Short Term Study Loan
get short term loans for higher education
Learn more about our Study Loan Scheme under TMB Retail Loan Products.
This is scheme of choice for parents who wish to educate their children for the best careers in the best institutions. The cost of the study can be borne by the loan from us. The interest rate has been kept below the normal prime lending rate of the bank to enable the future generations make the best use of the facilities offered.
- Eligibility
- To secure admission to school education / under graduation course / Diploma courses & Post Graduation Courses.
- Eligible course of study
- School education including plus 2 stage.
- Graduation Course: Arts, Science Courses, Diploma Courses.
- Evening Courses of approved institution.
- Other courses leading to diploma / degree etc. conducted by colleges / universities approved by UGC / Govt. / AICTE etc.
- Expenses considered for Loan
- Fee payable to College / School / Hostel.
- Examination / Library / Laboratory fee.
- Purchase of Books / Equipments / Instruments / Uniforms.
- Caution Deposit / Building Fund / Refundable Deposit supported by Institution Bills / Receipts.
- Pre-requisite
- Proof of income and certificate from the employer for the Take Home Salary.
- Undertaking from the employer to deduct and remit the instalment amount from the salary of the staff every month when the employer is agreeable for the same.
- Quantum of Finance
- Maximum of Rs. 25,000 or 3 Months Gross Salary of the Parent whichever is lower.
- Rate of Interest
- BR + 3.75% (14.50% p.a.).
- Current Base Rate for Lending (BR) is 10.75% p.a.
- Penal Interest
- Any irregularity or default in repayment will attract penal interest of 2.00% p.a. over and above the above rate of interest on the balance outstanding.
- Disbursement
- The loan will be disbursed in staged as per the requirement / Demand directly to the institutions / Vendors of books / Equipments / Instruments.
- Repayment
- Maximum 10 to 12 monthly installments with interest (without holiday period).
- Processing Charges
- 1.00% of Limit sanctioned without any maximum cap.
- Documentation
- Simple documents as per our Bank Norms.
Loan EMI Calculator:
For a Short Term Study Loan of Rs. 25,000 repayable in 12 equal monthly installments at an interest rate of 14.50% p.a., the equated monthly installment (EMI) payment shall be around Rs. 2,250.56. Click for Monthly Amortization Chart.
All the above Terms and Conditions are subject to change and sanctioning of the loans is at the sole discretion of the Bank. Service Tax on All Service Charges extra wherever applicable.
Download the Application Form:
