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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?

  • Application
  • Processing
  • Documents
  • Sanctioning of the loan
  • Disbursement

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