Education Loan

Students can apply for a bank loan , ASMS Has collaboration with Oriental Bank of Commerce, assistance can be provided to apply for the loan
Kindly contact us on admissions@aaft.com for more information

Eligibility

Student eligibility

  • Should be an Indian National.
  • Secured admission to Professional / Technical courses through Entrance Test / Selection process
  • Secured admission to foreign University / Institutions.
  • Student should have secured pass marks in the qualifying Examination for admission to Graduation Courses.

Check List

While applying for the loan, the borrower is required to furnish the following information/papers:

  • Loan application on Bank’s format.
  • Passport size photograph
  • Proof of Address (Permanent) / ID Proof.
  • Proof of Age.
  • Proof of having secured pass marks in last qualifying examination.
  • Letter of admission in professional, technical or vocational courses.
  • Prospectus of the course wherein charges like Admission Fee, Examination Fee, Hostel Charges etc. are mentioned.
  • Details of Assets & Liabilities of parents.
  • In case loan amount is above Rs.4.00 lacs : *. Particulars of Guarantors and details of their Assets & Liabilities.

Photocopy of Passport & Visa, in case of foreign student.
Any other document/information, depending upon the case and purpose of the loan.
* (The above CHECKLIST is only illustrative, not exhaustive. For details, please contact nearest Branch Office).

Expenses considered for Loan

  • Fee payable to College / School / Hostel
  • Examination / Library / Laboratory fee.
  • Purchase of books / equipments / instruments / uniforms. Secured admission to foreign University / Institutions.
  • Caution Deposit / Building Fund / Refundable Deposit supported by Institution Bills / Receipts.
  • Travel Expenses / Passage money for studies abroad.
  • Purchase of computers – essential for completion of the Course.
  • Boarding and lodging expenses in recognized Boarding Houses / private accommodations
  • Any other expense required to complete the course – like study tours, project work, thesis etc.

Security

  • Up to Rs.4.00 lacs: No Security.
  • Above Rs 4.00 lacs and Up to Rs 7.5 lacs: 3rd party guarantee acceptable to the Bank.
  • Above Rs 7.5 lacs: Collateral Security of Suitable value or suitable 3rd party guarantee.

Rate of Interest

  • Up to Rs. 4 lacs BPLR+Term Premia minus 1.25
  • Above Rs.4 lacs BPLR + Term Premia
  • Term premia of 0.50% p.a. shall be added for repayment period of 3 years & above.
  • The interest shall be debited monthly on simple basis during the Repayment holiday/ Moratorium period.
  • Penal Interest @ 2% be charged for above Rs.4.00 lacs for the overdue amount and overdue period.
  • 1% Interest concession for servicing of interest during the study period regularly is allowed at the time of start of repayment period of loan.

Repayment

Repayment Holiday / Moratorium Course period + 1 year OR 6 months after getting job, whichever is earlier.
The Principal and interest is to be repaid in 5-7 years after commencement of repayment. If the student is not able to complete the course within the scheduled time, extension of time for completion of course may be permitted for a maximum period of 2 years.

Upfront Fee

Nil

Documentation Charges

Up to Rs. 4 lacs Rs.270/- + Service Tax & Education Cess
Above Rs.4 lacs Rs.450/- + Service Tax & Education Cess