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AllBank-Gyan Dipika Scheme
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| Target Group |
Parents/
Guardians of students pursuing school education from
Nursery standard to 12th Standard. |
| Eligibility |
a)
Should be an Indian national residing in India.
b) Student should have secured admission to a
Recognized/Affiliated and Reputed School/High School / Junior School
/ College (including CBSE/ICSE/State Board) for courses under
Nursery standard to 12th Standard identified/ approved by the
respective Zonal Office of the Bank. |
| Purpose |
i)Admission
fees including caution money, building fund, refundable other
deposits, maintenance fees etc.
ii) Annual fees
including Development fees, Examination fees, Library/ Laboratory
fees, Hostel charges and other fees related to Hostels, purchase of
Books, Equipment, Uniforms, Computer etc.
iii) Tuition
Fees to be paid in advance on
quarterly/half-yearly/yearly basis |
| Loan Criteria |
a)
Need based finance subject to the repaying capacity of the parents,
b) Maximum limit
limit of the quantum of finance - Rs.1 lac, including all types of
expenses or any of the expenses under the scheme as mentioned above,
c) Net combined income of the
parents'/guardians' should be above 40% of gross income, after
considering the EMI of the proposed loan. |
| LOAN LIMIT |
Maximum Rs. 1,00,000/- |
| Margin |
NIL |
| Rate of Intt. (p.a.) |
PLR per
annum (with monthly rest) for the loan amount under the scheme |
| Processing Fee |
NIL |
| Security |
a)
No tangible/collateral security is required,
b) However, a concession of 100 basis points
would be allowed for 100% security cover of the loan amount by way
of immovable property/other liquid security,
c) Personal guarantee of the
parents/guardian/s |
| Repayment Period |
The loan is repayable in three years by 36 Equal Monthly
Installments to be paid by Post Dated Cheques (PDCs).
However, if the
loan is taken for quarterly/half yearly expenses, the repayment
period would be adjusted in line with the periodicity of the
expenses.
First
installment will be due in the next month after the last
disbursement. |
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