What is the purpose of Education Loan and its Salient Features?
Education Loan can be availed by meritorious / deserving students for pursuing Higher Education in India / Abroad from reputed / recognized Educational Institute / University.
Salient Features of Education Loan:
- Rate of Interest- Refer our website.
- Maximum Loan upto Rs.50 Lakh for India Education and upto Rs. 125 Lakh for Abroad Education.
- Maximum Loan period upto 10 years for Loan upto Rs. 10.00 Lakh and upto 15 years for Loan above Rs. 10.00 Lakh including Moratorium Period.
- Loan can be extended upto 100% of Education Expenses.
- Student will be the Main Applicant and Parents will act as Co-Applicants for the Loan.
How can I apply for Education Loan?
Applying for an Education Loan in Cosmos Bank is very easy. All you have to do is to meet Eligibility Criteria by entering minimum required information by clicking above mentioned “Apply
for Education Loan Tab”. (Detailed procedure is shown in Demo Video / User Manual), Select appropriate Scheme and get the Instant Soft Approval. Submit the required documents to
the preferred branch and fill in the Loan Application forms.
Can I get an Instant Soft Approval for Education Loan?
Yes, you can get an Instant Soft Approval for a Cosmos Bank Education Loan. Please note that, this facility is only available to the Applicants who meet all the Education Loan Eligibility
Criteria.
Which information needs to be entered so as to get an Instant Soft Approval?
KYC details (PAN & Aadhaar No.) of Student Applicant and Co-Applicants, Gross & Net Income details of Co-Applicants (Salary details as per Salary Slips/ Business Income Details as
per ITR), Student Education and Course Details, Existing Loan & EMI details, Loan Amount Required etc.
Which documents are required for availing Education Loan?
KYC Documents of Student and co-Applicants, Min. 6 months Bank Statements, Income Documents of Co-Applicants, Student’s Education Certificates and new course Admission Documents, Property
Documents if property is offered as a Security and Existing Loan Account Statements. Detailed check-list will be provided along with Instant Soft Approval Letter.
Do I need to have an Account with Cosmos Bank to avail Education Loan?
No. Existing as well as New Customers can avail Education Loan from Cosmos Bank. While New to Bank (NTB) Customers need to open an Operative Savings Account with Cosmos Bank before availing
Education Loan.
Whether Guarantors are required for Education Loan?
No, while parents will be taken as Co-Applicants.
What will be the EMI for my Education Loan?
EMI gets started after completion of Moratorium Period. To know your EMI, use the EMI Calculator by entering necessary information. You will also receive the Eligibility Details along with
EMI Amount in the Instant Soft Approval Letter.
Which is nearest Cosmos Bank Branch to my location?
For the complete list of Cosmos Bank Branches, please go to “Locate Us” Tab.
What are my different options for making Interest Payment during Moratorium / EMI Payments after Moratorium?
- Standing Instruction (SI) from existing Salary / Savings / Current account with Cosmos Bank
- e-NACH ECS Mandate facility for debiting EMI from non-Cosmos Bank account
- Post Dated Cheques of non-Cosmos Bank account for the loan tenure.
We recommend that, you opt for either SI or e-NACH mode for Interest / EMI Payment as both these options are faster and less prone to error than the use of PDCs.
When does my Education Loan EMI will start?
EMI will be started after completion of Moratorium Period. During Moratorium Period, only Interest needs to be paid @ Simple Interest Rate Method or student can opt for Interest Capitalization
Option.
What is a Moratorium Period / Repayment Holiday?
During Moratorium Period, only interest will be charged @ Simple Interest Rate. Student is having option to make interest payment during Moratorium or Capitalize the same and make payment
after completion of Moratorium Period. Maximum Moratorium Period for Education Loan will be Course Period + 1 year or 6 months after getting job, whichever is earlier. Thus, Total Loan
Period will be Moratorium Period + EMI Repayment Period.
Whether any security needs to offer for availing the Education loan?
No security required for Loan upto Rs.5.00 Lakh.
For Loan above Rs.5.00 Lakh, at least 100% Security equivalent to the Loan Amount is required.
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