Bank Loan Assistance
CIT assists, CITians to avail educational loans being offered by various Nationalized & Private Sector Banks to enable maximum number of students to full fill their future dreams by taking admission in higher education.
Banks are generally sanction Education Loan to a Student fulfilling their terms, for the following expenses up to the term / period of the Course:
- Fee payable to College & / or for Hostel
- Examination / Library / Laboratory fee
- Purchase of books / equipments / instruments / uniforms
- Caution Deposit / Building Fund.
- Purchase of computers
- Insurance premium for student borrower
- Boarding and lodging expenses including Hostel
- Other Expenses like – study tour, project work etc.
Brief Procedure for obtaining Bank Loan
A student, who is desirous to apply / obtain an Education Loan has to approach to any Bank with the following information / papers:
- Loan Application on Bank’s format.
- Proof of admission
- A letter of the College containing various charges like – Admission Fee, Tuition Fee, Hostel Charges etc.
- Proof of address (Permanent) / ID Card
- Other papers at the discretion of a Bank.
The College will happily provide the required information regarding education period, details of fees, terms of fees etc. or any other document(s) as required by the concerned bank for early sanction of loan, as and when deemed appropriate.
Margin, Rate of Interest & Security norm is same in all the Banks. However, these differs from Bank to Bank in case of loan above Rs. 4.00 lac.
The security can be in the form of land / building / Govt. Securities / Public Sector Bonds / Units of UTI, NSC, KVP, LIC Policy, Gold, Shares/ Mutual Funds/ Debentures, Bank Deposit in the name of the student parent / guardian or any other third party with suitable Margin.
The document will be executed by both the student and the parent/guardian. For Further details contact to SECRECY.