Corporation Bank Education Loan empowers students to secure their future and pursue educational courses of their choice in India or abroad. Low interest rates, simple application process, minimum documentation are some of the features that make education loans from Corporation Bank very popular with students in India.
The purpose of Corporation Bank Education Loan is to help Indian students pursue studies in India or abroad, without having to worry about the cost of education.
The expenses considered for the education loan from Corporation Bank include:
Please note that caution or refundable deposit, building funds are not considered even if they are supported by relevant receipts.
The maximum loan amount offered is Rs.10 lakhs for pursuing courses in India and Rs.20 lakhs for pursuing courses abroad.
The interest rates for Corporation Bank Education Loan are as follows:
Only simple interest is charged during the repayment holiday or moratorium period.
Girl students get a concession of 50 bps on the interest rate (which includes 25 bps for SC, ST and women students) for all education loans. Physically challenged students get a concession of 0.50% for all education loans.
There are no processing fees for pursuing courses in India but for pursuing courses abroad, there is a processing fee of Rs 2,000 which is refunded when the loan is availed.
Repayment Period | For loan amounts of Rs 7.50 lakhs or below, the repayment tenure is fixed at 10 years, excluding the moratorium period.
For loan amounts above Rs 7.50 lakhs, the repayment period is fixed at 15 years, excluding the moratorium period. |
Moratorium period (repayment holiday) | Duration of the course plus 1 year or 6 months after getting employed. |
For loans up to Rs 4 lakhs | No security apart from co-obligation of parents |
For loans of Rs 4 lakhs – 7.5 lakhs | Suitable 3rd party guarantee or collateral equivalent to the loan amount along with co-obligation of parents is required as security. |
For loans above Rs 7.5 lakhs | Security in the form of tangible collateral, co-obligation of parents and the assignment of the student’s future income for making the instalment payment is required. |
There is no margin for loans up to Rs 4 lakhs. For loans above Rs 4 lakhs, the margin is 5% for pursuing courses in India and 15% for pursuing courses abroad.
The eligible courses for Corporation Bank Education Loan are as follows:
For Study in India:
PhD, research courses, correspondence, off-campus, part-time, partnership and certification courses are not eligible for this loan.
For Study Abroad:
PhD, research courses, PG diploma and diploma courses offered by foreign universities are not eligible for Corporation Bank Student Loan.
The eligibility criteria for Corporation Bank Education Loans are as follows:
The following documents are required to apply for Corporation Bank Education Loans:
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