Education Loan

Only you can shape your future. So if you feel that further studies are essential to fulfill your aspirations and ambitions, Merchants Bank is your passport to a brighter future.

The education loan would be provided to those students who have obtained admission to career-oriented courses e.g. medicine, engineering, management etc., either at the graduate or post-graduate level.

The salient features of the Education Laon are as under:-

  • Financing of up to 100% of the cost of your studies comprising also of travel, commodation and daily expenses.
  • Simple procedure, minimal documentation and quick approval.
  • Attractive interest rates as from 13% (PLR)
  • Loan amount as from Rs 100,000
  • Loan period: Up to 20 Years

Documents Required:-

  • Photo Identity & Residence Proof of the Applicant & Guarantor
  • Income proof a) or b) as applicable
  • a)Salaried person : salary slips for last 3 months, ITR/Form 16 for last 3 years
  • b) Businessman/Professional/self employed: last three years profit & loss account and balance sheet, & ITR      and Bank statement for last 3 months.
  • Proof of confirmed admission
  • Estimate of course fees & other expense (traveling /lodging /boarding)
  • Fee receipts or proof of payments made.

Terms And Conditions:-

  • Other courses leading to Diploma/ Degree etc. conducted by colleges/ universities approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc
  • Two Guarantors are mandatory.
  • The rates are subject to change from time to time
  • To qualify for a Education Loan, you must be aged 18 or over and Nationality should be Indian

Interest Rates
Education Loan 13%