| |
Students who get admission in R L Institute of Management Studies will be eligible to obtain Educational loan from City Union Bank, Indian Bank, Lakshmi Vilas Bank subject to the students fulfilling all eligibility criteria as per the scheme and guidelines issued by these banks.
|
Guide lines for availing " Educational Loan" from banks: Number of parents are interested in availing loan from bank towards the cost of education of their wards. They are advised to contact their own bankers or any nationalized bank after understanding the below mentioned points..
|
Frequently Asked Questions on Education Loan
|
| 1. How much loan can I get for expenses towards my son’s education?
|
| The loan available will be upto Rs. 4 lacs with out any security. |
2 .From which bank can a parent avail the loan?
|
| From any branch of City Union Bank, Indian Bank, Lakshmi Vilas Bank, or any nationalized bank. |
| 3. From which place can I avail the loan?
|
| The Loan can be availed in the native place of the student or where his father resides with address proof.
|
| 4. How do I get the loan payment? |
| After the formalities as per bank norms (please refer point 11, salient features), the bank will directly disburse the loan amount to the college in which the student is studying. |
| 5. How do I pay the balance fees amount over and above the loan? |
| As always the bankers ask the borrower to bear a portion of the cost of funding. Here also the balance amount over and above the loan will have to be borne by the parent only. |
| 6. Can the loan be availed in installments in each semester? |
| Yes, The loan will be disbursed by the bank for each semester installment on the due date and not in advance. |
| 7 .When does the repayment start? |
| It starts 6 months after the student completes the course or within 30 days of the date of employment. |
| 8 .When does the interest payment commitment start? |
| Though there is time to pay the installment amount, the interest on the balance then outstanding starting from the date of borrowing, should be repaid every quarter. |
| 9. Is repayment period fixed or flexible? |
Seven years is the maximum period for repayment. Even lesser duration can be opted by the borrower, but it cannot exceed Seven years.
|
| |
