Educational Loans
ICL Group of Colleges has an understanding and tie-up with State Bank of India (SBI), Chandigarh and the Punjab National Bank (PNB), Chandigarh to provide educational loans to the students of the Institutes of the Group. SBI would process the loan applications for students from any region of India however the PNB would accept the applications of the students residing at Chandigarh and 60 kms around Chandigarh.
The parents can forward applications to SBI and PNB banks and process the loan documents under their own arrangements with guidance of ICL Group of Colleges. At the same time, the processing of the loan applications can also be carried out by ICL Group of Colleges for the needy students. The residence of students availing the loan can be as under:-
• Students from all over India can avail loans from SBI
• Local students of Chandigarh can avail loans from SBI and PNB
• Local students would get educational loans easily
• Non Local Govt employees can avail loans from any location
• Parents of the students with agriculture background and not paying income tax would find it comparatively difficult to get the educational loan
Students’ Educational Eligibility
The following students are eligible to avail the loan facilities:-
• Graduates in any stream pursing post graduate courses
• Students pursuing professional degree courses (Engineering, Hotel Management and Architecture)
• Student pursuing degree course
Student of Diploma Engineering and Pre-Engineering are not eligible for bank loan.
Parents’ Eligibility
The parents of the following category can avail educational loans for their ward
• Government Employees
• All Income Tax Payees
• Businessmen having balance sheet and sale tax record
Documents Required
Documents to be given by Parents/Students
• Loan application form duly filled with College assistance (Loan application can be obtained from the Director Administration)
• Income Proof by Parents
• Income Tax Return of Parents
• Govt employee may submit Salary slip and Form 16 only
• Parents with business background to submit Balance sheet, sale tax records and work place addre
• Proof of Residence (Ration Card, Passport, Driving License, Identity Card by College, Copy of Electricity/ telephone bills or documentary evidence), duly attested
• Proof of Age (Educational Certificate, PAN or any other documentary evidence)
• Identity proof of student (PAN, Driving License, Identity Card by College, Voter Identity Card or any documentary evidence), duly attested
• Photographs of Father and student – 4 Copies each
Documents to be given by Institutes
• Admission Letter from College
• Fee structure of the course
• Affiliation letter of Institute
Educational Loan Amount
An Educational loan amounting to Rs 4 Lakhs can be availed from any bank without any guarantee. No processing charges would be charged from the students availing the loan amount upto Rs 4 Lakhs.
The students desirous of availing the loan amount more than 4 Lakhs will have to furnish guarantee in the form of immovable property or Fixed Deposit Receipts (FDR). An amount of Rs 5000/- would be charged as the processing amount for loan amount above Rs 4 Lakhs.
Procedure
• Meet SBI Bank officials (Mr Walia,officer relationship), sector 30C Chandigarh with file containing all the documents as per the details given above.
• Parents to accompany the student
• Submit all documents to the bank
• Document to be forwarded by bank to the Loan Sanctioning branch in Chandigarh
• Check sector 30C SBI bank branch after 15 days to ascertain the status of the loan.
• Students from outside, say, Bihar and HP to check after one month
Disbursement
The loan amount would be disbursed by the Banks to the institute directly.
Incase the students have paid the fee before the disbursement of the loan amount; the deposited amount would be refunded to the students by the Institute.
Preparation of File
Director Administration and the Accounts staff would guide and help to prepare the file of the students for bank loan.