Bank Loan

The following documents are to be completed by the parents and students while availing Educational Loan from the banks.

Our B.Sc Catering Science & Hotel Management (3 year course) and MBA Tourism & Hotel Management (2 years) and all our International Courses are eligible to get Bank’s Loan subject to good track record of parent's banking transactions.

Terms & Conditions :

  • Nationality - Indian
  • Address Proof – Ration Card, Passport, Driving Licence, House Document or Electricity Card or Six months Bank statement etc. All these documents are eligible for address proof.
  • PAN card (Either Father's or Mother's)
  • Parents will act as co-borrowers for the Educational Loan.
  • 2 photos of parents and students are required
  • Employed Parents should produce Form-16 or Form-20 for the previous Financial Year as their income proof in case parents need to avail IT benefits.
  • Exclusive Education Loan account has to be opened with loan lending branch.
  • Parents have to approach lead bank in their locality for availing Educational Loan with the help of Ration or Election card to suggest the right Branch to approach in their residential locality as per the ward allocated by the lead bank, for lending the same to the students, otherwise they have to approach retail asset branch only.
  • There is no margin money up to Rs 4 lacs Education Loan. Above 4 lacs Educational Loan a margin of 15% loan amount has to be paid.
  • Education Loan availed for whole degree course and bank will disburse 1st year fees directly to “Gesto Culinary & Hospitality Academy”. 2nd year fees will be disbursed in the next year and 3rd year fees will be disbursed in the subsequent year.
  • Admission Letter / Offer Letter to be issued by our college depend upon the eligibility of the student. (as per our norms)
  • Degree Course fees has to be furnished by our college with break up in the offer letter for the entire course – Tuition fees, Study materials, Govt Taxes, Examination fee, hostel, dress, food etc.,
  • Interest holiday period is applicable for our Degree courses.
  • All original marks sheet (Xth STD, XII STD) and TC has to be submitted to the bank for verification along with 2 photograhs.
  • Copy of the course prospectus to be submitted to the bank.

Expenses considered for Loan

  • Fee payable to College / School / Hostel.
  • Examination / Library / Laboratory fee.
  • Purchase of books / equipments / instruments / uniforms.
  • Caution Deposit / Building Fund / Refundable Deposit supported by Institution Bills / Receipts.
  • Travel Expenses / Passage money for studies abroad.
  • Purchase of computers at reasonable cost, if required for completion of the course.
  • Insurance premium for student borrower, if applicable.
  • Any other expense required to complete the course - like study tours, project work, thesis etc.

Reasons for rejection

  • If the degree or diploma course is not approved by the bank, and it will vary from bank to bank.
  • If there is no Address Proof / PAN CARD / FORM -16 or Form – 20 (Employed Parents)
  • If parent’s Savings Bank A/c has EMI cheque returns.
  • CIBIL objection
  • More than one attempt in Xth or 12th Standard by the candidate.
  • Not filing IT returns by the parents.
  • Not approaching the right branch by the parents in their locality.
  • Sometime, some bank branches are not eligible to market Educational Loan and they will redirect the customers to the right branch.
  • Security for the loan are not submitted by the parents for above Rs 4 lacs loans

Normally the security can be in the form of land / building / Govt. Securities / Public Sector Bonds / Units of UTI, NSC, KVP, LIC Policy, Gold, Shares/ Mutual Funds/ Debentures, Bank Deposit in the name of the student parent / guardian or any other third party or any other tangible security acceptable to the bank with suitable Margin.

Enquiry

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