Highlights

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.

• You can draw funds when you require to pay your fees.
• Ability to repay the loan capital after completing the course.
• Loans facilities for both local and foreign education. 
• Extremely competitive low interest rates.
• Adequate funding for your need.
• Quick loan approval.

Benefits

Loans available for both local and foreign education.

According to fee structure, disbursed loan amount will be directed to educational institution.

Eligibility

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 net salary of Rs. 100,000/- (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 60 years of age.

Self employed professionals :

Professionally qualified individuals employed in their chosen field of profession. You should be between 18 to 65 years of age.

Loan amount

You can get a loan up to 75% of the total course fee (inclusive of Examination Charges).

Maximum loan amount - Rs. 5,000,000/-

Minimum loan amount - Rs. 100,000/-

Repayment

Maximum repayment period will be 05 years. You have the option of choosing equated monthly installments or reducing balance installment method.

Documents required

Required documents from the employed & self-employed applicants/ Co borrowers

1. Loan application.  
2. A letter from education service provider
3. Recent salary slips for past 03 months (If employed) / Income verification documents for employed and self-employed applicants.
4. Letter from the employer confirming Employment, Salary & Deductions with the undertaking to the account at Commercial bank.   
5. Bank statements of other banks for the past 06 months, where salary is being credited at present.
6. Copy of National Identity Card / Valid Passport/ Valid Driving License.
7. Address verification documents indicating applicant’s name and address (if applicable). More info >>
8. Guarantor Statements (if applicable).
9. Copy of National Identity Card of the Guarantor (if applicable).
10. Copy of latest salary slip of the Guarantor (if applicable).
11. Address verification documents indicating Guarantor's name and address (if applicable). More info >>
12. Details of the property to be mortgaged such as latest Deed copy, approved Surveyor Plan copy, copy of approved Building Plan, copies of Local Authority documents obtained within 06 months, copy of Rates Paid for the last quarter (If applicable).

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.