Education Loan facility is available to the members to educate their children for getting education in India and aboard. This facility is available for providing education up to two children only. However, sanctioning authority is vested to the Board of Directors.

Eligibility

1  An employee of the Income Tax Department Mumbai who is in the service continuously for the last 6 months on permanent basis.
2 He /She should be member of the Income Tax Department Co - Operative Bank Ltd.
3 Maximum share amount of Rs.10000/- is required towards linkage of shares.

Documents Required

1 Loan Application
2  Pay Slip for the previous month
3  Life Insurance Policy, National Saving Certificate and Fixed Deposit receipts as collateral securities equivalent to sanction loan amount.
4 Bonafied Certificate issued by the institution.
5  Stamp receipt against admission fees issued by the institution.
6 1 Passport size photograph of student.

Limit

♦ Rs.10 lacs for studies in India.
♦ Rs.20 lacs for studies Abroad.

Rate of Interest

9.00% p.a.

Repayment Period

Maximum 84 Instalments from the date of disbursement on EMI Basis.

Collateral Security

100% security in the form of Mortgage of property, LIP and other security papers equivalent to sanction loan amount.

Guarantor

Two guarantor required

Guarantor Documents Required

1. Previous Month Pay slip.
2. Employee identity card.

Note

Processing fees Rs.1000/- only.