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Baroda Vidya – Educational Loan

by BankBazaar.com Desk on    0 |

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Purpose – A loan for parents of students pursuing school education i.e. Nursery to Senior Secondary School. The end use of the loan may be for any of the following: Fee payable to college / school, Examination / Library / Laboratory Fee, Fee and other charges payable to hostel, Purchase of books / equipments / instruments / uniforms, Personal Computers / Laptops wherever required, Caution deposit / building fund / refundable deposit supported by institution bills / receipts.

Eligibility – The applicant should be an Indian national residing in India and the student should have secured admission to a recognized school / High school / Jr. College (including CBSE / ICSE / State Board) for any of the following courses

1. Stage I: Nursery to Vth STD.

2. Stage II: VIth to VIIth STD.

3. Stage III: IXth to XIIth STD.

Quantum of Loan – Upto a maximum of Rs. 4 lakhs.

Security - In case the loan is given for purchase of computer the same is to be hypothecated to the bank.

RepaymentLoan for each yearly sub limit is repayable in 12 equal monthly instalments. First instalment to be due 12 months after first disbursement of each year’s loan component.

Other Features – 1% concession in rate of interest to loans for girl students.

- Penal Interest @ 2% on overdue amount if the loan amount exceeds Rs. 2/- lakhs.

- No processing and documentation charges.

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