Courses of various studies.
- Secured admission to foreign University Institutions.
- Any Student who has attained the age of 18 years or Parent of the Student can avail the loan.
Courses Eligible
Studies in India
- School education / Graduation / Post Graduation Courses.
- Professional courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.
Courses like ICWA, CA, CFA etc
Courses conducted by IIM, IIT, IISc, XLR1, NIFT etc.
- Courses offered in India by Reputed Foreign universities.
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.
Quantum/ Amount of Loan
Need based finance subject to repaying capacity of the parents / students with following ceilings:
Studies in India: Maximum Rs 07.50 lacs
Studies abroad: Maximum Rs. 15.00 lacs.
Expenses Considered for Loan:
- Fee payable to College / School /Hostel
- Examination/Library/Laboratory Fee
- Purchase of Books / Equipments/ Instruments/ Uniforms.
- Caution Deposit / Building Fund / Refundable Deposit supported by Institution Bills / Receipts.
- Travel Expenses/Passage Money for studies abroad.
- Purchase of Computers essential for completion of the course.
- Any other expenses required to complete the course, such as- Study Tours, Project Work, and Thesis etc.
Margin/ Allowance:
Upto Rs. 4.00 Lakhs - Nil.
Above Rs.4.00 Lakhs - Study in India - 5%.
Above Rs.4.00 Lakhs - Study Abroad - 15%.
Rate of Interest
- Upto 4 Lakhs - PLR - 0.75% (13.25% p.a.)
- Above 4 Lakhs upto 7.5 Lakhs - PLR + 0.75% (14.75% p.a.)
- Above 7.50 Lakhs upto 20 Lakhs (With 100% Collateral Only) - PLR - 0.25% (13.75% p.a.)
- Interest Rate Concession by 1% if covered by 100% collateral security or 0.5% if covered by 50% to 100% collateral security.
- Additional 1% interest concession allowed if the interest is serviced during holiday period.
- Current Prime Lending Rate (PLR) is 14.00% p.a.
Repayment / Tenures
Holiday / Moratorium Period: Course Period + 6 months after completion of the course. If the student got employed within 6 months after completion of the course, the repayment should start immediately after the expiry of one month from the date of employment.
Maximum Repayment period of Loan: The loan to be repaid in 5-7 years after commencement of repayment. If the student is not able to complete the course within the scheduled time extension of time for completion of course may be permitted for a maximum period of 2 years. If the student is not able to complete the course for reasons beyond his control, sanctioning authority may at his discretion consider such extensions as may be deemed necessary to complete the course
Security:
- Upto Rs. 4.00 Lakhs - No Security
- Above Rs.4.00 Lakhs upto 7.50 Lakhs Suitable Third Party Guarantee
- Above Rs. 7.50 Lakhs and upto Rs. 20.00 Lakhs - 100% collateral in any of the form of Immovable property / NSC / Units of UTI / LIC policy / RBI Bonds or any transferable Government securities.
Contact
Delhi Tel: 011- 23922401,
Bangalore Tel: 080- 25584400, 25584500,
Chennai Tel: 044- 24336670,
Hyderabad Tel: 040- 24606978,
Kolkata Tel: 033- 22433936,
Mumbai Tel: 022- 28513984.
Website
http://www.tmb.in
