Education Loan

  • Education Loan
  • Terms & Conditions

Education Loan (Domestic)

Education Loan (Foreign)

Instalment 150   Instalment 150
Maximun Amount Rs.15,00,000.00   Maximun Amount Rs.20,00,000.00
Rate Of Interest(01.05.23) 8.5% p.a   Rate Of Interest(01.03.18) 9.50% p.a
Other Information Demand Draft for the Fee Amount will be drawn in favour of the Educational Institution.
Fee Paid receipt to be submitted to the Bank within 15 days from the date of Sanction of Loan. Loan can be availed for two children only.

Click here for the List of Documents to be Produced

List of documents to be submitted to the bank within 30 days from sanction of loan

  • Latest Salary Slip should be attached.
  • Loans are subject to availability of Funds.
  • Loans will not be sanctioned for 1st 4 working days of the month.
  • Loans sanctioned based on repayment capacity of the member.
  • Loanee shall produce Surety / Co-Obligant who is not a defaulter.
  • A member can stand surety
    • Maximum 2 Personal Loans.
    • Maximum 2 Short Term loans.
    • 2 any other loans (but the member cannot stand surety for 2 housing scheme).
  • The Credit worthiness of the Surety also considered at the time of sanctioning of Loan.
    • MTS member can stand surety upto Clerk / Typist.
    • Clerk / Typist Cadre can stand surety upto Senior Accountants / Senior Auditors.
    • Senior Accountants / Senior Auditors can stand surety to any member.
  • For Availing Housing Loans, Member should have completed 5 years of service, 1 yr of membership in Bank and should have a minimum of 3 yrs of service left prior to retirement.
  • All loans should be cleared three months prior to retirement.
  • Members should clear all the loans/Liabilities with the Bank and should not have stood surety to any loan when they proceed on deputation/transfer to other states.
  • In case of members who have availed loan and are already on deputation/transferred to other states have to submit 6 post-dated cheques of the Bank in which their salary is being credited. They should inform the bank on repatriation to the parent department.
  • No further loans will be sanctioned to the members while on deputation/transfer to other states.