The Tamilnad Mercantile Bank

I want to take Education Loan from The Tamilnad Mercantile Bank so can you please provide me the details of loan?

[shikha]

Tamilnad Mercantile Bank provide education loan to customers for higher education in India / abroad

Education Loan

This is scheme of choice for parents who wish to educate their children in professional courses in India / Abroad and help them get graduation / post graduation in any field of choice of the student.

Student Eligibility-

Secured first class and wish for admissions in Professional / Technical / Other Courses of various studies

Secured admission to foreign University Institutions

Any Student who has attained the age of 18 years or Parent of the Student can avail the loan.

Should be an Indian National

Eligible course of study

Studies in India

School education / Graduation / Post Graduation Courses.
Professional courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.
Courses like ICWA, CA, CFA etc
Courses conducted by IIM, IIT, IISc, XLR1, NIFT etc.
Courses offered in India by Reputed Foreign universities.

Studies Abroad

Graduation: For Job oriented Professional / Technical courses offered by reputed universities.
Post Graduation: MCA , MBA , MS, etc.
Courses conducted by CIMA-London, CPA in USA etc.

Expenses considered for Loan-

Fee payable to College / School / Hostel
Examination / Library / Laboratory fee
Purchase of Books / Equipments / Instruments / Uniforms
Caution Deposit / Building Fund / Refundable Deposit supported by Institution Bills / Receipts.
Travel expenses / passage money for studies abroad.

Margin-

Upto Rs. 4 Lakhs - Nil.
Above Rs. 4 Lakhs - Study in India - 5%.
Above Rs. 4 Lakhs - Study Abroad - 15%.

Quantum of Finance

Need based finance subject to repaying capacity of the parents / students with margin and the following ceilings:

For Studies in India - Max. Rs. 10 Lakhs
For Studies Abroad - Max. Rs. 20 Lakhs.

Security-

Upto Rs. 4 Lakhs - No Security
Above Rs. 4 Lakhs upto Rs. 7.50 Lakhs Suitable Third Party Guarantee
Above Rs. 7.50 Lakhs and upto Rs. 20 Lakhs - 100% collateral in any of the form of Immovable property / NSC / Units of UTI / LIC policy / RBI Bonds or any transferable Government securities.

Rate of Interest-

Upto Rs. 4 Lakhs - BR + 3.50% (13.90% p.a.).
Above Rs. 4 Lakhs upto Rs. 7.50 Lakhs - BR + 3.50% (13.90% p.a.)

Above Rs. 7.50 Lakhs upto Rs. 20 Lakhs (With 100% Collateral Only) - BR + 3.00% (13.40% p.a.).

Interest Rate Concession by 0.50% if covered by 100% and above collateral security.

Additional Incentive of 1% in R.O.I for servicing the interest during study and moratorium period.

Current Base Rate for Lending (BR) is 10.40% p.a.

Contact-

All India National Toll Free Number: 180 0425 0426