TJSB (Thane Janata Sahakari Bank) Education Loan
TJSB (Thane Janata Sahakari Bank), which was founded in 1972, is renowned for its tech-savvy approach and steadfast attempts to uplift people from economically disadvantaged backgrounds. The similar idea guided the design of the TJSB education loan as well.
Interest Rates of TJSB Education Loan
Interest rate charged by TJSB Sahakari Bank Ltd. on its education loan is 9.55% p.a. onwards
Features & Benefits of TJSB Education Loan
Objective/ Purpose of TJSB Education Loan:
TJSB Education Loan aims to provide equal opportunities in education for everyone in India or overseas and finances your education regardless of your financial background.
Amount of Education Loan:
- Collateral is not needed for loan for up to Rs.5 lakh.
- The applicant can request for a loan up to Rs.100 lakh.
Processing Rates:
There shall be no processing fee levied.
Repayment:
The loan must be repaid in 15 years.
Maximum Loan Amount:
Rs.100 lakh is the maximum sum you can get as a loan from TJSB.
Security:
If the loan amount exceeds Rs.5 lakh, security is typically required in the form of a third-party guarantor, property collateral, or both. To evaluate repayment capacity, parent or guardian income will also be taken into account.
Prepayment:
Zero prepayment charges.
Documents Required for TJSB Education Loan
- Duplicate copy of mark sheets of the prospective student
- Income Papers of Parent/ Guardian, Guarantor and if applicable of student.
- Photocopy of residential proof of applicants & guarantor – National ID
- Original Quote & Invoice
- Bank Account Statement of the past year
- Details of the course
- PAN Card
- Property documents
- KYC documents of both the applicant and the guarantor
Eligibility Criteria
The co-applicant, who is typically a parent or guardian, may work a regular job or run their own business. The minimum pay for a salaried worker should be Rs.15,000 per month, while a self-employed person must have been in company for at least three years.
How to apply for TJSB Education Loan
Follow the steps mentioned below to apply for TJSB education loan -
Step 1: Go to TJSB Education Loan Website.
Step 2: On the homepage, click on 'Apply Now' button.
Step 3: Fill the application form. Make sure all the details provided are correct. Once done, click on 'Submit'.
Other Products from TJSB
Important Education Loan Articles:
- Planning to Take an Education Loan? Here Are a Few Tips
- Education Loan for Engineering Students in India
- Education Loan for Working Professionals in India
- PAN Card Mandatory for Education Loan
- Top 5 banks Providing Education Loan for Medical Students
- Top Education Loan Providers in India for Foreign Education
- What Makes You Eligible for an Educational Loan?
- Whom to Consult For an Education Loan: Bank or NBFC?
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FAQs on TJSB Education Loan
- Is it compulsory for the guarantor to have an account with TJSB?
Not at all. But he must submit his bank papers.
- What is the meaning of PLR?
It stands for Prime Lending Rate and PLR or PLTR is least prime lending rate at which credit line is provided to primary borrowers. This rate is granted on TJSB’s education loan schemes.
- Is this PLR constant or fluctuating?
PLR is subject to change with recommendations from monitoring authorities like RBI & when the board members vote to hang the current PLR.
- Who is eligible to be a guarantor to an education loan?
Any credit worthy individual satisfactory to TJSB regarding the loan repayment is eligible.
- What is margin cash?
It is the contribution by the loan applicant towards the expense of the education.
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