Education Bank Loan in India: Tamilnad Mercantile Bank Limited
The Tamilnad Mercantile Bank Ltd dates back was known as "The Nadar Bank Ltd" which was opened by Shri. T.V. Balagurusamy Nadar, the then President of the Nadar Mahajana Sangam and the bank threw open its door to the public on Nov 11, 1921 at Ana Mavanna Building, South Raja Street at Tuticorin. Below are the details of Educational Loan provided by Tamilnad Mercantile Bank Ltd.
TMB Education Loan Scheme
Eligible Criteria for Tamilnad Mercantile Bank Limited Education Loan:
Student for Education Loan:
- Student should be an Indian National
- Must be first class and should take secured admission to technical or professional courses of various studies.
- Take secured admission to the foreign institutes or universities.
- Any student who is 18 years old or the parents can avail loan.
Courses Eligible for Getting Loan:
Education in the India:
- Schooling, graduation and post graduation courses.
- Professional courses such as Medical, Engineering, Veterinary, Agriculture, Law, Dental, Computer, Management, etc.
- Courses such as CA, ICWA, CFA etc.
- Courses offered by IIT, IIM, IISc, NIFT, XLR1, etc.
- Courses conducted in India which is offered by standard foreign universities.
Education in Abroad:
- Graduation courses: Technical or job oriented courses conducted by standard universities.
- Post Graduation Courses: MBA, MCA, MS etc.
- Courses offered by CPA - USA, CIMA London etc.
Details of Education Loan
Exposure of Expenses:
- Fees payable to the school, college or hostel.
- Laboratory, Examination, or Library fee.
- Fees required for purchasing equipments, books, uniforms or instruments.
- Building funds, caution deposit, or the deposit which is refundable supported by the institution receipts or bills.
- Passage money or travel expenses for those Education in abroad.
- Buy the computers which are useful for the course.
- Other expenses required for completion of course such as study tours, thesis, project Work etc.
- The maximum amount is Rs. 10 lakhs for the Education in India.
- The maximum amount is Rs. 20 lakhs for the Education Abroad.
- No any margin on the loan up to Rs 4 lakh
- The margin on loans greater than Rs 4 lakh is 5 percent for study in India and 15 percent for the study abroad.
- No security is required on loan amount Rs. 4 lakh.
- Collateral security in type of guarantee of third party when loan amount is between Rs. 4.0 lakh - Rs. 7.5 lakh.
- And when loan amount is greater than Rs.7.5 lakh, 100 percent collateral in form of property, units of UTI, NSC, LIC Policy, RBI Bonds or the govt. security.
Details & Contact:
V. E. Road,
Tamilnadu, India - 628 002
Phone: 0461 - 2321382, 2321929, 2321932
Website - http://www.tmb.in
Since the rules, regulations, eligibility conditions, repayments and interests rates etc. are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.