Bassein Catholic Bank Education Loan

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BCCB Education Loan

The goal of the Bassein Catholic Bank is to provide the much required financial assistance to the deserving students who wish to pursue higher professional or technical education in India as well as abroad

Eligibility criteria
• Applicant  member ,should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test/ Merit Based Selection process after completion of graduation/higher qualification.
• No Eligibility criteria are confirmed as of yet since every application is accessed and approved on a case to case basis.
• The  loan applicant must be an Indian citizen
• Professional, Technical courses in recognizing institutions or colleges in India or Abroad
• Approaching for Abroad Education through Entrance Test or Merit Based Selection Process after Completion, qualified graduates
• The student processing of student loan must be an Indian Citizen & he or she should cross 18 years.
• There must be confirmed admission in the stepping Institute before final approving of the student loan

Approved courses for study in India/Abroad
• Almost all career oriented courses are covered in the education loan criteria. Again the approval of educational loan is decided by the directors on a case to case basis.
• Graduation – For job oriented professional/ technical courses offered by reputed universities.
• Post-Graduation – MCA, MBA, MS etc.
• Courses conducted by CIMA – London, CPA in USA etc.,
• Post Graduate studies in Arts/ Science/ Commerce/ Business Administration.
• Post Graduate studies in Pharmacy
• Post Graduate studies in any Professional/ Technical courses.
• PhD (Doctor of Philosophy)

Loan Amount/Quantum of Loan
• The quantum of finance under the scheme is capped at Rs 10.00 lacs for studies in India and Rs 20.00 lacs for studies in abroad.
• The student loan will be disbursed in full or in suitable installments taking into account the requirement of funds and//or fee schedule as assessed by the Bank directly to the educational institution or vendor of books or equipment or instruments.

Documents Required
• Application form
• Identity proof of borrower/Joint borrower.
• Passport size photographs of borrower/Joint borrower and co-obligants.
• Proof of Date of Birth of the borrower.
• Marks memo. For 10th onwards.
• Study Certificate.
• Rank Card/ Mark sheet.
• Proof of allotment of seat.
• Fee structure of college/ university.

Expenses included in Loan
The loan would include tuition fees, hostel charges (if applicable), cost of books, etc. The minimum amount of education loan would be Rs 50,000 and the max is 75% of total cost of education

Margin

Loan upto Rs. 4 lakhs. Nil
Above Rs. 4 lakhs. Studies in India 5%
Studies Abroad 15%

• Scholarship/ assistantship to be included in margin

Repayment
• Repayment Holiday/Moratorium: Course period + 1 year or 6 months after getting job, whichever is earlier.
• If a student takes up higher studies immediately after completion of the study, then commencement of repayment would get shifted to 6 months of employment or one year from completion of the second course. This would be so irrespective of the student had taken fresh//top up loan for higher studies or not.
• No penalty will be levied for prepayment of the loan.

Security
The security can be in the form of land/ Govt. Securities/ Public Sector Bonds/ Units of UTI, KVP, NSC, life policy, gold, & shares/mutual fund units/ debentures, bank deposit in the name of student/ parent/ guardian/ any other third party or any other tangible security acceptable to the bank with suitable margin.

Processing/upfront charges
• For Studies India –NIL
• For Studies Abroad – Rs.1000 for sanction letter for approval of VISA.
• Amount refundable on availing loan.
• Document/ Stamp Charges – actual charges

The Important points to be noticed
• Charges are applicable for one time deviations from the protocol norms, even for courses outside the eligibility.
• Charges
• Up to Rs.4 lacs – 500Rs
• Up to RS 7.50 lacs – 1000

Bassein Catholic Co-operative Bank Official Website: www.bccb.co.in

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