The Tamil Nadu State Apex Co-operative Bank (TNSC Bank) provides education loans for students interested in pursuing higher education in India or abroad. A lot of students apply for this bank’s loan scheme due to the comprehensive nature of expenses covered and the favourable repayment process. The eligibility criteria to apply for it is also simple and the loan scheme covers various courses that are available in India and abroad. In this blog, we’ll discuss the major features, eligibility, interest rates, and other details related to this loan scheme. So, let’s dive in!
Table of contents
Purpose & Major Features of TNSC Bank Education Loan
The purpose of this loan scheme is to provide education loans to students interested in pursuing higher education from India or abroad. The bank provides this loan under favourable conditions and eligible students or their guardians can apply for it if their preferred course of study is eligible. The bank provides a maximum of INR 3 Lakhs for studying abroad or 95% of the expenditure towards the entire course of study, whichever is less. The repayment period of the loan is 3 to 5 years.
Major Features of the Scheme
Who is Eligible to Apply for the TNSC Bank Education Loan?
The eligibility to apply for this loan scheme is simple and more or less similar to the eligibility for other loan schemes offered by different banks in India. An individual can apply for this loan scheme if he is employed in a government, quasi-government, or any reputed private organization and has sufficient funds to repay the loan. Such individuals can apply for the loan on behalf of their child or ward who is interested in pursuing higher education in India or abroad.
Maximum Amount of Loan Sanctioned
It is essential to know about the maximum amount of loans available under any education loan scheme. If a student is planning to study in India then a maximum of INR 2 Lakhs are available under this loan scheme. In case a student is planning to study abroad then the bank provides a maximum of INR 3 Lakhs under this loan scheme. It should be noted that the bank also offers the option to cover 95% of the expenditure towards the entire course of study. However, the bank will provide only one of these options i.e., either providing the student INR 3 Lakhs or covering 95% of expenditure, whichever is less in that case. The course opted by the student should also fall under the eligible courses offered by the bank.
Also Read: If you are looking for a quick education loan scheme to study abroad then you must read our blog- YONO SBI Education Loan
What are the Courses Covered under this Loan Scheme?
Following are the courses covered under the TNSC Bank Education Loan Scheme-
- MBBS/ BDS/ B.V.Sc.
- BPT/ B.Pharm/ BOT
- B.Sc (Agri)/ B.E. (Agri. Engg.)/ M.Sc (Agri.)
- B.Coop./ M.Coop./ B.E./ B.Tech/ B.Arch/ M.E./ M.Tech.
- MCA/ B.Sc. (Computer Science)
- BBA/ MBA/ BBM/ MBM, etc.
Apart from the courses mentioned above, the TNC bank also provides loans for some other courses as well. To know whether the bank provides education loans for any other courses other than the ones mentioned above you’ll have to contact a bank’s representative.
Rate of Interest Under the TNSC Bank Education Loan
It is crucial to know about education loan interest rates while applying for a loan. The rate of interest under this loan scheme as mentioned on the bank’s official website is 14% p.a. Students should note that this interest rate is subject to change from time to time. It may either decrease, increase, or stay the same. Hence, before a student applies for this loan scheme, he/she should contact a bank’s representative to confirm the latest interest rate.
Also Read: Check Out this Blog on How To Apply For a Vidya Lakshmi Education Loan Through the YONO App?
FAQs on TNSC Bank Education Loan
The aim of the TNSC Bank education loan is to provide loans to students who want to study in India or abroad for higher education.
The interest rate is 14% p.a. However, this interest rate is subject to change and students should contact the bank to know about the latest interest rate before they start applying for the loan.
The courses covered under this loan scheme are mentioned below
-MBBS/ BDS/ B.V.Sc.
-BPT/ B.Pharm/ BOT
-B.Sc (Agri)/ B.E. (Agri. Engg.)/ M.Sc (Agri.)
-B.Coop./ M.Coop./ B.E./ B.Tech/ B.Arch/ M.E./ M.Tech.
-MCA/ B.Sc. (Computer Science)
-BBA/ MBA/ BBM/ MBM, etc.
The bank provides a maximum of INR 3 Lakhs as an education loan for study abroad purposes or the bank may also offer the option to cover 95% of the expenditure towards the entire course of study of the student, whichever is less in that particular case.
The bank provides either a maximum of INR 3 Lakhs or covers 95% of the expenditure of the entire course of study, whichever is less. You can choose either one of them as per your requirements.
This blog was all about the details regarding the TNSC Bank Education Loan scheme to study abroad. To know more about such loan schemes, the best bank accounts for students, forex and banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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