The Corporation Bank is Public Based Bank and Mangalore is headquarters of this Bank. The bank has a pan-Indian presence. Presently, the bank has a network of 2,600 fully automated CBS branches, 3,040 ATMs, and 4,724 branchless banking units across the country. If you want Education Loan to pursue higher studies from Abroad or India, You are at the right place to collect every aspect of information related to Education Loan in India.
Read this full post on Corporation 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 Corporation Bank Education Loan it’s Process to Apply and full detailed Information.
Corporation 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.
|Name of Bank||Corporation Bank|
|Founded on||12 March 1906|
|Headquarter||Mangalore, Karnataka, India|
|Type of Bank||Private Bank|
|Number of Employees||19,569 (2016)|
|CEO Name||Jai Kumar Garg|
|Maximum Loan Amount||Rs 20.0 Lacs|
|Timeline for Loan Disposal||Maximum 15 Working days|
|Annual Revenue||∇ 19,411.24 crore (US$2.7 billion)|
|Processing Fees||No Processing Fee will be charged|
|Category||Education Loan in India|
Types of Corporation Bank Education Loan
|1.||Vidya Scheme||The loan meets expenses related to pursuing studies in India and abroad. The loan amounts up to Rs.10 Lacs for studies in India and Rs.20 Lacs abroad.|
|2.||Skill Loan Scheme||The loan finance expenses related to pursuing select educational courses. Loans will be in the range of Rs. 5,000 to Rs. 150,000.|
How to Apply
- Visit official Web Site of Corporation Bank (Click Here)
- Find the Educational Loan Section Apply now Button
- Fill online Application Form and submit it.
- Visit the nearest branch of Corporation 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.
- The applicant should be an Indian national.
- Applicant must have secured admission in a government recognized educational institution.
- The student should have secured minimum 60% marks (55% for SC/ST students) in the qualifying examinations.
- The student should have completed HSC or its equivalent qualification.
- The student should have been admitted to a recognized college, institute or university in India or abroad.
- Mark sheet of last qualifying examination for school and graduate studies in India
- Proof of admission: Offer Letter or Admission Letter from the Institution.
- Passport size photographs
- Application form
- Identity proof
- Tuition and course fee
- Examination, library and laboratory fees
- Caution deposit
- Cost of books, Uniforms, Equipment and other instruments.
- Travel Expenses
Return Policy and Repayment Period
- The repayment tenor is after completion of moratorium/Initial Repayment Holiday
- Initial Repayment Holiday/Moratorium is Course Period + 1 year
- Uniform repayment tenor of 15 years irrespective of the loan amount.
- Repayment of a loan in Step- Up EMI /Balloon payment is available.
- Servicing of the interest debited during the initial repayment holiday period is optional
Corporation Bank Education Loan 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.
- If you want to calculate EMI for Corporation Bank Education Loan: Click Here
Corporation Bank Education Loan Security
- Up to Rs. 4 Lacs
•Co-obligation of parent
- Up to Rs. 7.50 Lacs
• Co-obligation of Parent/s, Grand Parent/s ( if parents are deceased). No other security.
- Above Rs.7.50 Lacs
•Co-obligation of Parents/ Grand Parent/s ( if parents are deceased) together with tangible collateral security along with the assignment of future income of the student for payment of instalments.
- The loan shall be fully secured after maintaining a prescribed margin on respective securities offered.
- In case of a married person, co-obligant can be either spouse or the parents or parents-in-law.
|Head office||Corporate Office Mangaladevi Temple Road
Pandeshwar MANGALORE – 575 001 Karnataka, India
|Apply for Loan||Click Here|
Educational Loans 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 Educational 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 on a Corporation Bank education loan?
Ans. The loan is available from all branches in metro/urban areas as well as those having personal banking divisions.