Dear CA students Do you know about the educational loans for CA students? -With a view to facilitate the students pursuing the Chartered Accountancy Course, The Institute of Chartered Accountants of India has made tie-up with the following Banks under Join CA Educational Loan Scheme to provide the Educational loan to its aspiring students to meet out the course fee etc. -The rate of Interest on these loans vary around 13.5% -A few of the following banks are also providing loans to study abroad. Students are recommended to visit the official websites of the respective banks to apply for the loan online or to download the loan application and to understand the terms and conditions clearly. As of now, the Educational Loan program is available in 4 banks- IDBI Bank Bank of Maharashtra Corporation Bank Oriental Bank of Commerce *Particulars of Educational Loan for CA students with IDBI BANK: -Type of Loan Education Loan -Loan Amount Range Maximum ` 2.00 lacs -Co- Applicant-Parent /Guardian Co- applicant is mandatory. The loan document should be executed by both, the student and the co-applicant. -Expenses covered under Loan facility ♦ The Loan will be available only for initial registration for each course/stage. ♦ Coaching fees will not be covered under the said EL. ♦ Purchase of Computers/ Laptop, essential for completion of the course, will be allowed only after passing IPCC/ PC C. The Loan amount not to exceed 40,000/ -Documents required Applicant -Application Form, One Passport size color Photograph, Age, Address & Identity Proof, Mark sheets of last qualifying examination, Proof of admission, scholarship, studentship etc., Schedule of expenses for the specified course. -Co-applicant-Application Form, One Passport size color Photograph, Age, Address &Identity Proof, 2 nos. latest salary slips along with latest Form 16 forSalaried or 2 years latest Financials for Self employed & 6 months updatedbanking statements, Talathi certificate, etc. -Collateral Security NIL -Margin NIL -Rate of Interest (BR+3.00 %) * At present 13.25% Repayment Terms ♦ There will be no moratorium period/ repayment holiday. ♦ Loan repayment to be completed in Maximum of 84 months after commencement of repayment. * Present Base Rate (BR) of the bank is 10.25 % p.a. (w.e.f. May 05, 2011) -The said EL facility will be subject to following terms and conditions: i. Sanction of Education Loan will be the sole decision of IDBI Bank and will be dealt as per the extant product guidelines and credit policy of the bank. ii. IDBI Bank reserves the right to ask for any additional documents or information as required to process the Education Loan Application. iii. Institute to offer reasonable opportunity to our Bank to cross sell other products of IDBI Bank Ltd. along with Education Loan to students and faculty. iv. Any changes in Course structure/fees/ affiliations to be intimated to the Bank immediately by the Institute. v.Course progress reports of IDBI EL customers/ students to be intimated to the bank by the Institute immediately on periodical basis. vi. Student can claim cost of buying laptop under EL provided payment is made directly to the vendor and payment receipt is submitted to the Bank. vii. Remaining guidelines, documentation, deviations, etc. as per Master Cir cular on Education Loan dated 01/04/2013.
Posted on: Wed, 30 Oct 2013 15:29:00 +0000
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