Education Loan Facility
Education Loan Facility for Students
The scheme aims at providing financial assistance to deserving/meritorious students for pursing professional and technical education is IIMT: especially in Engineering.
Who is Eligible to apply
- Should be an Indian National.
- Should have secured admission to a higher education course in IIMT.
- Should have admission through entrance test/merit based selection process after 10+2 or equivalent.
If admission is purely based on marks,he should have scored in qualifying examination a minimum of 60%.
- Passport size coloured photographs-5.
- Address proof.
- Age proof.
- Proof of having cleared last qualifying examination.
- Letter of admission.
- Fee structure.
- Details of assets & liabilities parents/guarantors.
- Copy of PAN of borrower students and their parents.
Remarks : No security required upto a loan of Rs. 4 Lakh.
Repayment of loan will be in EMIs-Spread in 10 years or less for loan upto Rs. 7.5 Lakh.
Course period +1 year or 6 months after getting job,whichever is earlier.
Additional Benefits of Education Loan
- Simple interest is charged during the study period + moritorium period.
- A rebate of .50% in rate of interest to girls.
- 1% interest concession for loanes, if interest is serviced during study period.
- Full interest subsidy is provided during the moratorium period to students who have taken education loan & belong to
economically weaker section;(parents annual income less than Rs. 4.5 Lakh)
NOTE : No Prepayment penalty is levied for payment of loan.
For Further Enquiry Contact Us
Professor :Samrat Singh