Tamilnad Mercantile bank education loan -get details from TMB and how to approach techniques. Know about Eligibility criteria, education loan interest rates in TMB & documents required.
Also get the exact details of maximum students loan amount and courses which are eligible to get study loan. Full information is given below.,
TAMILNAD MERCANTILE BANK[TMB] – EDUCATION LOAN
Providing financial assistance for students to pursue higher education in India/abroad.
Eligibility criteria for students
- Students Nationality should be Indian.
- Eligible Age limit is 18 years.
- Students should have secured admission in any Indian or Abroad university/institution.
a) Studies in India
- U.G courses : BCA.,BA., B.Sc., B.B.M,Engineering, Medical, Agriculture, Law, Veterinary, Dental, Aeronautical, pilot training and more.,
- P.G courses : MBA, MCA, M.E, M.Tech. and more.
- Regular courses or diploma courses conducted by Autonomous institutions or Government colleges.
b) Study Abroad
- U.G courses : Job related Professional or Technical courses offered by major Abroad Universities.
- P.G courses : MS., MCA, MBA and more.,
Read: Complete Education loan guide
Expenses included for study loan:
Expenses that are included in education loan is College fee, hostel fee, Lab fee, Uniform fee, book fee, equipment fee, exam fee, Buying computers or laptops, Study tours and project work amount.
Maximum loan amount:
- Studies in India, the maximum education loan amount is Rs. 10,00000.
- Study Abroad, the maximum education loan amount is Rs. 20,00000.
TMB Study loan’s Security details:
Education loans upto Rs. 4 Lakhs : No need of security.
Education loans upto Rs. 7.5 Lakhs : Third party guarantee + Parents approval.
Education loans above Rs. 7.5 lakhs & upto Rs. 20 Lakhs : Statements of assets equals to the loan amount and NSC / UTI / LIC policy / RBI Bonds or any transferable Government securities.
TMB education loan interest rates:
- In education loan Upto Rs. 4 lakhs, interest rate = Base Rate + 3.50%
- In education loan above Rs. 4 Lakhs upto Rs. 7.5 Lakhs, interest rate = Base Rate + 3.50%
- In education loan above Rs. 7.5 Lakhs upto Rs. 20 Lakhs = Base Rate + 3%
Interest concession: 1% interest concession is available if the interest amount is paid during course period.
Must Read: Case study on Education Loan
Loan Repayment duration:
The repayment duration is 5 years to 7 years.
If the student is not able to pay within the time period the repayment duration can be extend 2 years.