DNSB Tuition loan

Scheme

New Personal Loan Scheme - DNS Tuition Loan

Who can avail the loan

• Parents of the students intend to take admissions in reputed Coaching Institute / Classes.
• Spouse to become Co-applicant for the proposed loan.
• If student is an earning member then the loan can be availed by the student him/herself.

Definition of Reputed classes

coaching classes which having following registrations from various authorities, details are as under-

• Trade mark Certificate (If any)
• UDYAM Registration Certificate
• Maharashtra Classes Owners Association [Member Certificate]

(Association is representing various types of issues to State Govt.)

Repayment Period

To be repaid within 36 months.

If applicant needs repayment period above 3 years to 5 years. One guarantor of good Net worth and income acceptable to bank should be provided.

Purpose

Payment of Fees of coaching classes, (secondary, higher secondary. Graduation, Post-graduation classes), Entrance exam classes of various higher education like; MBA, Engineering JEE, Medical NEET, etc.

Loan Amount

Maximum Loan amount Rs.5,00,000/-

(Total loan amount including outstanding balance of existing unsecured loan availed from our Bank, if any, should not exceed Rs.5.00Lakh)

Margin

@10% margin

Interest Rate

@12.10 % p.a.

Security

No Security (Clean)

Eligibility

      1. Existing or new account holders (KYC Complied) who have satisfactory track record either with our Bank or with other Bank.

      2. Residual Income must be Rs.7,000/- after considering all existing deductions including deduction of EMI for proposed loan.

      3. Loan to be sanctioned upon obtaining standing instructions or ECS mandate where the applicant maintains his/ her salary/operative account.

       4. The borrower should be resident or must have business place in the 5 kilometers radius of the branch. (In deserving cases if borrower is staying beyond the radius of   5 kilometers then in such cases the loan proposal should be referred to RLPC, CO with justification by branch.)

Co-applicant

Spouse to become co-applicant for proposed loan

Documents to be obtained for applicant/s & Guarantor

      1. KYC Documents.

      2. Income Papers viz. for Business persons- copy of last two financial years Income Tax Returns with Computation of Income, Profit and Loss accounts and Balance sheet.

      3. And for salaried person copies of latest 3 month’s salary slip along with last two financial years Form No.16.

      4. If Applicant is not filling Income Tax Returns, applicant can submit Duly Notarized Self-Declared Affidavit declaring his/ her income.

      5. All existing up to date Bank account and loan account statements for the period of at least one year.

Guarantor

      1. If CIBIL Transunion Scores i.e. Credit Vision Score & Personal Loan Scores of the Applicant is 700 or more, then No Guarantor Required.

      2. If CIBIL Transunion Scores i.e. Credit Vision Score & Personal Loan Score of the Applicant is below 700, then One Guarantor acceptable to the Bank to be obtained. Earning Family member can be taken as a guarantor.

Inspection

Inspection of residence place of the applicant is mandatory.

Processing Fee

0.50% of loan amount + GST

Other Charges

Rs.1000/- + GST

(Inclusive of Visit, Service and CIBIL charges etc.)

To be credited to P/L account head ‘Other Charges’.

Prepayment charges

Foreclosure fees/prepayment charges Nil. In case of takeover from other financial institution, 4% to be charged.

Membership

      · Mandatory for Borrower/Co-Borrower.

      · He/She/They Should Subscribe to linking shares @5% of the loan amount.

      · Guarantor to be enrolled as Nominal Member.