Tata Capital Education Loan

Parameter 

Details

Loan Limit

Up to 35 Lakhs

Expenses covered

• • Tuition fee
  • Hostel charges
  • Insurance premium charges 
  • Costs incurred for travel for abroad education
  • Laboratory charges 
  • Examination fees
  • Library charges 
  • Laptop or computer charges 
  • Cost of equipment
  • Cost of books 
  • Cost of uniform
  • Caution deposit

Accepted co-applicant

Starts from 10.99%

Tata capital Bank Education loan interest rate/rate of interest

Course duration + 1 year

Repayment Duration

12-72 Months 

Eligibility Criteria

• • The Applicant must be an Indian national in order to apply for an education loan
  • The applicant must be between the ages of 16- 26 years 
  • Must have a solid academic record 
  • The minimum monthly income should be 15,000
  • You should have a guarantor or show security

Accepted collateral

Immovable collateral: House, Flat, Non-agricultural Land 

Liquid collateral: Fixed deposit, LIC Policies, and government bonds

Value of collateral

• • The value of the immovable asset has to be 1.25 times the required loan amount
  • The value of the liquid collateral must be 1.1 times the required loan amount

Parameter 

Details

Loan Limit

Up to 35 Lakhs

Expenses covered

• • Tuition fee
  • Hostel charges
  • Insurance premium charges 
  • Costs incurred for travel for abroad education
  • Laboratory charges 
  • Examination fees
  • Library charges 
  • Laptop or computer charges 
  • Cost of equipment
  • Cost of books 
  • Cost of uniform
  • Caution deposit

Accepted co-applicant

Parents, Parents-in-law, spouse,  guardian

Tata capital Bank Education loan interest rate/rate of interest

Starts from 10.99%

Moratorium Period

Course duration + 1 year

Repayment Duration

12-72 Months

Eligibility Criteria

• • The Applicant must be an Indian national in order to apply for an education loan
  • The applicant must be between the ages of 16- 26 years 
  • Must have a solid academic record 
  • The minimum monthly income should be 15,000
  • You should have a guarantor or show security

Accepted collateral

Immovable collateral: House, Flat, Non-agricultural Land 

Liquid collateral: Fixed deposit, LIC Policies, and government bonds

Value of collateral

• • The value of the immovable asset has to be 1.25 times the required loan amount
  • The value of the liquid collateral must be 1.1 times the required loan amount

Parameter

 Details

Basic Applicant and Co-applicant documentation

• 1. Tata capital education loan application form with 
  2. Two photographs 
  3. signature
  4. Identification: Passport and PAN card
  5. Proof of residency:

1. 1. • Bank account statement
        Ration card
      • Telephone Bill
      • Voter identification card
      • Electricity Bill
      • Aadhar
      • Passport

(If the present and permanent  addresses disagree, two distinct proofs are required.)

6. The most recent six-month bank statement (personal/salary). If the co-applicant is self-employed or salaried, it should demonstrate one year's worth of business transactions.

7. Personal Asset & Liability Statement (assessed by the branch professional)

All the documents should be self-attested.

Applicant academic documents

1. Mark sheets of 10th grade, 12th grade, and degree.
2. Admission proof (evidencing the entire duration of the program)
3. Cost structure / i20 for the USA, if available
4. GMAT, GRE, or IELTS scoresheet
5. Print out of university ranking form

Income documents of the co-applicant

If the co-applicant is salaried:

1. Newest pay slips for 3 months 

2. Form 16 ( Last 2 years)

3. Certificate of Employment 

3. Identification card of the employer

4. An income tax return filed for the last 2 years

 If the co-applicant is self-employed:

1. 3 years' worth of Income tax return 

2. Balance sheet and P&L account 

3. Evidence or proof of business address

Other Documents

1. A letter stating that the co-applicant would be responsible for paying all remaining costs that are not covered by the loan.

2. The processing charges/ fee will be paid with a cheque for Rs. 11,800.

3. Cheques for the lawyer and evaluator if the bank did the evaluation and legal

4. Property owner’s affidavit (on Rs. 20 or 100 stamp paper). 

If there is more than 1 owner of the collateral each one of them has to submit an affidavit.

Additional docs

 1. If requesting a loan, including a pro forma invoice for your trip or for a laptop, etc.

2. Receipt for any purchases made in advance.

3. Any pending loan statements from the previous year.

4. Letter accounting for the gap in academics. Sample on a  stamp paper of Rs. 100

5. Letter explaining the reason for no ITR of co-applicant if applicable.

Loan limit

Loan margin

Up to 4 Lakhs

Nil

Above 4 lakhs (India)

5%

Above 4 lakhs (Abroad)

15%