Mizoram Rural Bank Education loan
Mizoram Rural Bank offers education loans to students wanting to pursue higher education within India or abroad. It covers course fees, accommodation charges and other expenses at affordable interest rates and flexible repayment options.
About Mizoram Rural Bank
As per the Regional Rural Bank Act, 1976, Mizoram Rural Bank was established on 27 September 1983. It includes 11 districts and 26 RD blocks. Mizoram Rural Bank is the second largest bank in the state after the lead sponsor bank, State Bank of India.
Education Loan Eligibility
There are certain eligibility criteria that must be ensured before applying for an education loan. They are:
- Student should be an Indian National
- Should have secured seat in a professional/technical course through an entrance exam
- Secured admission to foreign educational institution
- Co-borrower should be a guardian or parents of the student.
Eligible Courses in India
- Undergraduate or post-graduate professional course in engineering.
- Undergraduate or post-graduate professional course in medical or dental.
- Undergraduate or post-graduate professional course in management or computers.
- Undergraduate or post-graduate professional course in agriculture or law.
- Chartered Accountant (CA), Cost and Management Account (CMA/ICWA), Chartered Financial Analyst (CFA).
- Chartered Institute of Management Accountant (CIMA) and Certified Public Accountant (CPA) course.
Education Loan Amount
To study in any educational institute in India, a maximum of Rs.10 lakh is provided. To get admission in any universities abroad, a maximum of Rs.20 lakh is provided by the Mizoram rural bank.
Mizoram Rural Bank's Education Loan Margin
- The margin for loans up to Rs.4 lakh is nil.
- The margin for loans more than Rs.4 lakh is at 5% for studies in India and at 15% for studies in abroad.
Interest Rate
Interest will be charged on a monthly compounding basis as per the bank’s guidelines.
FAQs on Mizoram Rural Bank Education loan
- What is the Mizoram rural bank’s maximum loan about for studies in India?
Mizoram rural bank’s maximum loan about for studies in India is Rs. 10 lakhs.
- What is the Mizoram rural bank’s maximum loan for studies abroad?
Mizoram rural bank’s maximum loan for student studying abroad is Rs.20 lakhs.
- What margin is required for loans up to Rs.4 lakh provided by Mizoram rural bank?
No margin is required for loans up to Rs.4 lakh provided by Mizoram rural bank.
- How can one be eligible to receive an education loan from Mizoram rural bank?
One needs to be an Indian national who secured a seat in an esteemed institution through entrance exam is eligible to receive education loan from Mizoram’s rural bank.
- Is there any difference in margin requirement depending on loan amount?
Yes, for up to Rs.4 lakhs, the margin is nil. But for an amount greater than Rs.4 lakh, the margin is 5%.
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