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For Any Query!Higher Education Loan
Purpose :
- Loan can be availed for courses like Medical/ Engineering/ C.A./ I.C.W.A./ Pharmacy/ M.B.A./ Company Secretary/ Degree/ Diploma/ Post Graduate Course in Computerization/ Fashion Designing/ Catering/ Hotel Management/ Architecture/ Degree or post graduate Course in Textile designing/ P.H.D., etc. The Courses should be full time, approved by A.I.C.T. / Government / conducted by the recognized university.
Maximum Loan Limit :
- The member can avail maximum two higher education loan for ward (maximum one loan for one ward) within membership period. However, at a time only one loan will be given for the one ward upto Rs. 40 Lacs
Fees includes: Fee payable to College/ Hostel, Examination/ Library, Laboratory Fee, Purchase of Books/ Equipments/ Instruments/ Uniforms, Caution Deposit/ Building Fund/ Refundable Deposit, Other Expense required to complete the course - like Study Tours, Project Work, Travelling Expenses.
Eligibility :
- Member who have completed at least 10 years of permanent service in MCGM and at least 5 years of Municipal Bank’s membership.
Rate of interest :
- 7.00 % p.a.
Loan Repayment :
- Maximum Repayment term is of 120 months. Terms of loan depend on Maximum repayment period or remaining service period less 3 months whichever is less. Applicant must get ¼ of gross salary in their hand after deduction of loan installment with interest thereon. Remaining service of borrower and guarantor(s) should be equivalent.
- Member can avail Moratorium Period upto Four years on specific request.
Documents :
- Certificate of the admission of the concerned institute, lower exam marksheet, Diploma, Graduation Certificate, information about admission, yearly fees, certified xerox copy of the Aadhaar card
Guarantor :
- Now no need of Guarantor(s) for Education loan but have to contribute towards Surety Guarantee Fund @Rs. 5/- per thousand on Education Loan sanctioned amount
