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  • Corporation Bank Education Loan

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    Overview:

    Corporation Bank is a 110 years old bank, headquartered in the city of Mangalore, India. It is a public sector bank that offers a wide range of banking services to customers across the country. Corporation Bank Education Loan empowers students to secure their future and pursue educational courses of their choice in India or abroad. Low interest rates, simple application process, minimum documentation are some of the features that make education loans from Corporation Bank very popular with students in India.

    Features and Benefits of Corporation Bank Education Loan:

    Purpose of the loan:

    The purpose of Corporation Bank Education Loan is to help Indian students pursue studies in India or abroad, without having to worry about the cost of education.

    Expenses Considered for Corporation Bank Education Loan:

    The expenses considered for the education loan from Corporation Bank include:

    • School, college, examination, hostel, laboratory and library fee
    • Travel expenses and passage money when studying abroad
    • Purchase of equipment, books, uniforms, instruments, computer (purchased at reasonable price)
    • Expenses involving study tours, thesis, project work etc. under the maximum limit permitted by the loan scheme.

    Please note that caution or refundable deposit, building funds are not considered even if they are supported by relevant receipts.

    Amount of Education Loan:

    The maximum loan amount offered is Rs.10 lakhs for pursuing courses in India and Rs.20 lakhs for pursuing courses abroad.

    Interest Rates:

    The interest rates for Corporation Bank Education Loan are as follows:

    • 12.10% for loan amounts of Rs 4 lakhs or below
    • 13.10% for loan amounts of Rs 4 lakhs – 7.50 lakhs
    • 12.60% for loan amounts above Rs 7.50 lakhs

    Only simple interest is charged during the repayment holiday or moratorium period.

    Girl students get a concession of 50 bps on the interest rate (which includes 25 bps for SC, ST and women students) for all education loans. Physically challenged students get a concession of 0.50% for all education loans.

    Processing Fees:

    There are no processing fees for pursuing courses in India but for pursuing courses abroad, there is a processing fee of Rs 2,000 which is refunded when the loan is availed.

    Repayment Tenure:

    Repayment Period

    For loan amounts of Rs 7.50 lakhs or below, the repayment tenure is fixed at 10 years, excluding the moratorium period.

    For loan amounts above Rs 7.50 lakhs, the repayment period is fixed at 15 years, excluding the moratorium period.

    Moratorium period (repayment holiday)

    Duration of the course plus 1 year or 6 months after getting employed.

    Security:

    For loans up to Rs 4 lakhs

    No security apart from co-obligation of parents

    For loans of Rs 4 lakhs - 7.5 lakhs

    Suitable 3rd party guarantee or collateral equivalent to the loan amount along with co-obligation of parents is required as security.

    For loans above Rs 7.5 lakhs

    Security in the form of tangible collateral, co-obligation of parents and the assignment of the student's future income for making the instalment payment is required.

    Margin:

    There is no margin for loans up to Rs 4 lakhs. For loans above Rs 4 lakhs, the margin is 5% for pursuing courses in India and 15% for pursuing courses abroad.

    Corporation Bank Education Loan Eligible Courses:

    The eligible courses for Corporation Bank Education Loan are as follows:

    For Study in India:

    • Graduate / post graduate diploma and degree courses offered by institutes, colleges or universities recognized by Government/UGC/CMR/AIBMS/AICTE etc.
    • ICWA, CFA, CA (regular and integrated) courses etc.
    • Courses that are conducted by IIMs, XLRI, NID, NIFT, IITs, IISc etc.
    • Government approved degree and diploma courses in the field of Civil Aviation, Aircraft Maintenance, Pre-sea training etc. (in India)
    • B.Ed, Nursing and teachers training courses (only degrees and diplomas) offered by institutions that are recognized by State Governments or the Central Government.
    • Courses offered by recognized foreign universities in the country.
    • Vocational and skill development courses

    PhD, research courses, correspondence, off-campus, part time, partnership and certification courses are not eligible for this loan.

    For Study Abroad:

    • Job-oriented technical/professional graduate courses and postgraduate courses like MBA, MS, MCA etc. offered by recognized universities abroad.
    • Courses that are conducted by CPA, USA and CIMA, London etc.
    • Approved degree and diploma courses in the field of Civil Aviation, Shipping, Pilot Training etc. (in India or abroad)

    PhD, research courses, PG diploma and diploma courses offered by foreign universities are not eligible for Corporation Bank Student Loan.

    Corporation Bank Education Loan Eligibility and Documentation:

    The eligibility criteria for Corporation Bank Education Loans are as follows:

    • The student should be a citizen of India
    • The student should have cleared all qualifying examinations
    • The student should have secured minimum 60% marks (55% for SC/ST students) in the qualifying examinations.
    • The student should have completed HSC or its equivalent qualification.
    • The student should have been admitted to a recognized college, institute or university in India or abroad.

    The following documents are required to apply for Corporation Bank Education Loans:

    • Application form
    • Identity proof
    • College brochure stating the fee structure of the course
    • Proof of admission (admission or selection letter)

    Corporation Bank Education Loan FAQs:

    1. I am a working professional. Can I apply for an education loan from Corporation Bank for higher studies in India?
    2. Yes, you can apply for a student loan if you pursue an approved evening course offered by a recognized institution, college or university.
    3. Are there any prepayment charges for Corporation Bank Student Loan?
    4. No, there are no prepayment charges for this student loan from Corporation Bank.
    5. I have an education loan with another bank, can I transfer it to Corporation Bank?
    6. No, take over or transfer of loans from other banks is not permitted under the Corporation Bank Education Loan Scheme.
    7. Are there any concessions for physically challenged girl students?
    8. Yes, physically challenged girl students get a concession of 1% on the interest rate charged for the loan.
    9. Are LIC Policies accepted as collateral for the loan?
    10. Yes, LIC Policies, deposits and government securities are accepted as collateral for the loan.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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    Corporation Bank Education Loan Reviews

  • Page 1 of 1
    • Corporation Bank Education Loan
      "Its Better"
      CORPORATION BANK
      0.5 1.0/5 "Really Bad"
      Before ten years I have education loan with Corporation Bank. My dad have applied the loan for my education, we almost waited three months to get the disbursement from the bank. They were very slow on their process, Finally disbursement happened for Rs. 3 Lakhs with the tenure of 5.5 years, now my loan got closed without any hassles and I got my NOC letter from the bank.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Mar 14, 2017
    • Corporation Bank Education Loan
      "Good but not very good.."
      CORPORATION BANK
      0.5 4.0/5 "Great!"
      Fine experience with Corporation bank while I was taking an Educational loan and everything is positive about them. Around 11% is the offered interest rate and for security reasons they asked my fatherâ??s signature. Almost they took three months to disburse the loan amount. Pre closure is not available, I guess.
      Was this review helpful? 2
      , new delhi
      Reviewed on Aug 28, 2015
    • Corporation Bank Education Loan
      "Wonderful..."
      CORPORATION BANK
      0.5 4.0/5 "Great!"
      While availing educational loan from Corporation bank the process was smooth but the rate of interest is bit high, if we miss EMI for three to four months. Post completion of graduation the bank is giving buffer period of one year to start the EMI. At that time corporation bank is the leading bank for loans. Now they improved well in technology wise as well.
      Was this review helpful? 12
      , bangalore
      Reviewed on Jun 11, 2015
    • Corporation Bank Education Loan
      "Better..."
      CORPORATION BANK
      0.5 4.0/5 "Great!"
      Corporation bank is near to my residence and my parents thought to deal with them for educational loan. I was minor at that time so not sure about the interest rate but I think it should be normal. I have submitted some education certificate like college fee structure and birth certificate. Bank is not well organized so it should be enhanced and there are only countable branches.
      Was this review helpful? 2
      , pune
      Reviewed on May 26, 2015
    • Corporation Bank Education Loan
      "Can be better"
      CORPORATION BANK
      0.5 4.0/5 "Great!"
      I was holding a educational loan with Corporation Bank. We have to provide atleast 20 or 30 documents and lot of other stuff to avail this loan. This loan was taken to pursue higher education. I was made to sign even an agreement form so that if I failed to repay the same they can even issue a legal notice against me. Eventually loan was closed successfully.
      Was this review helpful? 12
      , pondicherry
      Reviewed on Jan 14, 2015
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