Education Infrastructure Loan FAQs
Who can avail Education Infrastructure Loans?
One can avail if one is:
- Trust/society, private and public limited company with
- Existing Schools Unaided/Recognized by State or Central Education Board minimum upto class 8th
- Existing Colleges affiliated to universities offering professional and other degree courses
Which Products can be financed?
- Loan against Property-Residential and Commercial
- Balance Transfer cum Top Up
- Existing Customer Top Up
What are the tenure options?
Education Infrastructure Loans range from a minimum of 3 years upto a maximum of 10 years
How long will it take to process the loan?
Loans are processed within 8 working days of completing the documentation
Do I need a co-borrower/guarantor?
- All property owners to be co-borrowers
- For sole property owner/applicant-one adult family member to be co-applicant
- Trustees will be taken as co-applicant in case of Trusts and Societies.
Do I have the option of pre-paying the entire loan amount?
Yes. One can pre-pay the loan at any time after 6 months from the date of final disbursement of the loan. Foreclosure charges applicable.
Can I make part pre-payment?
You can make part pre-payments of a minimum amount of Rs 50,000 after 6 months from the loan date. This payment can be made only once in a financial year subject to a maximum of 25% of the balance outstanding against your loan amount at the time of request. In case the pre-payment is higher than 25% or loan is foreclosed within 12 months of pre-payment, foreclosure charges would be applicable.
How do I repay the loan?
- National Automatic Clearing House (NACH) or
- Electronic Clearing System(ECS)OR
- Post dated cheques(PDCs)
What are the stages involved in availing a loan?
- Sanctioning of the loan
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