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Loans


Educational Loans

Now lack of money is no reason to stop you from reaching your educational goals. New India Co-Operative Bank Limited offers you easy loans to finance higher education.


Eligibility :

The student aspiring to take an education loan should be an Indian national and should have secured admissions in any of the Graduate / Post Graduate course offered by College / Institute / University in India or abroad. The parent or the guardian of the student should be the co-obligator. In case of a married person, the co-obligator can be either spouse or parents/parents-in-law.


Quantum of finance :

Studies in India Maximum up to Rs.10 lakhs.
Studies Abroad Maximum up to Rs.20 lakhs.

Security :

Up to Rs.5.00 lakhs No Security.
Co-obligation of parents and 1 or 2 guarantors of good means.
Above Rs.5.00 lakhs "Security in the form of mortgage of residential flat/pledge of NSC, KVP, Govt. Bonds/Assignment of Life Insurance policies/banks deposits in the name of parent or any other third party. Collateral security should be equivalent minimum to the tune of loan component. Wherever the flat is already mortgaged to the Bank, the unencumbered portion can be taken as security on second charge basis provided it covers the required loan amount. Security of shares/units of mutual funds can be accepted subject to prevalent guidelines as regards lending against shares (present limit is Rs.10.00 lakhs for shares in Demat form). In case the security offered is held by the person other than the applicant, his personal guarantee would be insisted upon. Co-obligation of parents and suitable third party guarantee of good means. (The bank may, at its discretion, in exceptional cases, waive third party guarantee if satisfied with the net-worth/means of parent/s who would be executing the document as ""joint borrower"").

Rate Of Interest :

If moratorium availed for interest payment
  Interest moratorium without Interest moratorium
Up to Rs.4.00 lakhs On request 12% 11.5%
Above Rs.4.00s lakhs to Rs.10.00 lakhs On request 12.50% 12%
Above Rs.10.00 lakhs to Rs.20.00 lakhs On request 13% 12.5%

 

Repayment Period :

  • Moratorium payment of interest and principal for maximum period equal to course period + 1 year
  • Repayment thereafter in remaining period of the loan, maximum period of loan not to exceed 180 months ( including moratorium period ).

Share Linkage :

Applicant to be members of the bank and sureties to be made nominal member

Special Features :

  • Interest calculated on daily reducing balance.
  • No prepayment/commitment charge levied unless the liability is taken over by another financial institution.
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