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Adequate funding for your need
Competitive low interest rates
You can draw funds when you require to pay your fees
We will assist your quest for excellence by perusing higher education for yourself or your children. Education Loans from Commercial Bank will finance the course fee inclusive of examination charges pertaining to local or overseas education.
Loans available for both local and foreign education.
Loans will be directly disbursed to the educational institution as per the fee structure.
If you are a student registered with an education course provider, you can apply for a Education Loan.
Non employed applicants :
You can apply jointly with your parent, guardian or spouse who is eligible as a co borrower.You should be above the age of 18 years.
Employed applicants :
Permanent employees of a reputed company with a minimum monthly salary of Rs. 25,000/- (Basic Salary+ Fixed Allowances) and a minimum service of 01 year in the current employment can apply under this category. You should be between 18 to 55 years of age.
Self employed professionals :
Professionally qualified individuals employed in their chosen field of profession with a minimum monthly salary of Rs. 50,000/-. You should be between 18 to 60 years of age
You can get a loan up to 75% of the total course fee (inclusive of Examination Charges).
Maximum loan amount - Rs. 3,000,000/-
Minimum loan amount - Rs. 100,000/-
Completed Loan application form.
Letter from Education provider confirming the studentship, the Course Fee Schedule and Course Duration from the education provider.
Recent salary slips or documents detailing the income of the Borrower/Co-Borrower.
Letter of undertaking from the employer to remit the applicant's salary to the Commercial Bank Account- (Applicable only if Student/co-borrower is employed).
Evidence of Permanent Residence (Utility bills, Bank Statements etc.).
Your loan will be disbursed on staggered basis, based on the Course fee schedule, directly to the education institute.
Maximum repayment period will be 8 years. You have the option of choosing equated monthly instalments or reducing balance instalment method.
Interest rate applicable for Education Loans will be the Fixed Interest rate throughout the loan period.
Interest rate for each loan amount disbursed according to the payment schedule of the educational institute, will be based on the Interest rate prevailing at the point of disbursement .
Loans upto Rs. 500,000/- - One personal guarantor
Loans of Rs. 500,000/- and above - Property mortgage
Loans for overseas education - Property mortgage
Terms & Conditions apply
Product information and terms & conditions are subject to change from time to time. Therefore, it is advisable to contact the branch nearest to you for the latest information and prevailing terms & conditions.
If you are a self employed professional, non employed or employed student registered with an education course provider, you can apply for a Education Loan.