Wednesday, April 23, 2008


An education loan is a form of financial support from any bank or financial institution that enable a student for taking higher education. Availability of the education loan, at the appropriate time will help millions of deserving bright young Indians to achieve their dreams come true. All graduation, post-graduation and professional courses from institutes approved by the state and central government and also from foreign universities are eligible for a loan. Several institutes/ colleges have tied up with various banks, for the benefit of prospective students. For studies in India one can get loans up to Rs.7.5 lakh and up to Rs. 15 lakh for studies abroad.
Before giving the loan, banks study the viability of the borrower based on personal discussions with the student, family's assets and annual income, the nature of the course and reputation of the institute. In most banks for loans up to Rs. 4 lakh no collateral or margin is required and the interest rate will not exceed the Prime Lending Rates (PLR). For loans above Rs. 4 lakh the interest rate will be PLR plus 1 percent. PLR is a term used to refer the interest rate of the bank and it may vary with each bank. Some banks offer lower rates to women students or those from specified institutions. Security to the loan depends on the amount. Security is some form of investment (i.e bank deposits, house property etc) that are surrendered to the bank while taking the loan. Security is not needed for loan amounts up to Rs. 4 lakhs. Instead of security, some bank may ask for a third party guarantee ( guarantor) for higher loan amounts. There is no need to repay the loan while studying. The repayment starts after you have finished the course or started working. The repayment cannot be delayed for years after the completion of course. The loans are to be repaid over a period of 5 to 7 years with provision of grace period of one year after completion of studies.


Friday, April 18, 2008


For studies in India

Eligibility :
For studies in India- A student of Indian Nationality is eligible to apply for the Vijaya Bank Education loan provided he/she has offered admission to the institution/college/university.

Approved courses
Full time courses (Diploma, Teachers' Training, graduation or Post graduation and Doctorate studies) in all branches of medicine, engineering, agriculture, CA/ICWA/ACS, Computer Science, Architecture, Business Administration, Law, Arts, Science, Commerce, Hotel Management, Nursing and Pharmacy (except Foreign University Degree courses offered in India).

Amount of Loan
The bank provides a loan of Rs.10000/- for a student's education at a junior college; teacher's training course and other short-term courses approved by the Government. Loans worth Rs.50000/- are also offered to students who wish to pursue a polytechnic course/computer course, or desire to pursue graduation/post-graduation in any discipline, such as arts, commerce, science, pharmacy, agriculture & fisheries .A maximum amount of Rs.4 lakhs is provided for graduation/post-graduation in engineering, architecture, dental science, medicine, chartered/cost accountancy & business administration courses, offered by a reputed institution.

Margin :
No margin for loans up to and inclusive of Rs.25000/- and a minimum margin of 25% for loans above Rs.25000/-

Repayment of the loan commences from the 6th month after the completion of coursework or 3rd month after getting the job whichever is earlier.

For Studies Abroad
Meritorious students who have been selected for any course in foreign universities are eligible to apply foreign education loans.
Amount of Loan :
The bank provides Rs. 10, 00,000/- as a loan for his/her education at a foreign university.
Margin :
25% (To be brought pro rata as and when disbursements are made)

Period of Loan
The loan is repayable in 60 monthly installments. You need to start paying EMIs after 6 month of completion of course or 3 month after securing a job which ever is earlier.

For updated information and online application please visit:
Click here to apply for Online Education Loan


The UCO bank offers study loan to a meritorious student keen of pursuing higher studies either in India or abroad.

Courses Approved :
Studies in India
1-Graduation Courses in recognized universities leading to degrees like B.A., B.Sc, B.Com, B.Tech, B.E., MBBS etc.
2-Diploma/Certificate courses from recognized universities or Govt. recognized institutes in disciplines of Engineering, Medicine, Agriculture, Computer, Tourism, Hotel Management and such other technical/professional courses.
3-Chartered Accountancy and Cost & Work Accountancy from the Institute of Chartered Accountants of India and Institute of Cost & Works Accountants of India respectively.
4-Postgraduate Courses leading to degrees like MA, MSc, ME, MTech, MBA, MS, and MD.
5-Post Graduate Research studies in Pure and Applied Sciences, Economics and other Social Sciences from a recognised university leading to Doctoral Degree.

Studies Abroad
Full-time Postgraduate or Doctoral Programmes in Engineering, Medicine, Technology (Pure & Applied Sciences), Agriculture, Computer Science, Business Administration, Economics and other Social Sciences

Amount of Loan
Actual Loan Amount will be determined as per requirements of the student subject to maximum of Rs.4 lakh. The loan amount under the scheme would consider meeting the following expenses:
#Course Fees
#Hostel/Boarding Fees
#Cost of Books/Journals
#Stationery & Equipment required for the course
#Examination Fees
#In addition to above, for studies abroad, cost of air passage may be considered if requested by the student.
In addition to above, for studies abroad, cost of air passage may be considered if requested by the student

For updated information please visit:


Pre Requisites :
The candidates are required to submit the proof of the admissions and the fee structure with the necessary credential of the college.

The Candidate or the candidate's guardian should hold an account in the bank. The candidate should belong to the same place as the bank to avail the loan otherwise has to open an account in the bank of his choice and avail loan 6 months hence.


Tuition fee.
The loan will be due to the bank till the end of the course of the candidate or till the candidate get a job; whichever is earlier. The interest amount in the meanwhile should be paid back either by the candidate himself or by his guardian.

ONLINE REQUEST FOR SyndVidya (Education Loan):


Purpose :
Loan is offered for pursuing studies in recognized schools/colleges/ institutions to meet:
Tuition and other fees.
Maintenance costs, books, and equipment.
Cost of passage (for studies abroad) .
Caution fund/building fund/refundable deposit.

Eligibility :
* Should be an India National
* Secured admission to professional/ technical courses through Entrance Test/ Selection process
* Secured admission to foreign university/ Institution.

Loan Amount

Need based finance subject to the repaying capacity of the parents/ students with margin and the following ceilings.
* Studies in India - Maximum Rs.7.50 lacs
* studies Abroad - Maximum Rs.15 lacs

Margin :
Upto Rs.4 lakh : No margin
Above Rs.4 lakh
Studies in India : 5%
Studies Abroad : 15%

Interest :
Lowest interest rates
Loan Amount: Loans upto Rs.4 lacs(Interest Rate: SBMTLR presently 12.00 %p.a.)
Loans over Rs.4 lacs: 1% above (Interest Rate: SBMTLR presently 13.00 % p.a)

* While interest is not required to be paid during moratorium period, payment of the same before start of repayment would enable you to dispensation in interest rate applied in the repayment holiday.

Repayment of loan
Repayment Holiday - Course period + 1 year or 6 months after getting job, whichever is earlier.
The loan to be repaid in 5-7 years after commencement of repaymentPrepayments permitted without any penalty.

For updated information please visit:,453,103,284


EMI Calculator

The Scheme enables all type of needy students viz., students of +2 stage, Graduation courses – B.A., B.Com., B.Sc., etc., Post-Graduation courses, Masters in Ph.D; Professional courses, Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc., Computer Certificate courses of reputed Institutes accredited to Department of Electronics or institutes affiliated to University; Courses like ICWA, C.A., CFA, etc., courses conducted by IIM, IIT, IISc, XLRI, NIFT, etc., Evening Courses of reputed Institutes; Diploma/Degree courses conducted by Colleges/Universities approved by UGC/Govt./AICTE/AIBMS/ICMR, etc., Courses offered by National Institutes and other reputed Private Institutes.

· Students should approach the branch nearest to the place of domicile.

Punjab National Bank is now offering concession in interest in education Loan Scheme. The concession in interest rates is available to new borrowers who will avail education loan from the bank w.e.f. 01.04.2007.

The bank has taken this step to make education loan scheme more customer friendly thus facilitating aspirant students to avail education loan on comfortable & affordable terms. .

Further, Interest is charged monthly on simple basis during the repayment holiday/moratoriumperiod & concession of 1% in rate of interest is also allowed provided the same is serviced regularly during study period.

Punjab National Bank has tied up with Kotak Mahindra Insurance to provide life insurance cover for education loan borrowers.

The insurance would cover study period as well as repayment period, he said, adding in case of any mishap, the insurance company would take care of the loan repayment rather than the aggrieved parents.


Student eligibility
Should be an Indian National.
Secured admission to Professional / Technical courses through Entrance Test / Selection process.
Secured admission to foreign University / Institutions.
Student should have secured pass marks in the qualifying Examination for admission to Graduation Courses.

Expenses considered for Loan
Fee payable to College / School / Hostel
Examination / Library / Laboratory fee.
Purchase of books / equipments / instruments / uniforms.Secured admission to foreign University / Institutions.
Caution Deposit / Building Fund / Refundable Deposit supported by Institution Bills / Receipts.
Travel Expenses / Passage money for studies abroad.
Purchase of computers - essential for completion of the Course.
Boarding and lodging expenses in recognised Boarding Houses / private accomondations
Any other expense required to complete the course - like study tours, project work, thesis, etc.

Quantum of Finance

Need based finance, subject to repaying capacity of the parents / students with margin and the following ceilings :-
For studies in India: Maximum Rs.7.50 lacs.
For studies abroad: Maximum Rs.15.00 lacs.


Upto Rs.4.00 lacs: (Nil).
Above Rs.4.00 lacs: Studies in India (5%)
Studies Abroad (15%)


Upto Rs.4.00 lacs: (No Security).
Above Rs4 lacs and Upto Rs 7.5 lacs: (3rd party guarantee acceptable to the Bank).
Above Rs 7.5 lacs: (Collateral Security of Suitable value or suitable 3rd party guarantee).

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

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

Rate of Interest

upto Rs. 4 lacs
Above Rs.4 lacs
Term premia of 0.50% p.a. shall be added for repayment period of 3 years & above.
The interest shall be debited monthly on simple basis during the Repayment holiday/ Moratorium period.
Penal Interest @ 2% be charged for above Rs.4.00 lacs for the overdue amount and overdue period.
1% Interest concession for servicing of interest during the study period regularly is allowed at the time of start of repayment period of loan.

Repayment Holiday / Moratorium:
Coursee period + 1 year OR 6 months after getting job, whichever is earlier.

The Principal and interest is to be repaid in 5-7 years after commencement of repayment. If the student is not able to complete the course within the scheduled time, extension of time for completion of course may be permitted for a maximum period of 2 years.

Upfront Fee


Additional Benefits provided to the students by PNB

· Reimbursement of related expenses such as admission fee, monthly fee, Boarding and lodging expenses in recognized Boarding Houses etc. already incurred by way of loan taken from own sources (to meet the contingency) by the applicant, if claimed within 3 (three) months of such payment and before consideration of the loan by the Bank.
· Second time Education Loan can be sanctioned to the same student borrower for completion of next higher course.

Check List

While applying for the loan, the borrower is required to furnish the following information/papers:
Loan application on Bank's format.
Passport size photograph
Proof of Address(Permanent) / ID Proof.
Proof of Age.
Proof of having secured pass marks in last qualifying examination.
Letter of admission in professional, technical or vocational courses.
Prospectus of the course wherein charges like Admission Fee, Examination Fee, Hostel Charges etc. are mentioned.
Details of Assets & Liabilities of parents.
In case loan amount is above Rs.4.00 lacs :
Particulars of Guarantors and details of their Assets & Liabilities.
If immovable property offered as Collateral Security - copy of Title Deed, Valuation Certificate and Non-encumbrance Certificate from approved Lawyer of the Bank.
Photocopy of Passport & Visa, in case of study abroad.
Any other document/information, depending upon the case and purpose of the loan.

(The above CHECKLIST is only illustrative, not exhaustive. For details, please contact our nearest Branch Office).

Click here for applying for education loan online

For updated information please visit:

Thursday, April 17, 2008


Vidya Jothi Scheme

Can I apply for the Vidya Jothi Scheme ?
You can apply if you are a student and satisfy the following eligibility criteria.
You should be an Indian National.
You should have secured admission to professional/technical courses or other academic courses.
You should have secured admission to foreign University/Institution (in the case of overseas study).

What can I use the loan for ?
You can avail the loan for your school education including plus 2 stage/Graduation/Post graduation/Diploma/Computer education in any recognised State/Central Government/University. Professional courses including Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, courses like ICWA, CA, CFA, etc., courses conducted by IIM, IISC, XLRI, NIFT etc. Courses offered in India by reputed foreign universities/Evening courses of approved institutes.

How much can I get ?
You can get a maximum of Rs. 7.50 lakh for studying in India and Rs. 15.00 lakh for studying abroad.

What rate of Interest will I have to pay ?
Present Interest rate is as follows: - Up to Rs. 4.00 lakh PLR (at the time of availing of loan). Presently 11% (Flat). - Above Rs. 4.00 lakh PLR+1% (at the time of availing of loan). Presently 12% (Flat). - The rate of Interest prevailing at the time of first availment shall prevail throughout the repayment period. - Interest to be debited quarterly/half yearly on simple basis during the repayment holiday/moratorium period.

What is the margin for the loan ?
For loans upto Rs. 4.00 lakh(Nil).
For loans above Rs. 4.00 lakh( Studies within India 5%, or studies abroad 15%)

Scholarship/assistantship to be included in margin.

What security do I need to provide ?
For loans upto Rs. 4.00 lakh(Nil).
For loans above Rs. 4.00 lakh and up to Rs.7.50 lakh(Satisfactory personal guarantee of a third pary).
For loans above Rs.7.50 lakh( Collateral security in the form of NSC/KVIP, LIC Policy, Gold, Shares/Debentures or immovable properties Bank Deposits in the name of student/Parent/Guardian or any other third party with suitable margin/co-obligation of third party/parent/guardian along with assignment of future income.)

Is there a Holiday period for my loan ?
Yes, there is. You can pay back your loan 6 - 12 months after you complete the course.

How do I repay my loan ?
You can repay the loan in equal monthly Instalments for a maximum period of 5 - 7 years excluding holiday period.

Whether I have to pay Interest every quarter during my study period?
It is left to the option of the student either to service the interest during the study period or pay it along with the principal over a period of 5 - 7 years to commence from 12th month after completion of the study.

In case I opt to service the interest, am I eligible for any concession?
Yes. For prompt servicing of interest for all quarters during the study period, an interest rebate of 0.5% is allowed. The interest rebate thus calculated will be credited back to loan account at the time of commencement of repayment of the principal sum.

How can I apply?
Download the application form in MS - Word format.
Save it on your computer, print it out and send it to the nearest/convenient I.O.B. branch for processing

Click here to download the Application Form
While all efforts have been made to update the information, constituents are requested to contact the branches for latest details.

4 more:


Purpose : ICICI Bank offers education loans to students to pursue courses within India.

Eligibility : For various executive programs and Job oriented modules in emerging sectors like IT.

Amount : Loans ranging from Rs.20, 000 upto Rs.7.5 lakhs - for studies in India.
How to avail : Loans are available in all ICICI branches.

Advantages :
Minimal documentation along with added percentage of no collaterals or securities for loan upto 7.5 lacs
No Processing Charges; No Foreclosure Penalty
Faster Processing and Easy Documentation

Interest : Interest Charged only on the amount used.

Repayment : Flexible Repayment Options, repayment period starts after the course is completed and +6 months as the grace period.

For further information please visit


IDBI offers a loan facility to deserving candidates for Professional / Management / Foreign University education.
Courses Approved
Indian Universities :
Professional Courses i.e. BE, BTech, and MBBS
Post Graduate Courses i.e. ME, MTech, MS, MD, MBA, and MCA recognised by AICTE
Part time/on-line distance learning courses (subject to terms & conditions)
Foreign Universities : For Graduate/Post Graduate/Research/Doctorate studies that insist on TOEFL, GRE, GMAT scores.
Indian Universities :
For Graduate courses: at least 75% in the +2 stage
For Post Graduate Courses: first class graduates
Foreign Universities :
Proof of TOEFL, GMAT, GRE score card, and 1-20 admit card
Age of the applicant should not be more than 30 years for Indian Universities and 35 for Foreign Universities
Age of the parent/guarantors should be below 55 years. The annual income of the family should not be less than Rs.3 lakh

Amount of Loan
For Indian Universities, actual tuition and other fees, but not exceeding Rs.5 lakh for the entire duration of the course
For Foreign Universities, considering that in addition to fees, there are travel/preparatory expenses, the loan amount shall not exceed Rs.15 lakh, in all.

Interest rates
Long term Prime Lending Rate + 1% pa + taxes
Processing Fees : Rs.1000 at the time of application, and Rs.500 pa thereafter
Cost of documentation/legal expenses at actual
Period of Loan
Graduate Studies : Maximum moratorium period of 5 years including the actual duration of the course. After which the loan should be repaid within the next 3 years.
Post Graduate Studies : Moratorium period of 2 years i.e. the course duration. Loan repayment within the next 3 years. No prepayment penalties levied In fact, there are incentives for prompt repayment. Like refund of the entire processing fee, if not a single installment is missed/delayed
For updated information please visit:


HDFC offers loans to students to partially meet their educational expenses / costs for pursuing specific higher educational courses at institutes approved by HDFC. Loans are given to Indian nationals. To avail loan, student should have a constantly good academic record, and admission offer to an approved Educational Institute for pursuing a recognized course.

Students enrolled with an approved Educational Institute and desirous of availing the education loan can make an application, with the earning parent / guardian being the co-applicant to the loan.
Amount of Loan
Loans can be availed up to a maximum of 90% of the total cost as determined by HDFC.
Period of the Loan
is determined on the merits of each case but would not exceed more than 5 years.

Features & Benefits

@ Loans upto Rs.10 Lakhs for Education in India and upto Rs.20 Lakhs for Education abroad#
@ Attractive interest rates.
@ Repayment to start 1 year after course completion / 6 months after obtaining employment (whichever is earlier)
@ Loan available upto tenure of 7 years including moratorium period.
@ Tax Benefits availaible under Section 80E of the IT Act *
@ Hassle free loans and speedy approvals.
@ Convenience of service at your doorstep.
@ Loans available for other course related expenses also!

* Pls Check with yourCA
# from Bank's approved list of Institutes

Special privileges

@ Loans disbursed directly to the educational institution.
@ Loan to be released as per fee schedules of institutes.
@ Exclusive Telegraphic Transfer facility availaible for courses abroad.
@ Loans available for short duration/ job oriented courses also.

*Conditions Apply* Premium will be charged for this product.A transaction fee of Rs.350 will also be deducted at the time of disbursal.Pls note that service tax @ 12.36% will also be charged on both the premium and the transaction fee.

Apply Now
Just fill the Online Application Form and our representative will get in touch with you shortly.
Other Ways to apply :
Call Us
Visit our branch

For updated information please visit:


Loan scheme: Federal Vidya Loan Scheme
Eligibility: Student must be of Indian nationality and offered admission in any of the approved courses in an Educational Institution recognized by the government or any University in India or Abroad.

Courses Approved :
A - Category:- Academic courses such as Diploma, Graduate/Post-Graduate courses in Arts, Science and Commerce etc.,
B - Category:- Professional courses such as Diploma, Graduate/Post-Graduate courses in Engineering, Medicine, Dental Science, Agricultural Science, Veterinary Science, Computer Science, Nursing, Pharmacy, Business administration, Law etc.,

Type of Loan
The loan account shall be operated as a term loan. To facilitate flexibility in operation, future debits on account of recurring expenses in each semester/year can be made to this account
Margin : The margin is nil for courses in India. For foreign studies a minimum margin of 10% is to be insisted on
Amount of Loan (Rs. in Lakh) :

In India: Minimum(0.50), Maximum (5.00)
Abroad: Minimum(0.50), Maximum (10.00)
Rate of Interest :
Upto Rs.5 lakh : 13.5 %
Above Rs.5 lakh : 14.5 %

Period of Loan
Period of the loan consists of the period required for the completion of the course and that means for repayment of the loan. The repayment should begin within 12 months from the completion of the course or after the student secures employment whichever is earlier.

Maximum period of the loan : 11 years
Minimum period of the loan : 3 years


Minimum age should be 21 years and must have secured 60% marks all throughout and have admission approval.
Maximum Amount for Study in India : Rs 500000
Maximum Amount for Study Overseas : Rs 500000
Documents to be Submitted : Academic Records and Admission Approval
Time to Process : 1 Week
Interest Rate :
In India
Upto Rs 200000: 14% pa,
Above Rs 200000: 16% pa.
For Overseas
Upto Rs 200000: 14% pa,
Above Rs 200000: 16% pa.
Collateral needed if loan is above Rs 25000
Third Party Guarantee is also required.
Age : Between 21 years to 65 years.
Tenure : Maximum 40 months
Repayment : Maximum after 3 months of completion of course or the date of securing a job whichever is earlier.

For updated information please visit

education loan:


Name of the Scheme: Vidyasagar Student
LoanPurpose of the loan: To provide financial assistance to needy and meritorious Indian students for pursuing studies from High School onwards, including graduation, technical and professional courses. Loans are also provided for studying abroad for job oriented courses at degree level and advanced studies in all areas for post-graduation. For payment of fees to school/college and for purchase of books, hostel fees, examination fees, etc.
Eligibility: Need based finance is permitted within a maximum of Rs.7.50 lakhs for inland study and Rs.15 lakhs for study abroad. Institutions offering courses should have approval of Central Govt. & State Govt. /University affiliation/Autonomous Institutes/AICTE/DOEACC.
Margin:Up to Rs. 4.00 Lakhs Nil for both inland and Foreign StudiesAbove Rs. 4.00 Lakhs 5% for inland studies 15% for studies abroad
Rate of Interest:(Subject to changes as advised by Bank / RBI from time to time)- Up to Rs. 4 lakhs 10.75% - Above Rs. 4 lakhs 11.75%
Security:Up to Rs. 4.00 lakhs: Joint documentation with parents/guardian.
Above Rs. 4.00 lakhs: Collateral security of suitable value or Co-obligation of Third Party having required net worth with Assignment of future income of the student.
Repayment Conditions:To be repaid in 5 to 7 years. Initial repayment holiday of one year both for principal & interest from the date of completion of course or six months of getting a job whichever is earlier.
Interest will be debited quarterly on simple basis during the repayment holiday/moratorium period. After commencement of repayment, the accrued interest is added to the principal amount and EMIs fixed on total outstanding amount. Penal Interest @ 2% will be charged for above 2.00 Lakhs for the overdue amount and overdue period.

Wednesday, April 16, 2008


Name of the loan: Study Power
Nature of loan:
The purpose of the product is to provide financial support to deserving students for pursuing higher professional/technical education in India and abroad. The loan would be provided to students who have obtained admission to career-oriented courses e.g. medicine, engineering, management etc., either at the graduate or post-graduate level.
Quantum of Loan: The quantum of finance under the scheme is capped at Rs. 7.5 lakhs for studies in India and Rs. 15 lakhs for studies abroad, which would cover tuition fees, hostel charges (if any), cost of books, etc. The minimum amount of loan would be Rs. 50,000/-.
Margin: No margin for loans up to Rs. 4 lakhs. For loans above Rs. 4 lakhs, 5% margin for studies within India and 15% for higher studies overseas.
Rate of interest: At PLR, currently not exceeding 12% p.a.
Role of the Guardian:The parent(s)/guardian of the student would be treated as a co-applicant of the loan. His/her role would be, necessarily, like the primary debtor. He/she would be responsible for the payment of the interest accrued on the loan account, prior to the commencement of the EMIs.
Third Party Guarantee: It is necessary to have a 3rd party guarantee agreement in place, especially in cases where the loan would be not be secured by liquid collaterals (e.g. Units, FDs, NSCs, paid-up LIC policies, etc.). The guarantor should not be a close relation of the student (i.e. parents/siblings/spouse, etc.) and should be good for 100% of the loan amount. No 3rd party guarantee need be insisted upon for loan up to Rs. 4 lakhs. Computers and other related hardware financed under the scheme would have to be, necessarily, charged to the Bank as primary security.
Collateral Security: Educational Loans sanctioned would need to be secured by collateral securities, to the minimum extent of 100% of the loan amount.
Additional Security: In educational loans, since the ultimate exposure is on the earning capacity of the student, post-completion of the course, it is essential to organize a LIC policy assuring the life of the student, the sum assured being at least 100% of the loan amount.
Repayment:The loan would be repayable in a maximum of 84 installments from the commencement of repayment. The 1st installment would be due 1 year after the completion of the course or 6 months after getting a job, whichever is earlier. However the total tenure of the scheme, i.e. from the date of the 1st disbursement to the date of the last installment, should not exceed 12 years. The periodical interest applied on the loan account, prior to the commencement of the actual repayment, should be recovered from the account of the co-applicant, as and when due