P urpose and Eligibility

Individuals who undertake a course for training/skill development. Initially this scheme will be restricted to persons joining commercial Pilot Training courses and Airhostess Training courses in India and abroad, from institutes recognized by the Ministry of Civil Aviation/DGCA.

Nature of facility

Term Loans with the applicant and parents/guardian/spouse as co-borrowers

Age

1. Applicant – Minimum 17years
2. Co-borrower – Maximum 60 years

Quantum of loan

Course fee and  related expenditure with a maximum `.20.00 lacs

Repayment

In 36 EMIs commencing from one month after placement / joining the job or 6 months after completion of the course, whichever is earlier.

No penal charges would be levied in case of early repayment of loan by borrowers. Accrued interest during the moratorium to be added to the principal.

Interest

For interest rates please see interest rate table on this website

Processing fee

0.50% of the loan amount to be recovered upfront

Security

(i)Equitable mortgage of non-encumbered residential house/flat, non-agricultural urban immovable property, commercial or industrial property (industrial plots located in specified areas earmarked for industrial use should not be accepted) in the name and possession of the borrower/co-borrower, i.e. self-occupied or vacant. Where equitable mortgage is not feasible and the customer is willing to execute a registered mortgage deed, it can be accepted.                 OR

(ii) Security in the form of Govt. Securities/Public Sector Bonds /NSCs / KVPs/ RBI Relief Bonds, LIC Policy/TDRs of Bank.

Margin

Documents

Documents applicable to

(i)            Personal Loans backed by Securities

(ii)          Personal Loans against Mortgage of immovable Property

(Purpose of loan, details relating to course e.g. duration, name of Institute, proposed repayment schedule to be mentioned)

Insurance

The property being mortgaged would be insured against the risk of fire/earthquake/lightning/floods etc. in the joint names of borrower/co-borrower and the Bank for the full market value of the property (after netting the cost of land).