Education and Career Forum

Can anyone of you kindly provide me the details of the insurance covered in the Education Loan scheme offered in Nainital Bank? I want to study MBBS. I am going to apply an education loan in this bank so I want to know about the insurance.

In order to be eligible for loan candidate must have secured admission in any professional course and has received admission letter from the same.

The candidate must have scored atleast 60 throughout.

Loan processing fee is nil upto 10 lacs
Loan margin
5% upto 4 lacs
15% above 4 lacs
Interest rate is 9.75 % p.a
It mainly covers
Tution fees
Living and travelling expenses
Additional related expenses to the course

Purchasing loan insurance ensures that in the wake of an unfortunate situation the burner entire loan repayment amount with I interest does not fall on co applicant.
It varies from lender to lender.
It's not compulsory to buy education loan insurance along with education loan.