Bassein Catholic Bank Education Loan: Application, Eligibility, Interest Rate, Documents & Much More.

BCCB Education Loan

The Bassein Catholic Bank is a co-operative bank, It was established by Social reformer Rev Magr. P.J. Monis on 6th February 1918 along with social activists in Vasai. Bassein Catholic bank has crossed lots of Milestones in its entire journey till now. This bank also provides the facility of Education loan. If you too want Education Loan to complete your education or pursue higher studies from India/Abroad, You are at the right place to collect every aspect of information related to Education Loan in India.

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Read this full post on Bassein Catholic Bank Education Loan for information Like Eligibility, How to apply, Interest Rates, Documents Needed, Different aspects of Education Loan, Interest Rates, Return Policy, General Instructions etc. Throughout the article, we will share information regarding Bassein Catholic Bank Education Loan it’s Process to Apply and full detailed Information.


Bassein Catholic Bank Education Loan


The major aim of the bank is to ensure anywhere and any time banking for the customer with the latest state-of-the-art technology. The Bank is very serious about its Education Loan Facility and by developing an effective customer-centric relationship it promises to emerge as a world-class education Loan provider. Before we share further, let us first have a brief review of the Bank.

Brief Review

Profile Description
Name of Bank  Bassein Catholic Bank
Founded on 6th February 1918
Headquarter Maharashtra
Type of Bank  Co-Operative Bank
Number of Employees NA
CEO Name Mrs Brijdina Coutinho
Maximum Loan Amount  Rs 30.0 Lacs
Timeline for Loan Disposal Maximum 15 Working days
Annual Revenue NA
Processing Fees As per the Services Charges appllicable
Other Subsidiaries NA
Category  Education Loan in India

Types of Bassein Catholic Bank Student Loan

S.no. Schemes Description
1. Education loan This Scheme is for pursuing higher education in India/abroad. One can avail loan from Rs. 10 Lacs(India) to Rs. 20 Lacks (Abroad)
2. CSIS This Scheme is for Students belonging to Economically Weaker Sector for pursuing Education only in India.
3. Padho Pradesh This Scheme is to Provide Interest Subsidy to Students belonging to communities declared as minority communities, for pursuing Masters and PhD Level Courses overseas.

How to Apply

Online

  • Visit official Web Site of Bassein Catholic Bank (Click Here)
  • Find the Education Loan Section Apply Now Button
  • Fill online Application Form

Offline

  • Visit the nearest branch of Bassein Catholic Bank to get offline Education Loan form.
  • You may also download the form from official web handle.
  • Submit the Application Form to Nearest Branch along with document needed.

Eligibility

  • The applicant should be an Indian national.
  • Applicant must have secured admission in a Government recognized educational institute.

Documents Needed

  • Know Your Customer (KYC) documents of Borrowers and Guarantors.
  • Income proof of the co-borrower/ family justifying repayment capacity.
    Salaried: Salary Slips & Form 16 along with Salary A/c Statement for last 6 months.
    Business: Copies of IT returns for the last 3 years along with Financial Statements along with Business A/c statement for last one year.
  • Title Deeds of the property offered as Security
  • Mark sheet of last qualifying examination for school and graduate studies in India
  • Academic Records: 10th Result, 12th Result, Graduation result-semester Wise (if Possible) Entrance Exam Result through which admission is being taken
  • Proof of admission: Offer Letter or Admission Letter from the Institution.
  • Schedule of expenses for the course
  • 2 passport size photographs

Expenses Considered

  • Tuition and course fee
  • Travel Expenses

Return Policy

  • In case of Bassein Catholic Bank Education loan, repayment will start After 60 months of completion of Course undertaken for which loan availed or 6 months after securing Job whichever is earlier.

EMI Calculator

EMI Calculator is used for calculating the periodic payment amount due on a loan. For calculating EMI one must input data like Amount, Interest Rate, tenure, Processing Fee etc.

Security

  • Equitable/Registered Mortgage of Immovable property such as Flat /Shop/Industrial Gala /Land along with House Pledge of Bank’s Term Deposits.

Contact Details

Head office  Head Office- Catholic Bank Building, Papdy Naka, P. O. Papdy, Vasai. District Palghar Maharashtra
Official website www.bccb.co.in 
Apply for Loan  Click Here
Contact Number 18002336000 (Tollfree), 0250 2322053/2323449

 

Bassein Catholic Bank Student Loan FAQs

Q1. Who can be my co-borrowers?

Ans. Your parents/guardian can be a co-borrower as well as the spouse in case of a married applicant. The co-borrower should have a steady source of income and a good credit history in order to improve the applicant’s chances of a successful loan application.

Q2. How long does it take to process Education Loan?

Ans. Generally, the time taken for the education loan to process is somewhat between 7-10 working days. Often, the whole process can be easily completed within 3 to 5  Working days, once the student fulfils all documentation.

Q3. What all expenses will be covered by education loans?

Ans. Apart from the tuition fees, other aspects of expenses such as hostel charges, equipment purchases and other course-related expenses may also be covered by the education loan.

Q4. What are the courses for which an education loan can be availed?

Ans. An education loan can be availed for all courses recognized by the UGC in case of India and all regular courses abroad. Each lender has its own list of educational institutions and courses that they would provide a loan for whether overseas or within India.

Q5. Can a student avail another loan for further studies?

Ans. Yes, this is possible. You can borrow a loan for a bachelor’s degree followed by one for master’s without repaying the first loan. This loan can be taken as a top-up loan against the already existing loan; however, it is subject to the lending bank’s discretion and the internal rules and regulations of the lender.

Q6. Do education loans have any Income Tax benefits?

Ans. Loan borrowers can avail tax benefits on interest paid on education loan under Sec 80E of the Income Tax Act. This benefit is available over and above the Rs. 150,000 deduction allowed under Section 80C. Tax benefits can be availed once the borrower starts paying the interest on the education loan. Further, the deduction is available until the borrower pays off the full interest amount on the loan or for a maximum period of 8 years, whichever is earlier.

Q7. Why do banks require an insurance policy?

Ans. Banks usually prefer that students avail a life insurance policy equivalent to, or more than, the loan amount. The policy acts as a security feature and forms a part of the collateral. In case of the untimely demise of the borrower, the bank recovers the outstanding loan amount from the student’s life insurance policy and the remaining amount, if any, is paid out to the beneficiary of the policy.

Q8. Is any incentive available for a girl student applying for education loan?

Ans. Banks generally provide a 0.5% concession on the applicable education loan interest rate to girl students pursuing higher education in India and abroad.

Q9. Are there any special privileges for students of SC/ST category who avail education loans?

Ans. Yes, eligibility criteria and loan margins on education loan are relaxed for Scheduled Caste/Scheduled Tribe students availing education loans in India. The eligibility criteria are lowered from first/second class to pass class for SC/ST category students seeking education loan for graduate and postgraduate studies, while, margin money is sometimes lowered than the regular percentage or nil.

Q10. Where can I avail Bassein Catholic Bank education loan?
Ans. The loan is available from all branches in metro/urban areas as well as those having personal banking divisions.

Best of Luck..!!

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