Education Loan For CA Students From Various Private Banks

Hello CA aspirants? Do you want to study CA? Looking for education loan details? Want to study Chartered Accountancy course with the help of education loan? If you are looking for these questions then this post suits you. Here in this post we are providing complete details of education loan for CA students from various private banks. Follow this post to get the details of education loan.

Many students want to study CA course. The demand for CA course has increased and many institutes and coaching centers are emerging. Most of the students  made it unavoidable to attend the coaching classes. The institutes charge more fees as CA is the demanded profession. Every one who aim to become Chartered Accountant can’t afford to pay fess so many banks are offering education loans for CA students.

So, students who can’t afford to pay the fees can avail education loans from banks and you can repay them with interest once you become a Chartered Accountant. After becoming Chartered Accountant you can start a new firm which gives you a lot of income and you can easily clear your education loan. If you choose your career in job field, then companies offers highest package to you and you can easily pay the fees.

Education Loan For CA Students

Many private banks to help the students who aim to become CA by providing them education loans. Here we are providing details of banks that made tie-up with the below listed banks. The ICAI has made tie-up with banks under the “Join CA Educational Loan Scheme”. Banks that provide education loan for CA students are listed below.

• IDBI Bank
• Bank of Maharashtra
• Corporation Bank
• Oriental Bank of Commerce

IDBI Bank

IDBI Bank is the bank that offers vary low amount of loan among the listed banks. This bank sanctions maximum loan amount of Rs.2 lakhs. To avail loan from this bank co-applicant is compulsory. For this bank the loan document should be executed by the co-applicant along with the student.

Expenses Covered By Loan From This Bank

• The loan amount covers only initial registration for each stage/course.
• The fees for coaching center will not be covered under this loan.
• The purchase of computer/laptop which is required for completion of the course will be allowed only after passing IPCC/PCC. For this the amount should not be exceed Rs.40,000.

Guarantee Security : Nil

Margin: Nil

Rate of Interest : Base Rate + 3 %

Repayment: The student should repay the loan amount within 84 months after commencement of repayment.

Bank of Maharashtra

This is another bank which offers education loan for CA students. The aspirants who want to pursue CA either in India or Abroad can apply for loan from Bank of Maharashtra. There is a certain eligibility condition to avail education loan from this bank. The student should have secured admission by qualifying the entrance test. It is enough to have paid the registration fee for CPT to secure the admission.

Maximum Amount of Loan Offered:

• For study in India the maximum loan amount is Rs.10,00,000
• For study in abroad the maximum loan amount is Rs. 20,00,000.

Security:

The security is different for different loan amounts. The details are mentioned below.

• For loan above Rs 7.5 lakhs : Value of collateral security after providing requisite margin as stated below should be equal to the amount of finance + 2 guarantor.
• For loan up to Rs 4 -7.5 lakhs : 3^rd party guarantee satisfactory to the bank.
• For loan up to Rs 4 lakhs  : clean

Margin:

• The margin for loan amount up to Rs.4 lakhs is Nil.
• For above Rs.4 lakhs the margin is 5% for Indian studies and 15% for studies abroad.

Rate of Interest:

• For loan up to Rs.4 lakhs the interest is Base Rate + 1.75%
• For loans above 4 lakhs the interest is Base rate + 2.75%
• During moratorium period the interest is Simple interest and there after it is compounded monthly.

Corporation Bank Education Loan For CA Students

The Corporation bank offers education loan facility to CA aspirants. The bank provides loan if the student meets the eligibility criteria of the bank. To avail loan from this bank the student should be Indian national. The candidate should have scored at least 60% marks in the previous qualifying exam. The student should also secure admission in CA course. The receipt of payment of CPT course fee serves this purpose.

Eligible Expense:

• Purchase of Computers
• Course fee payable to the institute
• Purchase of course materials
• Travel Expenses in case of study abroad
• Any other expenses associated to complete the course.

Loan Amount:

• For Indian Studies maximum loan amount is Rs.10 lakhs
• For abroad studies maximum loan amount is Rs.20 lakhs.

Margin:

• The margin for loan up to 4 lakhs is NIL
• The margin for loan amount above Rs.4 lakhs for studies in India is 5% and for foreign studies is 15%.

Security:

Up to Rs.4.00 Lakh :

Co-obligation of Parent/s or Grand Parent/s (if parents are deceased)

Above Rs.4.00 Lakh & up to Rs.7.50 Lakh:

Co obligation of Parent/s, Grand Parent/s (if parents are deceased) together with collateral in the form of suitable third party guarantee with a net worth of at least equal to loan amount.

Above Rs.7.50 Lakh:

Co- obligation of Parents/Grand Parents (if Parents are deceased) together with tangible collateral security along with the assignment of future income of the student for payment of installments. Loan shall be fully secured after maintaining prescribed margin on respective securities offered.

Repayment of Loans:

• For loans up to Rs.7.5 lakhs the loan should be cleared in 10 years.
• For loans above Rs.7.5 lakhs the loan should be cleared in 15 years.

Oriental Bank of Commerce:

This is another bank that offers education loan for CA students. There is a certain eligibility condition for this bank to avail loan. The student should be an Indian national. The student should have meritorious academic record. The student should have secured admission in ICAI before applying for loan.

Eligible Expense:

• Payable of Course Fee
• Travel expenses in case of study abroad
• Purchase of books and computers which are essential to complete the course.
• Any other expense required to complete the course.

Loan Amount:

• For Indian Studies it provides loan up to Rs.10 lakhs.
• For Abroad Studies bank provides loan up to Rs.20 lakhs.

Margin:

• For loan up to 4 lakhs the margin is Nil.
• For loan above 4 lakhs the margin for Indian studies is 5% and for foreign studies is 15%.

Rate of Interest:

• For loan up to 4 lakhs the rate of interest is Base Rate + 2.5%
• For loans above Rs.4 lakhs but not exceeding Rs.7.50 lakhs with 3rd party guarantee is Base Rate + 3%
• For loans above Rs. 4 lakhs but noty exceeding 7.5 lakhs with immovable property or tangible assets is Base REate + 1.75%.

Repayment:

• For loan up to Rs.7.50 lakhs is up to 10 years.
• For loan above Rs.7.50 lakhs is up to 15 years.

So, this is all about education loan for CA students. If you have any queries regarding this post, please do comment in below comment section, we will update as early as possible. Stay connects with our site for more recent updates. Thank you for visiting our site team @ www.universitynews.in