Kalupur Education Loan

It's an opportunity for a lifelong career when higher education programs get initiated, which leads towards the possibilities of new professional routes. Funding additional education can frequently become a barrier, particularly in esteemed domestic or international universities. Therefore, Kalupur Commercial Co-operative Bank, empowering the students, comes with exclusive education loan options in such situations. In this blog, we will discuss the Kalupur Education Loan, including its features, eligibility criteria, and procedure for applying for it, to help you achieve your learning goals.

Features and Benefits of Kalupur Education Loan

To accommodate students who are pursuing higher education, Kalupur Bank offers education loans. With competitive features and perks, these loans are made to help students pay for their education more easily and concentrate just on their studies. The salient characteristics and advantages of the Kalupur Education Loan are outlined in the following comprehensive table:

*Interest rates are subject to change as per the bank's policy and market conditions.

Kalupur Bank Education Loan Interest Rates

Kalupur Bank Education Loan interest rates start from 8.10% onwards. The loan is provided under the REPO scheme (interest rate is repo-rate dependent) and New Fixed Rate Product (for fixed interest rate). The repo rate is set by RBI.

Education Loan Under REPO Scheme:

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  The repo rate is 6.50% + spread in each category.
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  Loyalty Customers will get a concession of 0.10%
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  A one-time switch option is available to existing borrowers with conversion fees of 0.30% of the ledger outstanding and un-disbursed portion or a maximum of Rs.1500 + GST.

Education Loan Under New Fixed Rate Product:

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  The interest rate remains unchanged for the entire loan tenure.
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  These interest rates are valid till 31st March 2024. The mentioned effective rate of interest on Kalupur Bank education loans will be reviewed thereafter.

Please note: There is no switch option available from repo-rate linked interest rates to non-repo rate or vice versa.

Eligibility Criteria for Kalupur Education Loan

To be eligible for an education loan from Kalupur Bank, candidates must additionally fulfil the following eligibility requirements:

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  Age: 18-35

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  Courses: Full-time degree or diploma recognized by UGC/AICTE or other recognized agencies.

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  Financial Stability: Co-applicant should have a steady income and a good CIBIL rating (preferably 700+).

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  Expense Estimation: Applicant must provide a comprehensive cost estimate of the education including living expenses, tuition, and any other associated expenditures.

Students accepted into elite universities or those with a high employability rate are given preference.

Expenses Covered Under Kalupur Education Loan

Kalupur Education Loan goes beyond the basics to support students in every aspect of their educational journey. In addition to the key expenses, the loan also covers:

*These figures are illustrative and dependent on the applicant's course, place of study, and policy of Kalupur Bank at the time of loan application. Students who want the most precise and current information regarding loan coverage are advised to speak with the bank immediately.

Required Documents for Application

The documentation process for the Kalupur Education Loan is streamlined, requiring:

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  An admissions letter from the school specifying the program and length of study.
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  Summary of costs associated with the course, including tuition, lab fees, housing fees, etc.
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  Applicant’s and co-applicant’s identity and address verification from the government (passport, Aadhar card, PAN card, etc.).
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  Financial records of the co-applicant to check capacity, income verification, tax records, and bank statements are required.
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  Marksheets of previous academics
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  Collateral documents about the value and ownership of the collateral for a secured loan
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  Scholarship documents (if applicable)

How to Apply for Kalupur Education Loan

To facilitate the application process and ensure that prospective students can easily get the finances needed for their education, applicants should be ready to present several documents, including the education loan interest certificate format. An outline of the steps involved is provided below:

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  Complete the paperwork by collecting the required documents and make sure to check your and co-applicants eligibility criteria set by the bank
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  You can submit your application either online or offline. If you prefer to submit offline, you have to visit the nearest bank branch. For online submission, simply visit the bank’s website.
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  Carefully fill out the education loan application form. Make sure each and every detail are filled in accurately and don’t forget to attach all the relevant documents.
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  Kalupur Bank will start processing your application once you submit your application. This will involve a thorough investigation of your academic records, financial statements and feasibility of the study plan.
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  If required, the bank can call you for an interview to verify a few documents.
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  Once accepted, you will be notified by the bank. Post acceptance, an acceptance letter will be sent to you. The disbursement stage comes next, wherein, the bank will transfer the funds to your school’s bank account.
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  Make sure you follow up with the bank to stay updated on any possible delays. This will also help in resolving any issue thay may come up.

Additionally, students can apply for an education loan interest certificate in SBI format from Kalupur Bank, which guarantees thorough coverage and student-centred services that help them with their academic goals. GyanDhan can offer further assistance in locating the ideal student loan. Check your loan eligibility with GyanDhan and move closer to realizing your educational goals.

Frequently Asked Questions