Education Loans In IBMR Business Schools

IBMR Business Schools and Credila Financial services ( The Only Specialised Education Loan Provider in India ) have joined hands to assist students and parents to ensure uninterrupted completion of their education with the unique branchless education loan program. Students can get up to 100% finance for education loan for IBMR Indian and Foreign university programme (Domestic and International Programme).
Eligibility

• Borrower must be an Indian citizen
• Co-borrower must be an Indian citizen
• Borrower must be 18 years of age or older
• Co-borrower must have a bank account in any bank in India with check writing facilities
• Confirmed admission in the colleges before disbursement
• Borrower and Co-borrower to meet Credila ' s underwriting criteria

Co-borrower Requirement

• The loan will be co-signed by a co-borrower in India
• A co-borrower is mandatory for all the student loans
• The co-borrower can be parent, brother, sister, guardian, or any other relative
• Co-borrower's role would be, necessarily, like the primary debtor

What Costs Are Covered?

• All of the tuition fees as determined by the college/University
• Up to 75% of other expenses including living expenses, books, etc. as determined by the college/University
• Up to INR 50,000 for travel to abroad from India, if applicable

Loan Amount

• Minimum Loan Amount: Indian Rupees 1,00,000
• Lifetime Maximum Loan Amount: Indian Rupees 20,00,000

Rate Of Interest

• Rate of interest will be floating rate of interest linked to Credila's Benchmark Lending Rate (CBLR)
• The floating interest rate will calculated monthly based on the prevailing CBLR at the beginning of the month
• The interest will be calculated using Simple Interest Rate

Loan Disbursement

•  The loan amount will be disbursed in Indian Rupees •  Credila's servicer will disburse the tuition fee directly to the educational institute •  The tuition fee will be disbursed in instalments as per the requirement of the specific educational institute •  The loan amount related to other expenses will be disbursed in instalments spread over the duration of the study

Loan Re-payment Terms

•  Loan interest re-payment will start immediately after disbursement of the first instalment of the loan •  Loan Principal Amount Re-payments must commence After 6 months of completion of studies by the borrower or •  3 month after borrower getting an employment or starting a business or •  3 month after borrower discontinuing the educational program, whichever is earlier. •  The principal and interest is repayable in 90 monthly instalments •  Monthly repayment amount will be deducted from the bank account of the borrower/co-borrower using Electronic Clearing System (ECS) •  Post Dated Checks (PDC) to be collected as security cheques from the borrower/co-borrowers

Collateral

•  The following types of collateral are accepted •  Non-Agricultural Land •  House •  Apartment/Flat •  A life insurance policy for the student, assigned in favor of Credila, for the value of at least the amount of loan approved

Contact Information

You can reach Credila Toll free at 1-800-209-3636 or SMS Credila to 53636 or visit us at www.credila.com  Management College | Bangalore MBA Colleges | B Schools Bangalore