Baroda Vidya – Educational Loan

by BankBazaar.com Desk on 5, November, 2009   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 V^th STD.

2. Stage II: VI^th to VII^th STD.

3. Stage III: IX^th to XII^th 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.

Repayment – Loan 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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