Learn more about our Education Loan Scheme under TMB Retail Loan Products.
This is scheme of choice for parents who wish to educate their children in professional courses in India / Abroad and help them get graduation / post graduation in any field of choice of the student. The cost of the education can be born by the loan from our bank.
Eligible course of study
Expenses considered for Loan
Quantum of Finance
Need based finance subject to repaying capacity of the parents / students with margin and the following ceilings: For Studies in India – Max. Rs.7.50 Lakhs, For Studies Abroad – Max. Rs.15.00 Lakhs.
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.
The loan will be disbursed in staged as per the requirement / Demand directly to the institutions / Vendors of books / Equipments / Instruments.
All usual documents as per Bank’s Rule should be obtained. The Loan to be disbursed in stages as per the requirement / demand directly to the institutions / vendors of books / equipments / instruments to the extent possible.
Branch to contact college / university authorities to send the progress report at regular intervals in respect of students who have availed loans.
Guarantee / Co-obligant
Payable at monthly rests from the date of availment of loan. A separate Letter of undertaking is to be obtained from the Parent / Guarantor that the monthly interest will be paid from the income of the Parent / Guarantor.
1.00% of Limit sanctioned without any maximum cap.
All the above Terms and Conditions are subject to change and sanctioning of the loans is at the sole discretion of the Bank. Service Tax on All Service Charges extra wherever applicable.