Education Loan

ANNOUNCEMENTS WARANA is eminently, a unique name that stands as forerunner in the co-operative movement in India. The name WARANA sounds suitable wherever there is a mention of co-operative movement.

Education Loan

Purpose
To provide financial assistance to the meritorious & indigent students to undergo professional courses including hostel accommodation with a view to acquire technical skills and training in any specialized discipline like

  • Medical & Dental
  • Engineering
  • Computer Science
  • Management, etc.  
  • Agriculture 
Location Courses Maximum Finance

Basis Of Margin

Interest

Loan Period
INDIA

Diploma
Deegree

5 Lakh
10 Lakh

10%

13.25%

10 years
ABROAD All

25 Lakh

25%

13.25%

10 years



 NOTE : Student who scored 80% and above can get 100% finance.

  
Eligibility

The applicant should between 15 to 30 years of age and Education qualification minimum 12th pass.
Where the applicant is not having any income source, any one Parent /Guardian having a regular source of income can apply as Co-borrower.
Where the student is a minor, any one Parent /Guardian having a regular source of income should apply as a borrower.

Repayment Period
Maximum 120 month E.M.I.

Share Holding
2.5% of loan amount 

Guarantors
Two guarantors having a regular source of income including any family members filing regular Income Tax Returns.

Surrender Value of LIC Policies:

  • Government / Trustee securities such as NSC.
  • Term Deposits
  • Mortgage of immovable property

Banking Relations
Previous banking relations are not necessary. Fresh A/c holders fulfilling above criteria may be considered.

Documents To Be Submitted With The Loan Application :

  • Proof of age and educational qualification such as Mark sheet, Degree Certificate etc
  • Proof of admission to the course with fee structure
  • Mark sheet Submit in bank every time
  • There will no processing charges.
  • If student stop his education then loan amount recover immediate.

Mode Of Disbursement :
Margin money of 20% of course fee to be deposited in the A/c. 100% of course fee will be remitted by pay order in favour of the institutions as per their course fee / payment schedule.