Hello, friends if you are going through shortage of financial resources while pursuing Company Secretary Course.There is no need to worry there is two bank in providing educational loan facility to students pursuing company secretary course.There is a very easy approval process.The Bank of Baroda and the Canara Bank are providing loan facility to the students of an institute of the compamy secretary of India.
Loan Facility by Canara Bank to the CS Students.
The loan facility provided by the bank is need-based facility and a maximum of Rs. 10 lakh would be allowed by the bank. friends,one thing you should need to remember Loan is given jointly to the student and parent /guardian. There very good move by ICSI Students having the financial shortage.the Institute of Company Secretaries of India (ICSI) signed a Memorandum of Association(MOU) with the Canara Bank to facilitate Education Loans to the CS students pursuing Company Secretaryship Course.
The loan scheme given by Canara bank to the CS Students will mainly cover the tuition fee, purchase of books, examination fees, reasonable living expenses and laptop etc. to arrive at the total cost of the Company Secretary course.
Recommended Read:Best Time to Study For CS Exam.
Repayments of Loan By CS Students.
The repayment commences One year after Students complete the course or Six months after getting employment, whichever is earlier.CS Students Who intend to avail the loan facility may visit the Canara Bank branch nearest to the place of permanent residence of the parent / guardian.For Detail Information, You Can Contact your Nearest Canara Bank Branch.
You can See MOU signed by Canara Bank Official and ICSI Officials here.
Loan Facility by Bank of Baroda to the CS Students.
Loan Facility to the CS Students is Providing through BRODA GYAN Scheme of the bank of Baroda.
Student Eligibility for Loan:
♦⇒Should be Resident Indian.
♦⇒Secured admission to Company Secretary Cousre.
Coverage of expenses under Loan Scheme:
♦⇒Fee payable to ICSI.
♦⇒Examination / Library.
♦⇒Purchase of books / equipments / instruments.
♦⇒Personal Computers / Laptops wherever required.
♦⇒Any other expenses required to complete the course – like study tours, project works, thesis, etc.
Maximum Loan Amount : Rs.10 Lacs.
♦⇒Up to Rs. 4.00 lacs :- NIL
♦⇒Above Rs. 4.00 lacs :- 5%
The margin is to be contributed on pro rata basis on year to year basis as and when disbursements are availed.
Repayment of loan by CS Students.
♦⇒Course period + 1 year or 6 months after getting a job, whichever is earlier.
Loan Repayment Period :
♦⇒Repayable in 120 maximum Installments for loan amount up to Rs 7.50 lacs.
♦⇒Repayable in 180 maximum Installments for loan amount above Rs 7.50 lacs .
♦⇒Up to Rs.4 lacs : No security.
♦⇒Above Rs. 4.00 Lacs and up to Rs. 7.5 lacs: Collateral in the form of a suitable third
party guarantee along with assignment of future income.
♦⇒Above Rs.7.5 lacs: Tangible collateral security equal to 100% of the loan
amount along with assignment of future income.
Rate of Interest :
Simple interest to be charged at monthly rests during the repayment holiday / moratorium period.
♦⇒0.50% Concession in rate of interest to loans for girl student.
♦⇒Penal interest @ 2% p.a. on overdue amount, if the loan amount exceeds Rs.4.00 lacs.
The rate of interest may be changed from time to time.so updated with the current rate of interest friends.
♦⇒FOR PRESENT RATE OF INTEREST: View Here.