Corporation Bank

Every institution has its start in modest initiatives but what makes it great is the passion of the people behind it. Carrying the legacy forward with an undaunted commitment to its vision, the journey of Corporation Bank truly epitomizes this.

Started about 109 years ago in 1906, with an initial capital of just Rs.5000/-, Corporation Bank has recorded Rs. 3,27,294 Crore mark in business and even far more, with over 9339 service outlets across the nation, served by committed and dedicated 18,000 plus Corp Bankers. Proof of which is seen in its enviable track record in financial performance. We have many reasons to cheer, predominant of them is, being able to participate in nation building by empowering the rural and urban population alike. Today, we are proud that we are significant contributors to the growth of the country's economy.

Corporation Bank  Education Loan:

Eligibility:

Student should be an Indian national.

Should have passed previous qualifying examination.

Should have secured at least 60% marks [ 55% for student belonging to SC/ST category ] in the previous qualifying examination.

Should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance test / Merit based selection process/through Management quota after completion of HSC [10+2 or equivalent]

Purpose:

To meet expenses related to pursuing studies in India and abroad

Loan Amount:

Study in India - upto Rs.10 lakhs, Study Abroad : upto Rs. 20 lakhs

Margin:

Up to Rs. 4 lakhs : -NIL- Above Rs.4 lakhs : 

Studies in India 5%, 

Studies abroad 15% 

Scholarship/Assistantship to be in included in margin.

Security:

Up to Rs.4.00 Lakh :

Co-obligation of Parent/s, No other security.

Above Rs.4.00 Lakh & up to Rs.7.50 Lakh : 

Co obligation of Parent/s together with collateral in the form of suitable third party guarantee with a net worth of at least equal to loan amount.

Above Rs.7.50 Lakh : 

Co- obligation of Parents together with tangible collateral security along with the assignment of future income of the student for payment of instalments.

Loan shall be fully secured after maintaining prescribed margin on respective securities offered.

Rate of interest:

Floating rate of interest is linked to the Base Rate & subject to revision from time to time,Simple interest will be charged during repayment holiday period. 

Concession in rate of interest at 25 bps below the applicable card rate is extended to SC/ST/Women beneficiaries for fresh loans sanctioned/ disbursed on or after 15.08.2008. 

Concession in rate of interest at 50 bps (inclusive of 25 bps available for SC/ST/Women) below the applicable card rate for girl students for new loans sanctioned/ disbursed w.e.from : 04.03.2009.

Interest concession of 0.50% is extended to Physically Challenged students for loans initially disbursed on or after 20.09.2010

Processing Charges:

Study in India - NIL

For study abroad: Rs.2000/- refundable on availment of loan.

Prepayment Charges:

NIL

Repayment:

For loans upto Rs.7.5 lakhs : 10 years – Fixed – excluding initial repayment holiday For loans above Rs.7.5 lakhs : 15 years -Fixed – excluding initial repayment holiday Repayment holiday is the course period + 1 year OR 6 months after getting the job whichever is earlier.

Eligible Courses:

For Studies in India:

Approved courses leading to Graduate/Post Graduate Degree, Diploma and PG Diplomas conducted by recognized Colleges/Universities recognized by UGC/Govt/AICTE/AIBMS/ICMR etc.

Courses like ICWA, CA/integrated CA-on virtual /video mode, CFA, etc.

Courses conducted by IIMs, IITs, IISc, XLRI, NIFT, NID etc.

Regular Degree/Diploma courses like Aeronautical, Pilot training, Shipping etc., approved by Director General of Civil Aviation/ Shipping, if the course is pursued in India.

In case of the Aircraft Maintenance Engineering /Pre Sea training courses must be either a Degree course recognized by a competent University or Diploma course recognized by appropriate State Body

Teachers training /Nursing/B.Ed courses provided the training institutions are approved either by Central Govt or by State Govt and such courses should lead to Degree or Diploma and not to Certificate course.

Approved Courses offered in India by reputed Foreign Universities

Research course/Ph. D courses for study in India are not eligible for loan under the scheme.

Correspondence courses/Part time /Certificate/Short duration courses / off-campus courses and On-site/Partnership Programme are NOT eligible for loan under the scheme. However, Vocational/Skill development courses are eligible for loan under the CVDVC Scheme.

For Studies abroad:

Graduation: For job oriented Professional/Technical courses offered by reputed Universities.

Post-Graduation: MCA, MBA, MS etc.

Course conducted by CIMA- London, CPA in USA etc.

Degree/Diploma courses like aeronautical, pilot training, shipping etc provided these are recognized by competent regulatory bodies in India/Abroad for the purpose of employment in India/Abroad.

PG diploma courses for study abroad is permitted.

Diploma courses for study abroad is NOT permitted.

Research course/Ph.D courses for study abroad are not eligible.

Eligible Expenses:

Fee payable to College./School/Hostel /Examination/ Library/ Laboratory fee.

Travel expenses/Passage money for studies abroad.

Caution Deposit, Building Fund/Refundable deposit, though supported by Institution bills/receipts, are not eligible.

Purchase of books/Equipment/Instruments/Uniforms, Purchase of computer at reasonable cost, if required for completion of the course, any other expenses required to complete the course like study tours, project work, thesis etc, subject to maximum permissible limit as per the scheme.

Other guidelines:

Loan should be availed preferably from the Bank/ Branch situated near to the place of domicile of the parents.

The model educational loan scheme has not stipulated service area approach to finance under the Scheme.

Take over of loan from other banks is strictly not permitted.

Repayment:

For loans upto Rs.7.5 lakhs : 10 years – Fixed – excluding initial repayment holiday For loans above Rs.7.5 lakhs : 15 years -Fixed – excluding initial repayment holiday Repayment holiday is the course period + 1 year OR 6 months after getting the job whichever is earlier.

Education Loan Application Can Be Downloaded From Documents Below