Malwa Gramin Bank Education Loan Interest Rate
| INTEREST RATE | 11.25% |
| LOAN TENURE | In 5 to 7 years after the Holiday | Moratorium Period |
| PROCESSING FEE | As decided by the bank from time to time |
| GUARANTOR REQUIRED | Yes |
| PRE CLOSURE CHARGES | As decided by the bank from time to time |
About Malwa Gramin Bank
Malwa Gramin Bank is a gramin bank in India established on 27-02-1986. It has headquarter in Sangrur and address is Prem Basti, DC Office Road, Sangrur - 148 001, Punjab. it has 70 branches across the state.
It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, loans, personal loans, netbanking, RTGS, NEFT, IMPS, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.
Malwa Gramin Bank Education Loan Interest Rates, Education Loan at 11.25% Updated on 14 Sep 2024. Apply for Education Loans Online. Find Malwa Gramin Bank Education loan purpos, Eligibility, Margin, Repayment of Education Loan ,Security, Documents Required for Education Loan from below.
Other Products of Malwa Gramin Bank:
| Home Loan | Personal Loan |
| Education Loan | Business Loan |
| Car Loan | Two Wheeler Loan |
| Gold Loan | FD Interest Rates |
| Malwa Gramin Bank RD Interest Rates | Malwa Gramin Bank ATMs Location |
| PPF Account |
Malwa Gramin Bank Education Loan Purpose
Malwa Gramin Bank Eligible Courses for Education Loan
fee payable, boarding lodging, Examinational|Library|Laboratory fee, purchase of books|equipments|instruments|uniforms, caution deposit|building fund|refundable deposit supported by Institution bills|receipts, travel expenses|passage money for studies abroad, purchase of Computer-essential for completion of the course, study tours, project work, thesis etc.Malwa Gramin 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)
Malwa Gramin Bank Education Loan Amount
a) For studies in India, maximum Rs. 10 Lakhs.b) For studies abroad, maximum Rs. 20 Lakhs
Margin
a) Up to Rs.4 lakhs-Nil.b) Above Rs. 4 lakhs 5% for Studies in India and 15% for Studies abroad
Malwa Gramin Bank Education Loan Repayment
Course period + 1 year or 06 months after getting job , whichever is earlier.Security
Up to Rs. 4 lac - Co-obligation of parentsAbove Rs. 4 lac and upto Rs. 7.5 lac - Co-obligation of parents together with Coll. security in the form of suitable 3rd party guarantee.
Loan amount of above Rs.7.50 lac - Co-obligation of parents together with tangible collateral security of suitable value, alongwith the assignment of future income of the student for payment of instalments
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 Malwa Gramin Bank, Malwa Gramin Bank SMS balance check number SMS banking, Malwa Gramin Bank mobile banking, Malwa Gramin Bank toll free number,Malwa Gramin Bank toll free number 24*7, Malwa Gramin Bank miss call number.
- CONTACT NUMBERS - 01672-222281 / 232456
Malwa Gramin Bank Contact Details
- BANK OFFICIAL WEBSITE - https://www.malwagraminbank.com
- CONTACT NUMBERS - 01672-222281 / 232456
- EMAIL ID - [email protected]
- TOTAL BRANCHES - 70
- HEADQUARTER - Sangrur
- BANK ADDRESS - Prem Basti, DC Office Road, Sangrur - 148 001, Punjab
Malwa Gramin Bank Education Loan FAQs Education Loan Document Required
