Higher Education Loan

Loan can be availed for courses like Medical/ Engineering/ C.A./ I.C.W.A./ Pharmacy/ M.B.A./ Company Secretary/ Degree/ Diploma/ Post Graduate Course in Computerization/ Fashion Designing/ Catering/ Hotel Management/ Architecture/ Degree or post graduate Course in Textile designing/ P.H.D., etc. The Courses should be full time, approved by A.I.C.T. / Government / conducted by the recognized university.

Maximum Loan Limit :

• > The member can avail education loan for ward (maximum one loan for one ward). However, at a time only one loan will be given for the one ward upto Rs. 8 Lacs or the amount of fees to be paid which ever is less(For one ward)
• > If Husband and wife both are members of Bank then they can avail loan facility upto 15 Lacs.
• > Fees includes: Fee payable to College/ Hostel, Examination/ Library, Laboratory Fee, Purchase of Books/ Equipments/ Instruments/ Uniforms, Caution Deposit/ Building Fund/ Refundable Deposit, Hostel.
• > Paid to concern college via BANK PO or Cheque and produce xerox copies of required recipts.

Rate of Interest :

• > 10.00 % Per Annum

Eligibility :

• > 10 years of continuous service in MCGM
• > Should be Member of Bank for minimum 5 years.
• > 2 Surities, Scrutiny fees of Rs.500 will be deducted from Loan amount

Repayment Term :

• > Maximum Repayment term is of 100 months EMI's. Terms of loan depend on Maximum repayment period or remaining service period less 6 months whichever is less. Applicant must get ¼ of gross salary in their hand after deduction of loan installment with interest thereon. Remaining service of borrower and guarantor(s) should be equivalent.

Documents :

• > Certificate of admission of the concerned institute, SSC / HSC exam marksheet, Diploma, Graduation Certificate, information about admission, yearly fees, certified xerox copy of the Aadhaar card, PAN Card, Photo of the ward.

Guarantor :

• > Compulsory two Guarantor(s) for Education loan.

Other Conditions :

• > Required share capital 5% and necessary cumulative deposit 10% of the loan amount.
• > Loan will not be approved, if the member availing of this loan is in arrears in other loans/ surety liability.
• > The loan sub- committee shall have the authority to approve educational loans at every meeting of the loan sub-committee. It will be held on 5, 12, 19, 26 of yhe month at the head office.
• > The loan committee will decide on laon sanction after verifying the applications submitted in the branch.
• > In case of delinquency in payment of educational loan/ due to other reasons, the shares accumulated in the name of the member will be recovered from the saving account.
• > Education loan sanctioned amount will be credited to the saving account only and payment of the full amount to the borrower. The member will be required to pay only to the educational institute through cheque, if there is no saving account then a new saving account should be opened in the branch with complete KYC or the concerened institute can be paid through RTGS/NEFT through the saving account.
• > The proof of amount paid to the educational institute has to be submitted to the bank.
• > Educational loan will be sanctioned only if the base of education loan is 25% of the gross salary from the net salary received by the memeber.
• > Educational loan will not be renewed and other loans in the name of the member will not be taken as diversion from education loan.
• > The Board of Directors shall have the rights to increase / relax / amend the Education Loan Scheme Regulations.