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| COMPARE : EDUCATION LOANS |
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| Tamilnad Mercantile Bank Ltd Education Loan |
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| Highlights |
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Study Abroad |
Study India |
| Course |
Post Graduation |
Graduation |
| Loan Type |
Term Loan |
Term Loan |
| Loan Purpose |
Loan given for 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. |
Loan is given to students for School education / Graduation / Post Graduation Courses, Professional courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc., Courses like ICWA, CA, CFA etc., Courses conducted by IIM, IIT, IISc, XLR1, NIFT etc., Courses offered in India by Reputed Foreign universities. |
| Loan Amount |
Min. - Rs 50000
Max. - Rs 2000000
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Min. - Rs 50000
Max. - Rs 1000000
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| Margin Money |
Upto Rs. 4.00 Lakhs - Nil.
Above Rs.4.00 Lakhs - Study Abroad - 15%.
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Upto Rs. 4.00 Lakhs - Nil.
Above Rs.4.00 Lakhs - Study in India - 5%
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| Tenure |
Min. - 5 Yrs.
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Min. - 5 Yrs.
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| Interest Rate |
Upto 4 Lakhs - BR + 3.50% (14.25% p.a.).
Above 4 Lakhs upto 7.5 Lakhs - BR + 3.50% (14.25% p.a.) *.
Above 7.50 Lakhs upto 20 Lakhs (With 100% Collateral Only) - BR + 3.00% (13.75% p.a.).
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Upto 4 Lakhs - BR + 3.50% (14.00% p.a.).
Above 4 Lakhs upto 7.5 Lakhs - BR + 3.50% (14.00% p.a.) *.
Above 7.50 Lakhs upto 20 Lakhs (With 100% Collateral Only) - BR + 3.00% (13.50% p.a.).
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 Fees & charges
Fees & charges
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Study Abroad |
Study India |
| Processing Fee |
1 % |
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Security
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Security |
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Upto 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. 20.00 Lakhs - 100% collateral in any of the form of Immovable property / NSC / Units of UTI / LIC policy / RBI Bonds or any transferable Government securities. |
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Terms & Conditions
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Terms & Conditions |
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Holiday / Moratorium Period: Course period + 1 year after completing the course. If the student got employed within 1 year after completion of the course, the repayment should start immediately after the expiry of one month from the date of employment.
Additional 0.50% interest concession allowed if the interest is serviced during holiday period.
Any irregularity or default in repayment will attract penal interest of 2.00% p.a. over and above the above rate of interest or at such rates prescribed by the bank from time to time on the balance outstanding. |
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