Eligibility for Loan: Education Loan is a top-up loan for existing loans like Medium or Long Term Loan. It will be issued only once in a year during the month of July.
Applications will be issued in the month of June and the disbursement of loans will take place in the month of July each year.
Maximum Limit: The maximum limit of Education Loan is upto Rs. 50,000/-
Repayment Period: Repayment of Loan will be by way of monthly instalment & interest as that of existing Medium or Long Term Loan. Sanctioned amount will get added up to current running loan of member.
Co-obligants (Sureties) : A single co-obligant (surety) is required. The member must obtain the signature of the co-obligant (surety) who has already signed for the earlier/current running loan.
Rate of Interest: Interest on loans shall be calculated on day to day basis at 7% per annum on reducing base (Subject to repayment of instalment).
Documentation: Members must fill the prescribed Loan Application form and declaration form. They also need to obtain the signature of one Co-obligant (Surety) and attach a photocopy of supporting documents such as the School/College fee paid receipt of their children.
Processing Fee: There will be no processing fee charged.
Additional Clause Note: This loan is solely provided in the name of Education for the purpose of the member’s children's education. No member is eligible to claim for Income tax/tax benefits, and the society will not be responsible in this regard.
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