Who will avail the loan

• Parents of the students intend to take admission in cg bugs school Spouse to become Co-applicant for the proposed loan.
• If a student is an earning member then the loan can be availed by the student him/herself.

Repayment Period 

To be repaid within 36 Months.

If the applicant needs a repayment period above 3 years to 5 years. One guarantor of good Net Worth & income acceptable to the bank should be provided. 

Purpose

Payment of Fees for coaching classes(secondary, higher secondary, graduation, post-graduation classes), Entrance exam classes of various higher education like MBA, Engineering, JEE, Medical NEET, etc. 

Loan Amount

Maximum Loan Amount is Rs. 5,00,000/-

(Total Loan amount including the outstanding balance of existing unsecured loan availed from our bank,if any, should not exceed Rs. 5.00 Lakh)

Margin

@10% margin

Interest Rate

@12.10% p.a

Security

No Security(Clean)

Eligibility

1. Existing or new account holders(KYC compiled) who have satisfactory track record either with our Bank or other bank.
2. Residual Income must be Rs.7,000/- after considering all existing deductions including deduction of EMI for proposed loan.
3. Laon to be sanctioned upon obtaining standing instructions or ECS mandate where the applicant maintains his/her salary operative account.
4. The browser should be resident or must have business place in the 5 Kilometres radius of the branch then in such cases the loan proposal should be referred to RLPC, CO with Justification by branch).

Co-applicant

Spouse to become co-applicant for the proposal loan.

Documents to be Obtained for the applicants & Guarantor

1. KYC Documents.
2. Income papers viz. For Business persons-copy of last two financial years Income Tax returns with Computation of Income,Profit and loss accounts & Balance sheet.
3. And for salaried person copies of the latest 3 months’s salary slip along with last two financial years Form No.16.
4. If Applicant is not filing Income Tax returns,the applicant can submit a Duly Notarized Self-Declared affidavit declaring his/her income.
5. All existing up to date Bank account and loan account statements for the period of at least one year.

Guarantor

1. If CIBIL Transunion scores i.e Credit Vision Score & Personal Loan Scores of the Applicant is 700 or more,then No Guarantor required.
2. If CIBIL Transunion scores i.e Credit Vision Score & Personal Loan Scores of the Applicant is below 700, then One Guarantor acceptable to the Bank to be obtained Earning Family member can be taken as a guarantor.

Inspection

Inspection of the residence place of the applicant is mandatory.

Processing Fee

0.50% of loan amount + GST

Other Charges

Rs.1000/-+GST

(Inclusive of Visit,Services and CIBIL charges etc)

To be credited to P/L account head ’other Charges’.

Prepayment charges

Foreclosure fees/prepayment charges Nil. In case of takeover from another financial institution, 4% to be charged.

Membership

• Mandatory for Borrower/Co-Borrower.
• He/She/They Should Subscribe to linking shares@5% of the loan amount.
• Guarantor to be enrolled as Nominal Member.