Education Loan
Financial assistance for shareholders' children's education
Education Loan Details
Important eligibility, repayment and loan provisions
Education Loan is provided for the benefit of shareholders' children's education.
This facility is available in addition to the sanction of Annual Scholarships.
An amount ranging from ₹10,000/- to ₹1,00,000/- will be sanctioned in multiples of ₹10,000/-.
The shareholder must have a minimum of 30% take-home salary.
Number of instalments: 24 / 36 / 48
Education Loan will be sanctioned for one child only.
Rate of interest: 7% flat for men shareholders and 6% flat for women shareholders.
No surety is required for Education Loan.
A new member can avail this loan only after recovery of 12 CMTD recoveries and after availing General Loan.
2% will be recovered towards LRF.
Repayment & Eligibility
Key requirements for availing the Education Loan
Minimum 30% take-home salary is required.
Available repayment periods are 24, 36 or 48 instalments.
The loan can be sanctioned for one child of the shareholder.
New members must complete 12 CMTD recoveries and avail General Loan before applying.
Documents to be Enclosed
Self-attested copies and required educational documents
Borrower Bank Details
Borrower Bank Pass Book or Cancelled Cheque Xerox (Salary Account) with self-attestation.
Borrower Salary Documents
Borrower's latest 3 months Pay-slips and CCS Passbook Xerox with self-attestation.
Identity Documents
Borrower's Office ID Card (Both Sides) Xerox with self-attestation, or UMID Card of both borrower and dependent child.
Child's Educational Certificate
Child's School / College / University Bonafide Certificate in Original or Loan Application forwarded by the concerned School / College / University.
Education Loan is available for one child and is provided in addition to Annual Scholarship benefits, subject to the prescribed eligibility conditions.