Akola Urban Coop Bank Education Loan Interest Rate

INTEREST RATE10.15% to 11.15%
LOAN TENUREIn 7 years including moratorium period.
PROCESSING FEEAs decided by the bank from time to time
GUARANTOR REQUIREDYes
PRE CLOSURE CHARGESAs decided by the bank from time to time
Note: Updated on 23 Feb 2024, for latest interest rates, please visit bank website.

About Akola Urban Coop Bank

Akola Urban Coop Bank is a Co-operative bank in india. It has headquarter in Nagpur. Akola Urban Coop Bank was founded on 19-04-1963. It has 62 branches and

It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.

Find details about Akola Urban Coop Bank which includes Akola Urban Coop Bank Official Website, Akola Urban Coop Bank ATMs accross the India, Akola Urban Coop Bank Branches accross the India, Akola Urban Coop Bank Contact Numbers, Akola Urban Coop Bank official EmailID, Akola Urban Coop Bank Headquarter and Akola Urban Coop Bank Headquarter Address. Find Akola Urban Coop Bank Education loan purpos, Eligibility, Margin, Repayment of Education Loan ,Security, Documents Required for Education Loan from below.

Other Products of Akola Urban Coop Bank :

Home LoanPersonal Loan
Education LoanBusiness Loan
Car LoanTwo Wheeler Loan
Gold LoanFD Interest Rates
Akola Urban Coop Bank RD Interest RatesAkola Urban Coop Bank ATMs Location
PPF Account 

Akola Urban Coop Bank Education Loan Purpose

Bank provides loans for meeting expenditure for education in India or abroad.

Akola Urban Coop Bank Eligible Courses for Education Loan

For studies in India:
  1. Approved courses leading to graduate|post graduate degree and P G diplomas conducted by recognized colleges|universities recognized by UGC|Govt.| AICTE| AIBMS| ICMR etc.
  2. Courses like I.C.W.A., C.A., C.F.A., etc.
  3. Courses conducted by IIMs, IITs, IISc, XLRI, NIFT, NIDetc.
  4. Approved courses offered in India by reputed foreign universities.
  5. Regular Degree|Diploma courses like Aeronautical, pilot training, shipping, degree|diploma in nursing or any other discipline.approved by Director General of Civil Aviation|Shipping|Indian Nursing Council or any other regulatory body as the case may be, if the course is pursued in India.
  6. Approved by Head Office and included in approved educational institutions list.
For studies abroad:
  1. Graduation: For job-oriented professional|technical courses offered by reputed universities. (Diploma|Certification courses are not permissible)
  2. Post Graduation: Courses like MCA, MBA, MS etc.
  3. Courses conducted by CIMA-London, CPA in USA etc.
  4. Degree | Diploma: Courses like Aeronautical, Pilot training, and Shipping etc. provided these are recognized by competent regulatory bodies in India| abroad for the purpose of employment in India and abroad.

Akola Urban Coop Bank Education Loan Document Required

For salaried individuals

  • Duly filled up and signed education loan application form along with photographs
  • KYC (Know Your Customer)documents
  • Proof of identity- Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card
  • Latest salary slip showing all deductions or Form 16 along with recent salary certificate
  • Proof of residence - Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement
  • Bank Statement or Bank Pass Book of having entries of last 6 months
  • Guarantor Form, Copy of admission letter or the Institute along with Fees schedule (Optional)
  • Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)
  • Detailed break-up of the costs of the course (Optional)

For all individuals except salaried

  • Duly filled up and signed education loan application form along with photographs
  • KYC (Know Your Customer)documents
  • IT returns of the last 2 years and computation of income of last 2 years certified by a Chartered Accountant
  • Proof of identity- Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card
  • Proof of residence - Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement
  • Bank Statement or Bank Pass Book of having entries of last 6 months
  • Guarantor Form, Copy of admission letter or the Institute along with Fees schedule (Optional)
  • Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)
  • Detailed break-up of the costs of the course (Optional)

Akola Urban Coop Bank Education Loan Amount

(i) For study in India - Maximumof Rs.10 lakh
(ii) For Studies Out of India - Maximum of Rs.20 lakh

Margin

The applicant is required to bring in a margin of 30% for loans up to Rs.5.00 Lakh and 40% for loans above Rs.5.00 Lakh.

Akola Urban Coop Bank Education Loan Repayment

The loan is required to be repaid in a period of 7 years after completion of education.

Security

Suitable security acceptable to the bank is required along with third party guarantee of two regular members acceptable to the bank.

Mode of Repayment of Education Loan

Post Dated Cheque (PDC): PDCs are given by the borrower in advance to the bank. They will be for future dates. Bank will deposit the cheque on the date mentioned on the cheque. This mode used to be opted by the borrowers when there were no online repayment options available. This mode is no longer popular and is used by very few borrowers.

Electronic Clearance System (ECS): This mode is very popular and most of the borrowers opted for this mode of repaying the loan. It is an electronic mode for transferring the EMI from borrower's bank to lender's bank.

National Automated Clearing House (NACH): NACH is a facility offered by National Payment Corporation of India (NPCI) for online transfer of funds on due date. This system has come into force recently and is preferred by many people. The benefit of this mode is that it allows transactions to be processed in real time.

Standing Instruction (SI): It is an order or instruction which the account holder gives to his/ her bank to pay a fixed amount to another bank/ account at a regular interval. It is also used by many borrowers to pay EMIs as EMI is a fixed amount. SI is not suitable for variable amounts.

Contact details of Akola Urban Coop Bank , Akola Urban Coop Bank SMS balance check number SMS banking, Akola Urban Coop Bank mobile banking, Akola Urban Coop Bank toll free number,Akola Urban Coop Bank toll free number 24*7, Akola Urban Coop Bank miss call number.

  • CUSTOMER CARE NUMBERS - 0724-2453850
  • CONTACT NUMBERS - 0724-2453850 to 54, Fax : 0724-2453861

Akola Urban Coop Bank Contact Details

  • BANK OFFICIAL WEBSITE - https://www.akolaurbanbank.com
  • CONTACT NUMBERS - 0724-2453850 to 54, Fax : 0724-2453861
  • EMAIL ID - [email protected], [email protected]
  • CUSTOMER CARE NO. - 0724-2453850
  • TOTAL BRANCHES - 62
  • HEADQUARTER - Nagpur
  • BANK ADDRESS - 58/59 Toshniwal Layout, Near Milk Dairy, Murtijapur Road, Akola, Maharashtra. Pincode-444001
Akola Urban Coop Bank EMI Calculator  Akola Urban Coop Bank Branches  
Akola Urban Coop Bank Education Loan FAQs  Education Loan Document Required

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