Tamilnad Mercantile Bank Ltd
Bank Type : StateBankGroup
Abroad Courses
- Graduation: For Job oriented Professional / Technical courses offered by reputed universities.
- Post Graduation: MCA , MBA , MS, etc. Courses conducted by CIMA-London, CPA in USA etc. When the age of the student is below 18, Loan may be sanctioned to his parents by complying the relevant condition mentioned further below.
Provided study loan amount in India
Up to 7.5 Lakhs
Provided study loan amount in Abroad
Up to 15 Lakhs
Eligibility :
Should be an Indian National. Secured first class and wish for admissions in Professional / Technical / Other Courses of various studies. Secured admission to foreign University Institutions. Any Student who has attained the age of 18 years or Parent of the Student can avail the loan.
Coverage :
Fee payable to College / School / Hostel. Examination / Library / Laboratory fee. Purchase of Books / Equipments / Instruments / Uniforms. Caution Deposit / Building Fund / Refundable Deposit supported by Institution Bills / Receipts. Travel expenses / passage money for studies abroad. Purchase of computers - essential for completion of the course. Any other expense required to complete the course - like study tours , project work, thesis etc.
Margin
Up to Rs. 4.00 Lakhs - Nil.
Above Rs.4.00 Lakhs - Study in India - 5%.
Above Rs.4.00 Lakhs - Study Abroad - 15%.
Interest Rate :
Up to 4 Lakhs - PLR - 1.00% (13.00% p.a.) .
Above 4 Lakhs up to 10 Lakhs - PLR - 0.50% (13.50% p.a.) .
Above 10 Lakhs up to 20 Lakhs (With 100% Collateral Only) - PLR - 2.00% (12.00% p.a.).
Interest Rate Concession by 1% if covered by 100% collateral security or 0.5% if covered by 50% to 100% collateral security.Current Prime Lending Rate (PLR) is 14.00% p.a.
Re-Payment :
The loan to be repaid in 5-7 years after commencement of repayment. If the student is not able to complete the course within the scheduled time extension of time for completion of course may be permitted for a maximum period of 2 years. If the student is not able to complete the course for reasons beyond his control, sanctioning authority may at his discretion consider such extensions as may be deemed necessary to complete the course.
Security :
Up to Rs. 4.00 Lakhs - No Security.
Above Rs.4.00 Lakhs upto 7.50 Lakhs Suitable Third Party Guarantee.
Above Rs. 7.50 Lakhs and upto Rs. 15.00 Lakhs - 100% collateral in any of the form of Immovable property / NSC / Units of UTI / LIC policy / RBI Bonds or any transferable Government securities.
