Bank Loan, Educational Loan Facility For – Merchant Navy, Maritime Academy

Educational Loan Facility For – Merchant Navy

EDUCATIONAL LOANS PROVIDED BY BANKS FOR THE PURPOSE OF HIGHER STUDIES IN INDIA AND ABROAD

1. INTRODUCTION:

As a result of the Government’s endeavor to provide primary education to all on a universal basis, higher education is progressively moving into the domain of private sector. The Educational Loan Facility For – Merchant Navy will be sanctioned by the Banks to deserving/meritorious students for pursuing higher education in India and abroad.
The scope of education has widened both in India and abroad covering new courses in diversified areas. The main emphasis is that every meritorious student, though poor is provided with an opportunity to pursue education with the financial support from the banks on affordable terms and conditions. No deserving student is denied an opportunity to pursue higher education for want of financial support.

2. ELIGIBILITY CRITERIA:

Studies in India:
a. Should be an Indian National
b. Graduate/PG/Professional Courses
c. Below 45 years of age
Studies in Abroad:
a. Must have secured admission to professional / technical courses through entrance Test/Merit Test conducted by the Universities/Organizations.

3. Loan Amount & Security:

a. Education Loan in India: Maximum 10 lakhs
b. Education Loan in abroad: Maximum 20 lakhs
c. Below 4 lakhs – No collateral security required. Co-obligation of parents/guardian is must.
d. Above 4 lakhs to 7.50 lakkhs – No collateral security required. Co-obligation of parents/guardian is must and one satisfactory third party guarantee.
e. Above 7.50 lakhs – Co-obligation of parents/guardian is obligatory and mortgage of immovable property or any other tangible security like pledge of Bonds/Policies etc.

4. Documents required:

a. Admission letter giving details of year-wise fee, boarding and lodging expenses. Letter confirming scholarship, if any.
b. Attested copies of documents for proof of age/date of birth and proof of residential address.
c. Passport size photo of the applicant, co-obligants and guarantors.
d. Copy of mark sheets/degree certificates of previous academic qualifications.
e. Income proof/latest IT Return of parents/co-obligants, guarantors (if any).
f. Details of collateral security along with valuation certificate from go vt. approved valuer (if any)
g. Details/statements of Bank accounts by the applicant/co-obligant, guarantors (if any) for the last six months.
h. Copy of Passport/VISA, Cost of airfare (documentary detail) in case of studies abroad.

Sea Anchor Maritime Academy Education