Loan Details Document on Educational Loans The University will facilitate an educational loan for students through tie ups with banks. Educational loans are available to all students including those who do not have a scholarship. Azim Premji University will facilitate these loans through IDBI or Syndicate Bank. Basic Information on Educational Loans Educational loans are a good option for students to fund their studies. They ensure that students do not have to pay during their study period and can repay the loan after the completion of the programme: 1. The loan covers both the tuition fee and the student accommodation fees. For our programme, the maximum loan available to the students is Rs.2,50,000/- which is the total fee payable by the students for four semesters (Rs.62,500/- x 4 semesters). 2. Illustratively, a 100 % self-funded can take a loan upto Rs. 2,50,000 and a 50 % scholarship student can choose to take a loan of Rs.1,25,000. However the student can decide the actual amount of loan they require. 3. Educational loans of Rs. 2,50,000, DO NOT require any collateral or security to be given by way of land/house documents etc.. 4. The loan requires a co-applicant, along with the student. This should mandatorily be the parents, siblings or guardians of the student. Please note: Guardians of the student should preferably be a blood relative and friends cannot be considered as a co-applicant. 5. The loan is repayable only after completion of the programme; the repayment starts six months to one year after the programme is over OR the student getting a job whichever is earlier. This means during the programme, there is no money to be paid by student. 6. The repayment is through Equated Monthly Installments (EMI) over a period of five years. The interest rates on the loan are fixed by the bank and will vary according to the bank s terms. The bank will inform the students the exact amount of EMI while doing the final loan agreement. 7. The University will provide all documentation required in support of the application and will help students in availing the loans. Process for Application 1. On the registration day students have to come with the necessary documents as mentioned in the table below. 2. Both the student and the co-applicant need to come in person on the day of registration to complete the loan documentation process. 3. The bank authorities will be available on campus. The filled in loan application and the documents will need to be submitted to the bank authorities. A savings bank account will need to be opened with the bank. 4. The bank will conduct their own independent document verification and KYC verification (Know Your Customer) for the student and co-applicant. 5. Based on the above, the bank provides sanction for the loan. The student and co-applicant will need to complete the loan agreement on stamp paper.
6. The student can complete the agreements at the University and the co-applicant can complete it by visiting the nearest branch of the bank providing the loan. 7. On completion of the above process, the bank releases the Loan amount directly to the University. This will be done on a yearly basis. 8. The stamp duty charges (Approximately Rs. 500/-) will have to be borne by the student. Please note: On the day of Registration, officials representing the above banks will be available for consultation and facilitation of loan application. The representative at the loan help desk will guide students with the formalities for completion of the loan application process. Loan Repayment Repayment Details IDBI Bank, Interest Rate : 10.25 % Amount of loan EMI for 5 years Rs Per Month 2,50,000.00 Rs.6,712 1,25,000.00 Rs.3,384 In the case of loans from IDBI Bank, an amount of Rs.10,000 from Semester I fee paid by the student during the admission process will be adjusted against the loan amount No additional payment needs to be given by the students. Syndicate Bank, Interest Rate : 12.5 % Amount of loan EMI for 5 years Rs Per Month 2,50,000 7,306 1,25,000 3,653 In the case of syndicate bank loans, the semester I fee paid by the student during the admissions process will be refunded to the student on approval and receipt of the loan amount from the bank. List of Documents Required All these documents have to be carried by the student at the time of registration. It is compulsory that the Co-applicant will also need to come in person on the day of registration. DOCUMENTS APPLICANT CO APPLICANT ID Proof (2 Copies) Any two of these Any two of these
Address Proof (2 Copies) 3. Driving License 4. Election ID / Voters ID Card 5. Aadhaar Card 2. Driving License 3. Election ID / Voters ID Card 4. Aadhaar Card 3. Driving License 4. Election ID / Voters ID Card 5. Aadhaar Card 2. Driving License 3. Election ID / Voters ID Card 4. Aadhaar Card Signature Proof (2 Copies) 3. Photo ID Debit / Credit Card 4. Bank certificate for signature verification 3. Photo ID Debit / Credit Card 4. Bank certificate for signature verification Additional documents: 1. Certified copy of marks list of all exams passed i.e. SSLC (10th), PUC (12th), Graduate, & Post Graduation (If applicable). 2. Copy of the admission letter issued by the University will be given by the University Admissions Team. 3. Passport size photographs - Applicant (5 Nos.) and co-applicant (4 Nos.) 4. Income proof of parents / Pay slips. 5. Bank statement (at least 6 months) Note: The bank may require additional documentation and it is the student s responsibility to provide these documents to the satisfaction of the bank. ANNEXURE - A LIST OF INCOME CERTIFICATE ISSUING AUTHORITY as on January- 2014 SL.NO. STATE AUTHORITY 1 ANDAMAN & NICOBAR ISLANDS Tehsildar 2 ANDHRA PRADESH Tehsildar 3 BIHAR Circle Officer 4 CHANDIGARH Sub Divisional Magistrates 5 CHATTISGARH NayabTehsildar& Above.
6 DADRA & NAGAR HAVELI Mamlatdar 7 DAMAN& DIU Mamlatdar Daman and Mamlatdar Diu 8 DELHI Area SDM 9 GOA Mamlatdar of all Talukas 10 GUJRAT District Collector/Deputy Collector Asst. Collector - Prant Officer/Mamlatdar 11 HARYANA CRO (Tehsildar/ NaibTehsildar concerned) 12 HIMACHAL PRADESH Tehsildar of Revenue Department 13 JAMMU & KASHMIR Sub Divisional Magistrate (Not below the rank of Tehsildar) 14 JHARKHAND Sub- Divisional Officer in each District 15 KARNATAKA Tehsildar 16 KERALA Village Officers 17 MADHYA PRADESH Tehsildar/ NayabTehsildar 18 MAHARASTRA Tehsildar 19 MEGHALAYA Employer in case of Gov. Employee and MP/MLA/DC/SDO Civil in case of Others. 20 MIZORAM District Magistrate/Officer authorised By DM 21 NAGALAND Dy. Commissioner, Addl Dy. Commissioner and Sub- Divisional officers ( C) 22 ORISSA Tahasildar/Additional Tehsildar 23 PONDICHERRY UT Tahasildar/Deputy Tahasildar 24 PUNJAB CRO (Tehsildar/ NaibTehsildar concerned) 25 RAJASTHAN Tahsildar
26 TAMIL NADU Zonal Deputy Tehsildar 27 UTTAR PRADESH Tehsildar 28 UTTARANCHAL Tehsildar/SDM/ City Magistrate 29 WEST BENGAL Dist Magistrate/Addl. Dis. Mag/Sub div Off/ Block dev off and The Collector for Kolkata City The income certificate issuing authority is yet to be designated for Arunachal Pradesh, Assam, Lakshadweep, Manipur, Sikkim and Tripura. For any further queries about loan process, please contact Student helpdesk: 080-66145136.