"Education is undoubtedly looked upon as an advanced platform to barge open the doors and nudge you towards self-discovery, independence and opportunities. One has to accept the fact that while knowledge is priceless, education comes at a price and not everyone has the resources to meet the demands of global educational system. In fact, the education field has become a true swine business which puts chains on dreams and aspirations. Right to education is a fundamental right and this precisely the reason why Government and the Reserve Bank of India introduced education loans for subsidized interest rates so that equal opportunity is accessible to all.
Established in 1972, TJSB (Thane Janata Sahakari Bank) is known for its techy-savvy outlook as well as staunch efforts towards empowerment of people from economically weaker backgrounds. TJSB education loan too is designed with the same principle in mind."
Loan Interest Rates:
"SBI Education Loan interest is 11.60 per annum."
Courses Eligible For Loan:
Duplicate copy of mark sheets of the prospective student.
Income Papers of Parent/ Guardian, Guarantor and if applicable of student.
Photocopy of residential proof of applicants & guarantor - National ID.
Original Quote & Invoice.
Bank Account Statement of the past year.
Candidate Education Loan Eligibility:
"The co-applicant (usually parent or guardian) could be salaried, entrepreneurs or self-employed no older than age 60. This is important to gauge the repayment ability."
"There shall be no processing fee levied."
Expenses Covered under Education Loan:
"The loan must be repaid in seven years, without counting the interest free window period (18 months) allowed between course completion and finding a job."
"A third party guarantor or collateral of property or both if the loan sum is more than INR. 7 lakhs is usually required as security. The earning of parent/ guardian will also considered to estimate repayment capacity."
1.What is the meaning of PLR?
Ans. It stands for Prime Lending Rate and PLR or PLTR is least prime lending rate at which credit line is provided to primary borrowers. This rate is granted on TJSB's education loan schemes.
2.Is this PLR constant or fluctuating?
Ans. PLR is subject to change with recommendations from monitoring authorities like RBI & when the board members vote to hang the current PLR.
3.Who is eligible to be a guarantor to an education loan?
Ans. Any credit worthy individual satisfactory to TJSB regarding the loan repayment is eligible.
4.Is it compulsory for the guarantor to have an account with TJSB?
Ans. Not at all. But he must submit his bank papers.
5.What is margin cash?
Ans. It is the contribution by the loan applicant towards the expense of the education.