| 1.Eligibility |
- Loan against mortgage of immovable property with Institute building located in Metro/Urban/Semi-urban centres.
- The private educational institutions incorporated as Society/Trust, should be in existence for minimum 5 years and at least 2 batches of students should have passed out from the institute affiliated to different Educational Boards/Universities recognized by Government / UGC/any Statutory Body like AICTE/IMC etc.
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| 2.Purpose |
To meet any sort of operational expenses, but not for any speculative purpose / Real Estate activity / Capital Market activity.
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| 3.Quantum of Finance: |
- Minimum: Rs.1.00Lac
- Maximum: Rs.500.00Lac.
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| 4.Rate of Interest: |
MCLR + 4.50 % for Term Loan and Over Draft.
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| 5.Terms of Repayment: |
- Term Loan is to be repaid in Maximum 120 equated monthly instalments (EMIs), commencing from next month of disbursement.
- •Over Draft: for 12months renewal annually.
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| 6.Security |
- EM of non-encumbered Land with Building in the name and possession of the Institute, located in Metro/Urban/Semi-urban centres.
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| 7.Other Charges: |
- Processing Charges: In case of Term Loan & Overdraft, @0.50% of Loan Amount subject to maximum of Rs.20,000/- and Rs.10,000/- respectively.
- Renewal Charges: In case of OD, renewal charges to be levied @0.50%, maximum Rs.2000/- per renewal.
- Inspection Charges & Documentation Charges: Nil.
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