TMB Education Loan | ₹20 Lakh Loan Limit, No Collateral up to ₹4 Lakh

Interest Payment

Interest is payable monthly from the date the loan is disbursed. A separate letter of accountability is to be acquired from the parents and sponsor stating that this will be paid from their regular income.

Penal Interest

Any indiscretion or evasion in repayment of loan will get you a penal interest of two percent per annum.

TMB Education Loan Processing Charges

1% of the amount approved without any maximum cap for international studies is the usual processing fee. But for education in India, no such charges are levied.

TMB Education Loan Repayment Schedule & Tenure

1. Window / Moratorium Period: Course duration + 1 year after completion of the course.
2. If the student finds work within a year of finishing the course, the loan settlement must begin immediately after the one-month period from the start date of employment has expired.
3. Maximum Repayment Tenure of Loan: The loan should be settled in five to seven years after the window period. If the student is unable to finish the course in the said time, an extension will be given for two years at the max.
4. If the student cannot complete the course for valid reasons, the bank may or may not allow more time at its discretion.

Loan Amount Limits for TMB Education Loan

1. As a loan is purely based on need, it is given by checking the repayment capacities of the parties involved.
2. For education in India, one can get up to INR. 10 lakhs and for international education, the maximum loan sum given is INR. 20 lakhs.

TMB Education Loan Collateral & Security Requirements

1. Up to INR. 4 Lakhs - No collateral needed.
2. For a loan between INR. 4 Lakhs and INR. 7.50 Lakhs - appropriate third-party guarantee required.
3. For a loan between INR. 7.50 Lakhs and INR. 20 Lakhs – 100 percent collateral security in the form of property papers, LIC Policy, bonds, etc must be shown.

TMB Education Loan Capability Certificate Requirement

International institutions need students to provide an official certification from their banker confirming the guarantor's creditworthiness and financial capacity, with the goal of ensuring that the sponsors can cover any unforeseen expenses until the course is complete.

TMB Education Loan Processing & Other Charges

INR. 100 per one lakh or part thereof. The maximum amount payable for this is INR. 500.

TMB Education Loan Margin Requirements (India & Abroad)

1. Up to INR. 4 Lakhs - Nil.
2. More than INR. 4 Lakhs:
   1. 5 percent for studying in India
   2. 15 percent for studying overseas

Expenses Considered for the TMB Education Loan

1. Course fee
2. Hostel fee
3. Exam fee
4. Library fee
5. Lab fee
6. Cost of books, apparatus, laptop (if necessary), study projects and uniforms
7. Caution Deposit & other funds
8. Travel expenses
9. Passage fare (For education abroad)

Eligible Courses

TMB Education Loan for Studies in India

1. High School, Higher Secondary, Bachelors and Masters
2. Professional Courses: Engineering, Medicine, Dentistry, Veterinary, Law, Computer, Agriculture etc.
3. Courses like CA, ICWA, CFA etc
4. Courses held by IIT, IIM, NIFT, IISc, and XLR1.
5. Courses offered in India by known international universities.

TMB Education Loan for Studies Abroad

1. Bachelors in any employment-oriented course provided by accredited universities.
2. Masters in MBA, MCA & MS.
3. Courses held by CIMA-London, CPA in USA etc.

Student Eligibility

1. The prospective student must be an Indian citizen.
2. He/ she should have achieved first class in the previous public exam.
3. He/she should already have gotten admission in a recognized Indian or international institute or university.
4. If the student is below age 18, loan may be approved to parents by obeying the applicable conditions.

Documents Required

1. Photocopies of relevant mark sheets
2. Photocopies of National ID cards
3. Admission paper from the institution
4. Permanent address proof of student, parent and sponsor
5. Income proof of all the parties involved

Disbursement of Loan

The TMB education loan will be paid in stages based on the university's requirements or demand. To get the loan accepted, all standard documentation must be submitted according to TMB Bank guidelines.

Follow Up:

The concerned TMB Branch concerned can contact the institution authorities to check on the progress of the student.

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