ING | Education Loan

Education Loan

Eligibility

Courses Eligible

Expenses Considered

Loan Amount

Rate of Interest

Margin

Security

Tenor

Processing Fee

Security:

	Up to Rs 4 lacs: No security
	Above Rs 4 lacs and up to Rs 7.5 lacs: Collateral in the form of a 'third party guarantee' having net worth of 100% of the loan amount.
	Above Rs 7.5 lacs: Collateral security equivalent 100% of the loan amount and assignment of future income of the student for the payment of installment.

The collateral security can be in the form of Land/Building/Govt Securities/Public Sector Bonds/Units of UTI, NSC, KVP/LIC Policy and Shares/Debentures, Bank Deposits in the name of the student/parent/guardian or any other third party. Land/ Building wherever already mortgaged, the unencumbered portion can be taken as security on II charge basis provided it covers the required loan amount (loan not to exceed 75% of unencumbered value). In case the loan is given for purchase of a computer the same to be hypothecated to the Bank.