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1 |
ELIGIBILITY: Courses |
a) Students admitted to recognised institutions for: UG/PG/Diploma/Professional courses. b) Pursuing a full-time or part-time course at the undergraduate, postgraduate, diploma, professional or vocational level. c) Any other course approved by the Bank’s Loan Committee from time to time. |
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Other Criteria |
a) Minimum marks: No minimum percentage requirement. b) Age limit: No upper age limit. Mature students or individual returning to education shall be equally eligible. c) Course type: No restriction on course type, provided the course falls under recognised higher educational programmes. d) Student and Parent must be members of the Bank. e) One guarantor required f) Recommendation from Parish Priest/ Local Institution (as applicable) g) Has not defaulted on any prior loan from MCC Bank or any other scheduled bank. |
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2 |
QUANTUM OF FINANCE |
Loan amount: Rs. 50,000/= to Rs. 100000/= per year. Maximum Limit: Rs. 3,00,000/= (for 3 - year courses) Rs. 5,00,000/= (for 5 - year courses) |
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3 |
RATE OF INTEREST |
7.50% p.a. (up to Rs. 2.00 lakh) 8.50% p.a. (Above 2.00 lakh.) |
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4 |
REPAYMENT OF LOAN |
a) Interest payable during the study period. b) Loan to be repaid within 36 months after course completion. |
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5 |
SECURITY |
a) Parent/ Guardian Guarantee. b) Collateral required for loans above Rs 2,00,000/=. |
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