Thursday, August 17, 2017

Chandigarh University along with Punjab National Bank and other Nationalized banks offers education loan to students


Chandigarh University along with Punjab National Bank and other Nationalized banks offers need based finance to students applying for education loan at the university.

STUDY LOAN
Chandigarh University along with Punjab National Bank and other Nationalized banks offers need based finance to students applying for education loan at the university.
CU has taken a unique initiative to aid student from any state to apply at Chandigarh branch which acts as a hassle-free, one stop solution for fulfilling the loan requirements. In addition, CU has dedicated specialists to help the students with loan processing and sanctioning procedure. A dedicated cell is in place to assist students and acts as a hassle-free one-stop solution for all the loan requirements.
KEY BENEFITS
No security or guarantee required for loan amount up to 4 Lacs.Single Window on-the-spot clearance for loan processing and sanctioning.Fast procedure. Quick service. Less documentation.Get sanctioned within limited time.Interest rate start from 11.50% onwards.Free tax benefits under section 80E of ITAI (Income Tax Act of India)
CHECK LIST OF DOCUMENTS REQUIRED FOR THE LOAN
Loan application on Bank’s format.Two passport size photograph each (Student and Co-borrower)ID Proof and address proof required (Student and Co-borrower)PAN and AADHAR CARDAge proof of student (10th class certificate).Proof of having secured pass marks in the last qualifying examination (12th, graduation or equivalent).Prospectus of course wherein charges like Admission Fee, Examination Fee, Hostel Charges etc. are mentioned.Letter of admission in Professional/technical/Vocational Courses (Fee Slips).Bona-fide certificate/Fee structure of student issued by registrar office of college in which details of student mentioned.Details of assets and liabilities of parents (ITR, salary slip, Form no 16 of 16A)One-year bank statement of Co-borrower.If any other loan availed by applicant or other member of family, loan a/c No. required by bank.
ASSOCIATED BANKS - LOGOS TO BE USED

STATE BANK OF INDIAJ&K BANKPUNJAB NATIONAL BANK

IMPORTANT INFORMATION Co-borrower

stands for any family member in blood relation either He/ She is Father /Mother/Brother/Sister Rate of Interest: Interest Rates vary from 10% to 14% (Depends upon Bank). Concession: 1% concession in interest if interest served during moratorium period (during the course). In case family income less than 4.0 lacks, Low Income Certificate issued by SDM or Tehsildar/Magistrate is required. Repayment will be started after Grace period (1 year) upon completion of the course.

EDUCATION LOAN SCHEME FOR STUDENTS OF CHANDIGARH UNIVERSITY 
1. ELIGIBILITY: should be an Indian National and secured admission to Chandigarh University have scored minimum 60% and above in 10+2 Should

 2. LOAN AMOUNT Maximum upto Rs 10.00 lac Reimbursement at fee already paid allowed within 6 months 

3. MARGIN: Upto Rs.4.00 lac- Nil Above Rs 4.00 lac 5% 

4. INTEREST: Upto Rs 4.00 lac MCLR +2 10% ie 11 50% Over Rs. 4.00 lac upta Rs.7 5 lac MCLR 3.10% ie. 12.50% Over Rs. 7.5 lac MCLR 60% i e 12% other than IP as collateral security) In case of collateral security in shape of IPs applicable in SERFEASI Act liquid securities available upto 100% the ROI will be applicable MCLR+1 10% i e 10.50% irrespective of the amount 

5- PROCESSING FEE NIL 

6. DOCUMENTATION CHARGES: Upto Rs.4.00 lac Rs. 270 Service Tax Above Rs 4.00 lac Rs 450 Service Tax 7, MORATORIUM PERIODIREPAYMENT HOLIDAY Course Period t 1 year B. REPAYMENT: For Loans upto Rs 7.50 lac & for loans above Rs.7.50 lac 15 years 9, 

DOCUMENTS REQUIRED: 
a) Loan application 
b) Passport size photograph, Borrower & Guarantor 
c) PAN No of all the Borrowers and Guarantors voter Card with proof of date of birth 
d) all Borrowers and (Ration Card, Voter Card Employers certificate, Driving Licence, Passport etc.) 
e) ncome proof of Borrowers Guarantors as per the eligibility in the case ITRs for last 3 latest salary slip Salary Certificate Form-15 duly by employer. non-Salaries persons ITR/Balance Sheet for the last 3 years of account for the last six months (PNB Ac) and 12 months in case is in other Banks 
g) Bank statement of existing loan accounts, if any, of Borrowers & Guarantors since beginning 
h) Documentary evidence of the Assets & Liabilities of the Borrowers and Guarantors through residence: whether residing in own house (self or spouse) rented housef Govt. or leased housei in parents house 
j) Proof of having secured pass marks in last qualifying examination 
k) Proof of date of birth of student 
I) In case loan amount is more than Rs. 4.00 la Particulars of Guarantors and detail of their asset and liabilities and immovabie property offered as collateral copy of Title valuation Certificate and Non-encumbrance Certificate from approved Lawyer of the Bank 
m) Any other document information depending upon case to case and purpose of loan.

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