(A Government of India Undertaking)
Camac Street Branch No.10, Camac Street, Industry House Kolkata- 700017
Tel. No- 033/ 2282-2184 Fax- 033/ 2282-9282 E-mail:
[email protected]
Educational Loans to students of Indian Institute of Management Calcutta (IIMC) SALIENT FEATURES OF THE SCHEME FOR BATCH 2013-15
Sl No. 1. 2. 3.
Particulars Name of Scheme Purpose Eligibility
4.
Maximum loan amount
Details Education Loan scheme for students of IIMs For pursuing PGDM two years full time course in IIMs Students eligibility: Should be an Indian National, PIO or NRI Student should be in the age group of 16 to 40 years. Students admitted to IIMs through the Common admission Test (CAT) and pursuing two year full time management course Rs.20.00 lakh
5.
Rate of Interest
Male students without joint borrower
Base Rate + 0.50%
Male students with joint borrower
Base Rate
Female/SC/ST/Minority students
6
Interest subsidy
6.
Margin
7.
Expenses considered for loan
Community Base Rate
Present Base Rate: 10.25% p.a
Floating rate of Interest linked to Base Rate of the Bank
No further interest concession will be given for servicing of interest during moratorium period
The students of IIMs are eligible for interest subsidy scheme of Govt. of India during the study period , if the parental (both father & mother) income is less than Rs.4.50 lakh p.a. on loan amount availed up to Rs.10.00 lakh subject to renewal by the Govt, of India from time to time. Student needs to submit income certificate of the parents/ guardian issued by competent authority for getting interest subsidy. No margin (No financial contribution from borrower or parents)
i. Fee payable to college/ school/ hostel. Reasonable lodging and boarding charge will be considered in case the student chooses / is required to opt for outside accommodation. ii. Examination/ Library/ Laboratory fee. iii. Travel expenses iv. Insurance premium for student borrower, if applicable. v. Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts. vi. Purchase of books/ equipments/ instruments/ uniforms. vii. Purchase of computer at reasonable cost, if required for completion of the course. viii. Any other expense required to complete the course - like
8.
Borrower (Student) & Co- borrower
9.
Security
10.
Repayment schedule
study tours, project work, thesis, etc. ix. Visit to foreign universities in Exchange Programme. x. Living Expenses upto Rs.120000/- p.a. on declaration basis. Loan to be sanctioned in individual name of the student. Parent(s)/guardian of the student may also be taken as jointborrower. In case of a married person, joint borrower can be spouse or the parent(s)/parents-in-law. (Optional) No collateral Security. No third party guarantee. Assignment of future income of the student. Comprehensive life insurance policy for the student availing Educational Loan to the minimum of loan amount for a minimum period of loan term (i.e., course period + moratorium period + repayment period) assigned in favour of the Bank. Premium to be paid regularly by the borrower. Repayment holiday/Moratorium: Course period + 1 year or Loan period +6 months after getting job, whichever is earlier Repayment period: For loans upto Rs. 7.5 lakh - upto 10 years For loans above Rs.7.5 lakh - upto 15 years Note: No prepayment penalty will be levied for prepayment of loan any time during the repayment period.
11. 12.
Processing Charges Other facilities
13.
Documents required ( All Xerox copies must be duly attested by both self & Gazetted officer/ Officer of any recognized Govt. Institutions)
14.
Forms to be submitted
No processing charge ATM Debit Card, Internet Banking facility and Any Where Banking facility, Mobile Alert facility, Prepaid Card, shall be provided to the students upon opening of the account with the Bank. PAN Card/ Voter ID/ Pass Port Identity Card issued by the employer. Identity Card issued by any Government Department/Government Agency/ College/Educational Institution. Address proof: Telephone Bill/Electricity Bill/Ration Card/Property Card Copy of Education Qualification Certificates of the student including Mark Sheets. Estimates of expenses from the Educational Institution (IIM, Calcutta) Loan application form & SB A/c opening form
Assistant General Manager Communication/ contact Details: Mr. Abhijit Samadder, Manager: Mobile: 9831775572 Mr. Kumar Utkarsh, Manager: Mobile: 9674524669 Mr. C.P. Singh, Chief Manager, Mobile: 9874651117 Email ID:
[email protected] [email protected] All duly filled in loan & SB application forms along with all enclosures mentioned above may be submitted by Courier/ Speed post at the address given below: Central Bank of India 10, Camac Street, Industry House Kolkata-700017
