INDIAN BANK
M.T. MARG BRANCH, BHUBANESWAR – 751002

STUDENTS FROM ALL OVER THE COUNTRY HAVING THEIR PLACE OF PERMANENT RESIDENCE/DOMICILE AT A PLACE WHERE THERE IS A BRANCH OF INDIAN BANK WITHIN 10 KM RADIUS MAY AVAIL LOAN FROM INDIAN BANK, MT MARG BRANCH SUBJECT TO FULFILLMENT OF OTHER ELIGIBILITY CONDITIONS.

Common Information / Documents to be furnished / attached for loan amount upto 4 lacs and above 4 lacs:-

a. Passport
b. Voter’s Identity Card
c. PAN Card
d. Driving License
e. Govt./Defence ID card
f. ID cards of reputed Employers

a. Telephone Bill
b. Bank Account Statement with Permanent Address
c. Income / Wealth Tax Assessment order
d. Credit Card Statement
e. Electricity Bill
f. Ration Card

Borrower’s Name :
Relationship with Student :
Loan amount :
Branch :
Date of Loan :
Loan A/c No. :

10. Every applicant to furnish details like Name, address, Telephone No. and occupation of Atleast 2 reference persons of good standing.

11. All borrower students have to take life cover for the loan amount and period by paying a one-time premium of Rs.902/- per lakh at present through Indian Bank and Insurance can be part of the educational loan to be financed.

12. All original documents and certificates pertaining to Xerox copies accompanying the loan applications are to be submitted at the time of scrutiny and it will be returned immediately after necessary verifications.

13. Legal Heir Declaration from Parent/ Guarantor to be furnished in the prescribed format at the time of sanction of loan.

14. Photographs of Student / Parent/ Guarantor required in 3 Nos. each.

15. An affidavit by the Student & Parent to be submitted stating that no Educational
Loan is availed from any other Bank by the applicant and his parent for study of the present course at IMIS.

Additional information/documents to be furnished/provided for loan amount exceeding Rs.4 lacs:-

A. For loan amount exceeding Rs.4.00 lacs but below Rs.7.50 lacs suitable 3rd party guarantee with a minimum networth of Rs.15.00 lacs to be furnished.
OR
Additional securities of movable/immovable properties with value equivalent to Atleast 100% of the loan amount should be produced. The security can be in the form of land/building/Govt Securities/ Units of UTI/NSC/KVP/LIC Policy/Gold/Bank Deposits in the name of student/ parent/ guardian or any other third party. In respect of immovable properties to be mortgaged to Indian Bank towards security in lieu of 3rd party guarantee, valuation will be sought by the financing bank from the approved valuer of the bank in that particular area. Similarly, legal opinion on the property will be obtained from the approved lawyer of Indian Bank. The cost of valuation & legal opinion along with cost of insurance of property are to be borne by the applicant.

B. All declarations made by the student/guardian/parent/guarantor in their respective assets and liabilities statements should be supported by Xerox copies of relevant documents for our records, along with original (for verification only).

C. In respect of immovable assets, latest valuation as per guideline value to be submitted preferably from INDIAN BANK’S approved valuer or otherwise from any valuer registered with IT authorities. Valuation report to be submitted as per Bank’s Prescribed Format. (Format may be available with Indian Bank valuer or can be available at the local branch).

D. In respect of other movable assets like LIC Policies/ Investments/ PF Contributions, latest surrender value, Balance Statement etc, a copy of the same is to be furnished.

E. For all salaried Parents/ Guarantors/ Guardians who are IT Assessee, Form 16 of employer/ IT Return to be submitted. Latest Salary Certificate from employer to be submitted for salaries class and computation of income + Latest Balance Sheet + IT Return to be submitted for Businessmen / Self employed parents/ guarantors.

F. Margin (above Rs.4.00 lacs) – For studies in India - 5 %

Margin amount has to be deposited in the account of the borrower with the financing bank/branch and it should be reflected in the A & L statement of borrower/guardian.

G. Rate of Interest – Loan amount upto 4 lakhs – 11.5% (floating)
Loan amount above 4 lakhs – 13% (floating)