Cosmos Bank

Attractive Features of Cosmo Education Loan

Wide Ranging Availability

Cosmo Educational Loan Scheme is available for a wide range of graduate and post-graduate programme.

Long Time Period

Maximum period will be 10 yrs (including moratorium period)

Fast Processing

Easy and Immediate processing of the loan.

The wing to your dreams!

Cosmo Education Loan Scheme is designed to give deserving meritorious students the financial support they require to study and build a successful career. The young generation of India is perhaps its most priceless resource, and we really want them to pursue their goals in life unburdened from the pressures of earning while still studying.

Loan Highlights

Loan Limit
Education Loan in India- Up to Rs. 1.00 Crore
Education Loan abroad - Up to Rs. 1.5 Crore

Rate of Interest
8.50%* p.a. for Female Students in India and Abroad
8.90%* p.a. for Male Students in India and Abroad

Time of Disbursement
30 Days

Repayment Period
10 Years

Prepayment Charges
Nil

Loan Charges

Process charges Rs. 5,000/- + GST for studies in India.
0.50% for loan demand + GST for abroad

Foreclosure Charges

Eligibility

The applicant should be regular member or nominal member of bank.
Applicant/parents should have banking relation with our bank.
The student should be an Indian Resident.
The student should have secured admission to professional/technical course in India or abroad through entrance test /merit based selection process.
Courses through Educational Institutes / Organizations of repute & recognition will be eligible for loan limit.

Facility

* Please contact the branch for further details.

Documents Required

All documents as per KYC norms viz. Residence proof and identity proof of student borrower and his parents / guardian.
Mark sheet of last qualifying examination.
Proof of admission, scholarship, assistantship
Schedule of expenses for the specified course.
Salary slips of student borrower and or his parents / guardian / spouse.
Account statement for last six months of borrower.
Statement of assets & liabilities of co-borrower.
Proof of income – salary slip / form 16.
Passport & visa documents in case of loan for abroad studies.
In case of change of course / completion of course / termination of studies / any refund of fees college / institution / successful placement / abstention of job / change of job etc. student borrower should inform bank.

Get In Touch

Our Expert will call you back on the number provided by you within 24-48 hours to assist you further. Thank you for your interest in Cosmos Bank

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Ideal for people

Students who wish to pursue higher studies
Students who wish to go abroad for studies

Good to Know

The Education Loan Scheme is available for a wide range of courses. Below is an indicative list for studies in India.
Graduation courses : BA, BCom., B.Sc., etc.
Post Graduation courses : Masters & Phd
Professional courses : Engineering, Medical, Agriculture, Veterinary, Las, Dental, Management, Computer etc.
Computer certificate courses of reputed institutes accredited to Dept. of Electronics or institutes affiliated
Courses like ICWA, CA, CFA etc.
Courses conducted by IIM, IIT, IISc, XLRI, NIFT etc.
Regular Degree/Diploma courses like Aeronautical, pilot training, shipping etc., approved by Director General of Civil Aviation/Shipping, if the course is pursued in India. In case the course is pursued abroad, the Institute should be recognized by the competent local aviation/shipping authority
Courses offered in India by reputed foreign universities
Evening courses of approved institutes
Other courses leading to diploma/degree etc. conducted by colleges/universities approved by UGC/Govt./AICTE/AIBMS/ICMR etc.
Courses offered by National Institutes and other reputed private institutions. Banks may have the system of appraising other institution courses depending on future prospects/recognition by user institutions
Courses, which are not covered under the criteria mentioned above, individual banks may take a view to consider extending education loan under the scheme taking into account the future prospects/recognition by user institution
Studies in Abroad:
Graduation : For job oriented professional/technical courses offered by reputed universities
Post graduation: MCA, MBA, MS, etc. Courses conducted by CIMA-London, CPA in USA etc.
Considered Expenses:
Loan Up to Rs. 2 lakh:
Co-obligation of parents is necessary.
Above Rs. 2 lakh: Co-obligation of parents together with tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments. Security cover to the extent of 100 % is expected to be provided.
Period: Maximum period will be 10 yrs (including moratorium period)
Two acceptable guarantors other than parents to be taken
Security
Loan Up to Rs. 2 lakh:
Co-obligation of parents is necessary.
Above Rs. 2 lakh: Co-obligation of parents together with tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments. Security cover to the extent of 60 % to 70% is expected to be provided.
Repayment holiday/ Moratorium period:
Course period + 1 year, or 6 months after getting job, whichever is earlier. Simple interest will be charged during the Repayment holiday/ Moratorium period The accrued interest during the repayment holiday period will be added to the principal and repayment in Equated Monthly Installments (EMI) fixed
The option of payment of interest during moratorium is also available
Guarantors: Two acceptable guarantors other than parents to be taken.
Forms: Available on Online Form Centre.