Educational Bank Loan Facility
Education Loan facility for students under standard terms and conditions is available through a special tie-up with HDFC Bank.
Interested student can send their application form with a Demand Draft of Rs. 1000.00 (in favour of IMT CDL, payable at Ghaziabad) to below mentioned address for processing the HDFC Bank loan.
Coordinator (Management Program)
Avagmah
24x7 Learning Private Ltd.
No 20, 1st Floor, Annaswamy Mudaliar Road, Ulsoor Lake
Bangalore 560 042, India.
Email: imtmba@avagmah.com
The details of the loan being provided by HDFC Bank are as follows:
1 |
Loan Amount |
Rs. 76,000.00 |
2 |
Margin |
5% |
3 |
Moratorium |
Nil |
4 |
Minimum salary required |
Rs. 10,000.00 Net take home |
5 |
Security |
Students not meeting the HDFC Bank credit criteria may also be required to furnish additional security as acceptable to HDFC Bank. |
6 |
Repayment period |
The borrower will have the choice of repayment in 12, 24 or 36 Equal Monthly Installments. The loan tenor will be based on the employment of the co-applicant and at the sole discretion of HDFC Bank. |
7 |
Processing charges |
Rs.500.00 |
8 |
Prepayment charges |
4% of the outstanding amount. No part prepayment possible. |
9 |
Co-Borrower |
Mandatory (If Applicant is not meeting Income criteria) - Parent /brother/ Sister & Spouse - the co-applicant’s income documents will be of primary consideration and must meet the required HDFC bank policy. |
Documentation
- Letter from the Institute confirming the borrowers admission to the course
- Letter from the Institute detailing the fee structure and payment schedule
- All mark sheets from SCC / 10th Std of the borrower
- Applicant and co-applicant loan Application forms (with Photographs) to be submitted
- Income proof of Co- applicant
- Address Proof (for Permanent Address): Telephone Bill / Electricity Bill/ Gas Bill / Ration Card / Passport / Voter's ID card / Driving License. Verification will be conducted at this address.
- Loan Agreement.
- One non-dated security cheque for the entire loan amount from the HDFC Bank account.
- Standing Instructions from the customer to debit the HDFC Bank a/c for the EMI payable.
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