Thursday, December 30, 2010

AXIS BANK EDUCATION LOAN DETAILS

AXIS BANK EDUCATION LOAN DETAILS :-

1)QUANTUM OF LOAN
The quantum finance under the scheme is capped at 10 lacs for studies in india and 20 lack for studies study abroad ,which will cover tuition fes ,hostel charges ,cost of books etc . The minimum amount of loan would be 50,000 .

2) MARGIN

No margin for loans upto 4 lacs . For loan above 4 lacs ,5% margin for students in india and 15% for abroad .

3) ROLE OF THE GUARDIAN

The parents of the student would be treated as co-applicant .

4) SECURITY

Third party guarantee and/or collateral security may asked in appropriate cases .

5)ADDITIONAL SECURITY

Assignment of lic policy in favour of the bank for the sum assured being at least 100% of the loan amount . The polico is kept alive during the currency of the loan . To ensure this the annual premium may be included in the computation of the loan requirement ,along with the tuition fees andother recurring charges . Further the future income of the student needs to be assigned in favour of the bank for meeting the installment obligation .

6)DISBURSEMENT

The loan will bn disbursed in full or in suitable installments taking into account the requirements of funds and/or fees schedule as assessed by the bank directly to the educational institution or vendor of books or equipment of instruments .

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