Education loan for IIM Calcutta

My son wants to take admission in the MCA course in Indian Institute of Management Calcutta? But our finical conditions are not good? So I am searching for the Indian Institute of Management Calcutta Education loan process? Can you please tell me about its Education loan process?

Can you provide me the details of the Education Loan provided by Bank of Baroda to students of premier Institutions like – IIMC (Indian Institute of Management Calcutta)?

[sumit]

This student education loan is given to Indian Nationals who have secured admission into premier educational institutions in India. The loan amount depends on the categorization of the institute (AA, A, B, C).

Target group for Loan are the Students pursuing Graduation, Post-Graduation, Professional and other courses in India.


Key Benefits
No processing charges.
No Margin.
Free Debit Card.


Eligibility
Courses Eligible
Full time regular Courses conducted by the Premier Educational Institution -Indian Institute of Management (IIM) Calcutta


Student Eligibility
One should be an Indian National
One should secured admission to professional / technical courses Abroad through Entrance Test / Merit Based Selection process


Interest Rates & Charges
No special concession for girl students under this scheme.
Simple interest to be charged at monthly rests during the repayment holiday/moratorium period.
Penal interest @ 2% p.a. on overdue amount, if the loan amount exceeds Rs.4/- lacs
The accrued interest during the repayment holiday period to be added to the principal and repayment in Equated Monthly Instalment (EMI) be fixed.


Important Terms & Conditions

Margin
NIL

Repayment Holiday/ Moratorium Period
Course period + 1 year


Coverage of expenses for

Fee payable to college/Institution/University/school/hostel

Examination / Library / Laboratory fee

Hostel fees / charges

Purchase of books / equipment / instruments / uniforms

Caution deposit, Building fund / refundable deposit supported by institution bills/ receipts, subject to condition that the amount does not exceed 10% of the total tuition fees for the entire course.

Purchase of Personal Computer / Laptop - essential for completion of the course.
Insurance premium for student borrower, if any opted by the student. Presently Bank has tie up arrangement with M/s.IndiaFirst Life Insurance Co & M/s.Kotak Life Insurance co for Group Credit Life insurance cover to Educaiton Loan borrowers.

Any other expenses required to complete the course – like study tours, project works, thesis, etc.

Cost of external coaching/tuition is not to be considered.

The details of expenses for the entire course period to be obtained from college / institution


Repayment Period
The loan is repayable in maximum 10 – 15 years after the completion of moratorium period as mentioned above
For loans up to Rs. 7.50 Lakhs : Moratorium Period +Maximum -120- instalments
For Loans above Rs. 7.50 Lakhs : Moratorium Period +Maximum -180- instalments


Unified Processing charges
NIL for all cases
A non-refundable Lump sum amount Rs.7,500/- per property (towards Advocate and Valuer charges) to be taken upfront in case of all Education Loan accounts, wherever property is mortgaged .

Security

Up to Rs. 40.00 Lakh
No Security
Co-obligation of parents / guardian along with assignment of future income of the student for payment of instalments

Above Rs. 40.00 Lakh
Tangible collateral security equal to 100% of the loan amount along with assignment of future income of the student for payment of instalments


Disbursement

Directly to School / Institution / hostel -- term wise / year wise, in stages as per the requirement / demand

Directly to book seller / shop for purchase of books, instruments, equipment.

In case student does not secure hostel facility with educational institute, he may be allowed to make his own arrangement if required. Lodging / boarding charges to be paid directly to concerned establishment after verifying bonafides of the same