Education Loans (EL)
Kanaka Mahalakshmi Co-Operative Bank offers education loans to help students finance their higher education.
Eligibility Criteria:
- Age: You should be a major at the time of applying for the loan.
- Admission: You should have secured admission to a recognized educational institution in India or abroad.
- Course: The course should be recognized by a competent authority.
- Academic Record: You should have a good academic record.
- Income: Your parents/guardians should have a stable source of income to meet the repayment obligations.
Loan Amount:
The maximum loan amount may vary depending on the course, institution, and your financial profile.
Repayment:
You usually have a moratorium period during your studies, meaning you don’t have to start repaying the loan immediately. Repayment starts after the course completion or after a certain grace period.
Documentation Required:
- 1. Identity Proof: Aadhaar card, PAN card, passport, etc.
- 2. Address Proof: Voter ID card, passport, utility bills, etc.
- 3. Income Proof: Salary slips, Form 16, ITR, etc.
- 4. Admission Letter: Letter of admission from the educational institution.
- 5. Fee Structure: Fee structure of the course.
- 6. Academic Certificates: Mark sheets of previous qualifications.
Important Note:
The specific terms and conditions of the education loan may vary, so it’s advisable to consult with the bank directly for the most accurate and up-to-date information.
To apply for an Education Loan, you can visit the nearest branch of Kanaka Mahalakshmi Cooperative Bank.