Education Loan – Prouda Vidhya Yojana

Eligibility

Under this scheme the loan is available to the parent who is a regular or associate member of the Bank having regular income for meeting the educational expenses of his / her son or daughter studying in PUC or Degree class.

Sanction Limit:

The quantum of loan shall not exceed Rs.1,00,000/-.

Repayment period

The loan is sanctioned for one academic year only.

Rate of Interest

8.5% p.a.

Security

Personal surety of one or two respectable and credit worthy persons.

Collateral security of Life Insurance policy of assured sum, atleast equivalent to loan amount or immovable property.

Documents required:

i) Income proof (salary certificate and pay slip of the previous month / Income tax assessment order copy/ any other reliable document).

ii) Letter from the school / certificate from the college evidencing the admission and estimate of the tuition fee, donation, cost of books to be purchased and hostel fees, if the student is provided with hostel facility.