Education Loan

✔ Loan application form
✔ 10^th marksheet and 10+2 marksheet
✔ Graduation Marksheet
✔ Age proof (Applicant & Co-applicant)
✔ Residence Proof
✔ Income Proof:
      ITR /Form 16 (2 years for service person 3 years for business man)
✔ Photo (1 +1)
✔ Admission Letter
✔ Fee Schedule
✔ Prospectus /Admission Brochure
✔ 3 months salaries slip(In case the guardian is working)    
✔ 12 months bank statement
✔ List of assets & liability
* Further documents as required by respective banks/NBFC’s.

Kindly fill up the below enquiry form to submit your enquiry for educational loan. We will get in touch with you to assist/support for loan processing.

Submit Enquiry For Educational Loan

In case the student / parent / guardian requires any further clarification, assistance or guidance, the below mentioned officials could be contacted:

Mr. Nikhil Raina
Education Loan Coordinator
E-mail: educationloanhelp@mrei.ac.in
Mob: +91-9599655227

To assist students, bank officials and our dedicated team shall be available at campus during admissions/ counseling.

Mr. Nikhil Raina
Education Loan Coordinator
E-mail: educationloanhelp@mrei.ac.in
Mob: +91-9599655227
Mr. Aamil
Mob. +91-8054134645
To assist students, bank officials and our dedicated team shall be available at campus during admissions/ counseling.

Q.Which banks are offering education loan to MR Students?

Ans. Most of the Nationalized Banks are offering education loans. However, there is Punjab National Bank branch at Manav Rachna campus. We also have tie up with credenc which will facilitate and assist parts for education loan.

PNB representative Mr Pankaj Kumar- 7709285268 & MR representative Mr. Nikhil Raina can help you with the queries of Education loan.

Q. What are the eligibility criteria for Education Loan?

Ans. ELIGIBILITY

a) Student should be an Indian National.

b) Should have secured admission from Our university i.e. cleared all eligibility criteria

Q. Would my entire fee be funded by the bank?

– Upto Rs 4 lacs

– Entire fee shall be funded by the bank

– Above 4 lacs -5% contribution shall be required to be brought in by the student/guardian

*Scholarship/ assistantship may be considered in margin.

*Margin may be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis

Q.I am staying in city other than Delhi/NCR (e.g Lucknow), will I be given loan from Faridabad.

Ans. You shall be provided loan from the branch in your city. PNB representative Mr Pankaj Kumar- 7709285268 shall help with the relevant branches. You may also check nearest branches.

Q.What is the maximum amount I can avail?

Ans. For studies in India: Rs. 7.50 lacs

If the amount exceeds Rs. 7.5 lacs, then following security shall be required

Security Upto Rs.4.00 lacs: Parent(s)/guardian be made joint borrower (s).

No Security

Above Rs 4.00 lacs and Upto Rs 7.5 lacs:

Besides the parent(s)/guardian executing the documents as joint borrower(s), collateral security in the form of suitable third party guarantee will be taken

Above Rs 7.5 lacs:

Parent(s)/guardian be joint borrower(s).Tangible collateral security of suitable value acceptable to bank along with the assignment of future income of the student for payment of installments

*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.

NOTE :

The document should be executed by the student and the parent / guardian.

Q.Whether Re-imbursement of fees is permitted in Education Loan scheme?

Ans. Yes, reimbursement of fees paid by the student/ guardian at the time of admission or subsequent stages is permissible within six months from the date of payment of fees on individual merits of the case.

Q. In whose name the loan would be granted

Ans. Loan would be granted in Student’s name

Q.What is the rate of interest?

Ans. Interest cost varies from bank to bank depending up on the amount and repayment period. for further details on the Rate of interest respective bank’s representative may be contacted

Q.What is the method of application of interest in the loan?

Ans. The interest shall be charged at simple rate from the date of disbursement till the commencement of repayment of loan. Thereafter, compound interest is charged on reducing balance

Q.When does the repayment of loan commence?

Ans.Repayment will commence after Course period + 1 year OR 1 month after getting job, whichever is earlier.

Q.What is the Maximum Repayment Period?

Ans. Upto 180 months (15 years){PNB}

Repayment holiday/Moratorium:

Ans. Course period + 1 year or 1 month after getting job, whichever is earlier.

Q. is there any penalty in case of prepayment of loan?

No prepayment penalty is levied for prepayment of loan.

Q.Which are the Expenses considered for Loan?

Ans. Institute’s Term Fee & Hostel Fee are covered

Other Benefits

Interest on daily reducing Balance

* Concession of 1% ROI if interest serviced during moratorium period and thereafter installments are paid regularly.

* Interest concession of 0.50% for women beneficiaries for outstanding upto Rs 10 lacs & 0.25% for outstanding above Rs .10 lacs

• Tie- up with Credenc

  Manav Rachna Group has tied up with Credenc to help students avail education loans easily from a number of banks and NBFCs. The education loans for the students of Manav Rachna Group are offered based on the credit history of the co-applicant and academic performance of the applicant. https://www.credenc.com/financial-aid-manavrachna

  Contact Mr. Aashit Mob: +91–9417770600

• PUNJAB NATIONAL BANK

Manav Rachna has collaborated with Punjab National Bank to facilitate its students who are interested in availing education loan.
Contact: Mr. Nikhil Raina, Education Loan Coordinator, E-mail: educationloanhelp@mrei.ac.in  | Mob: +91-9599655227