Short Term Edu. Loan

Learn more about our Study Loan Scheme under TMB Retail Loan Products.

This is scheme of choice for parents who wish to educate their children for the best careers in the best institutions. The cost of the study can be borned by the loan from our bank. The interest rate has been kept below the normal prime lending rate of the bank to enable the future generations make the best use of the facilities offered by us.

Eligibility

To secure admission to school education / under graduation course / Diploma courses & Post Graduation Courses.

Eligible course of study

School education including plus 2 stage.

Graduation Course: Arts, Science Courses, Diploma Courses.

Evening Courses of approved institution.

Other courses leading to diploma / degree etc. conducted by colleges / universities approved by UGC / Govt. / AICTE 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.

Pre-requisite

Proof of income and certificate from the employer for the Take Home Salary.

Undertaking from the employer to deduct and remit the instalment amount from the salary of the staff every month when the employer is agreeable for the same.

Quantum of Finance

Maximum of Rs.25,000/- or 3 Months Gross Salary of the Parent whichever is lower.

Rate of Interest

PLR - 1.75% (12.25% p.a.).

Current Prime Lending Rate (PLR) is 14.00% p.a.

Penal Interest

Any irregularity or default in repayment will attract penal interest of 2.00% p.a. over and above the above rate of interest on the balance outstanding.

Disbursement

The loan will be disbursed in staged as per the requirement / Demand directly to the institutions / Vendors of books / Equipments / Instruments.

Repayment

Maximum 10 to 12 monthly installments with interest (without holiday period).

Processing Charges

0.50% of the Loan Amount

For Loans below Rs. 50,000.00 Minimum Charges is Rs. 100.00

For Loans Rs. 50,000.00 and above Minimum Charges is Rs. 500.00 and Maximum Charges is Rs. 1,00,000.00