APPENDIX-85

All OTHER MORTGAGE BASED LOANS OTHER THAN HOUSING LOAN

Branch Address : TARIKERE

CANARA BANK POST OFFICE ROAD ,
TARIKERE
KARNATAKA,577268

Phone : Fax :
Extn : Email : [email protected]
Date :

Sanction Memorandum
To :
Mr./Mrs H M MIHIR PATEL, Mr./Mrs MARALUSIDDAIAH H M,
C/O H M MARALUSIDDAIAH C/O H M MARIYAPPAIAH PATEL,
238,20TH MAIN ROAD VIJAYNAGAR 3RD, STAGE B BLOCK #238 20TH MAIN ROAD B BLOCK,
VIJAYNAGAR MYSURU VIJAYANAGAR 3RD STAGE,
MYSURU MYSORE,
KARNATAKA,PIN- 570017 KARNATAKA,PIN- 570017,
(Applicant) (Co-Borrower)

Dear Sir/Madam,
SUBJECT: YOUR MORTGAGE/EDUCATION LOAN APPLICATION FOR CREDIT FACILITY
With reference to your application date 19/02/2024 , we are pleased to inform that the following loan/limit is sanctioned on the terms and conditions
mentioned hereunder:
1.Nature of Loan/limit EDUCATION LOAN - VIDYA SAGAR SCHEME
2.Purpose TO PURSUE THE HIGHER EDUCATION IN ABROAD
3.Loan Amount/Limit Rs. 6000000/- (Rupees SIXTY LAKHS ONLY).
4.Margin % 15.92% (Rs.1135820.00) This has to be met out of savings.
Any of the following:
a) To be paid directly/NEFT/RTGS to the Wayman Aviation Academy USA in stages
5.Disbursement
b) Disbursements are made on a prorata basis at the applicable rates and morgin to be brought in by borrower
on year to year basis as and when disbursement is made.
6.Rate Interest (% p.a. 1.60% [MCLR/RLLR(9.25)] above RLLR i.e., presently 10.85 % p.a. floating rate of interest, compounded
(Compounded monthly) monthly.

The interest rate is linked to Benchmark Interest Rate presently being RLLR. The Benchmark Interest
Rate/any other benchmark specified by the bank and the actual lending rates are subject to review and
variation from time to time as per Bank/RBI guidelines. The changes in the Benchmark and the actual
lending rate will be notified in the Notice Board of the Bank from time to time and also in the Bank's
website which shall be construed as sufficient notice. Subsequently, any increase in the EMI/tenor or both
on account of the above shall be communicated to you immediately through appropriate channels.

Bank reserves a right to change the rate of interest from time to time by issuing requisite notice and by
displaying the same in the Notice and by displaying the same in the Notice Board of the branch/website of
the Bank. Overdue interest 2% shall be charged on the delayed installments.

Whenever interest rates are changed, Bank reserves right to adjust future repayments by either changing
Equated Monthly Installments or the loan tenure if the tenure is within the scheme norms.

Primary Security : Assignment of

Collateral Security : As per in the security obtained
the future income of the student
Co-obligation/Jt. Applicant/Guarantee of
8.Co-obligation /Jt.
1. Mr./Mrs MARALUSIDDAIAH H M (Co-Borrower)
Applicant/Guarantor
with net worth of Rs.0.00
To be repaid in 204 months in Proposed Equated Monthly Installments(Proposed EMIs) of Rs 83940 .
9.Repayment
w.e.f 10/04/2026 Repayment Holiday months i.e., till 10/04/2026
10.Processing charges As applicable to individual schemes to be incorporated
11.Pre-payment penalty Nil for loans availed under floating rate for individuals
12.Other Most Important Terms Proposed EMIs subject to change on disbursement done/changes in rate of interest
and Conditions
a. The borrower is having an option to opt for fixed or floating rate of interest with flexible
EMI or reduction or extension of tenor or combination of both for 3 times during the entire
tenor of the loan as decided by the bank from time to time depending upon various
eligibility criteria such as age and repayment capacity of the borrower/s, tenor of the loan,
classification of assets etc. or any other terms and conditions stipulated by the bank on
payment of required fee and other charges.

b. The borrower shall pay the interest as below:

 *Floating Rate:
The borrower shall pay interest at 10.85 % i.e. *(Premium + Repo Linked Lending Rate
(RLLR)/any other benchmark specified by the bank) or (Premium + Repo Linked Lending
Rate (RLLR)/any other benchmark specified by the bank - Concession) per annum
compounded monthly. The interest rate shall be subject to review and variation from time
to time. If interest is not paid, the same shall become compounded with the principal
balance outstanding in the account, on such balance and on such successive balances.

Present RLLR is %

Fixed Rate:
The borrower shall pay interest at ______________ % i.e. *(premium + fixed rate) or
(premium + fixed rate -concession) per annum and rate of interest shall be fixed for a
period of 3 years. Upon completion of three years, on the date of reset, the interest rate
shall be based on the then prevailing fixed rate. The interest rate is applicable from the
date of disbursement (for new loan) or switchover to fixed rate regime (for existing loan).
If interest is not paid, the same shall become compounded with the principal balance
outstanding in the account, on such balance and on such successive balances. The
prevailing fixed rate of interest on the date of reset notified by the Bank on its website
and/or notice board of the Bank shall be conclusive notice to the borrower.

Present Fixed rate is ______________ %

c. The change in the interest rate notified by the Bank on its website and/or notice board of
the Bank shall be conclusive notice to the borrower. In the event Borrower's credit
assessment undergoes substantial change, the premium that is payable shall be subject
to change / revision.

d. Applicable Administrative Costs/Switchover Charges @0.25% of the loan amount with Min
of Rs 250/- +GST & Maximum upto Rs 25,000/+GST shall be levied in case of Interest
Rate Regime conversion (i.e Floating to Fixed or vice versa) for Retail loans.

e. With reference to loan sanctioned wherein you were associated in capacity of

Borrower/Mortgagor, the original movable/immovable property documents are presently
available at Canara Bank ___________ and you may collect them from __________
(Branch where security documents are presently available) after full payment/settlement
of the loan amount. Kindly collect the documents within 30 days from the closure of loan
account, in case of non-collection of loan documents within 30 days, safe keeping charges
at Rs.500/- per month shall be levied.

1 The bank may revoke in part or full or withdraw/stop financial assistance at any stage by giving reasonable notice to the borrower/s. Credit facilities are to be availed within 6 months from the date
of sanction, failing which the limit shall automatically stands cancelled.
2 The interest rate is linked to base rate and both are subject to review and variation from time to time as per the RBI/BANK guidelines. The changes in the base rate and actual lending rate will be
notified on the notice board of the branch/Bank's website from time to time.
3 Disbursement of the loan will be against bills/receipts/demand note from the College, original receipts for the same to be obtained and kept with the loan papers.
4 Any escalation in the course fee/other expenses has to be borne by the applicant.
5 Student should submit the attested copy of the marks sheets of each term/semester exams/official transcripts from time to time and the course completion certificate after completion of the
course.
6 Change of Institution/College and Course, if any, is to be with the prior permission of the Bank only.
7 Details of change in address, telephone Nos, E-mail Id, Cell Nos of borrower /co-borrower and Guarantor to be informed to the Bank.
8 The employed Office Name, Address, Phone Number to be informed after employment. Bank can direct the employed office to remit the instalment directly to the Bank Loan Account.
9 Completion of the course to be informed to bank to fix repayment schedule and EMI.
10 Any refund of caution money/fee reimbursement scheme of State government/deposit or scholarship received by the party, to be appropriated towards the outstanding loan liability.
11 Simple interest will be charged during holiday period. Accumulated interest will be capitalized on instalments fall due and fresh EMI will be arrived and interest will be compounded monthly
thereafter. In case of default in payment of instalment/interest, applicable penal interest will be charged.
12 Interest concession of 0.5% over applicable rate shall be extended when the ongoing interest is serviced by the borrower regularly during the repayment holiday/Moratorium period and it is
subject to review as per the Bank guidelines.
13 0.5% concession in rate of interest on the applicable rate of interest on education Loans for all courses pursued by girl students and is subject to review as per Bank guidelines.
14 Installments/interest/EMIs and other charges if any have to be paid on due dates from time to time.
15 PAN CARD AND UIDAI Aadhaar card of the applicant and Jt. Applicant and Guarantor to be produced for verification .If not available, the same to be submitted before next disbursement.
16 Disbursement is subject to production of VISA in case of study abroad.
17 Service Charges, Inspection charges and Out of pocket expenses will be debited as per Rules of Business, which are payable additionally, as and when debited.
18 This sanction does not vest in you right to claim damages against the Bank or its officials for whatsoever reason.
19 It is the policy of the Bank to mandatorily report to Credit Information Company (CIC) all cases of delay in payment of dues/instalments. Thus, any delay in payment of dues/instalments will lead
to adverse remark which will impact the credit score, which in turn, can affect your ability to raise loans on beneficial terms in future. As such, you are advised to strictly comply with the repayment
schedule.
20 EMI shall stand revised with the changed Rate of Interest.
21 The loan should be utilized for the purpose for which it is sanctioned.
22 Wherever Loan is sanctioned against Security of immovable properties the following aspects to be noted: a) Property mortgaged will be insured for full value and full terms with Banks Clause as
per Banks guidelines at your cost. However, customers are free to choose the Insurance Company. b) Charges payable to CERSAI towards registration of EMT will berecovered c) Property is subject
to periodical inspection by Bank officials/authorized representatives. d) Tax Paid Receipt/Khata shall be lodged with the Bank every year till clearance of the entire liability. It shall be ensured that
there are no statutory dues against mortgaged property. e) Depending upon the status of the loan, Bank is at liberty to have the mortgaged property revalued as per the guidelines and the charges in
this behalf will have to be borne by the borrower/s.
23 Property mortgaged will be insured for full value and full terms with Banks Clause as per Banks guidelines at your cost. However, customers are free to choose the Insurance Companies in this
regard.
24 This sanction is valid for six months from the date of this sanction letter. If not availed within 6 months, sanction will automatically get cancelled.
25 Charges payable to CERSAI towards registration of EMT will be recovered.
 26 Property is subject to periodical inspection by Bank officials/authorized representatives.
27 The Bank reserves the right to revoke/cancel/modify the limit either in part or in full at any time without giving any prior notice for any reason whatsoever.
28 This sanction does not vest in you right to claim/damage against the bank for whatsoever reason.
29 It is the policy of the Bank to mandatorily report to Credit Information Company (CIC) all cases of delay in payment of dues/installments. Thus, any delay in payment of dues/installments will
lead to adverse remark which will impact the credit score, which in turn, can affect your ability to raise loans on beneficial terms in future. As such, you are advised to strictly comply with the
repayment schedule.
30 Tax Paid Receipt/Khata shall be lodged with the Bank every year till clearance of the entire liability. It shall be ensured that there are no statutory dues against mortgaged property.
31 Depending upon the status of the loan, Bank is at liberty to have the mortgaged property revalued as per the guidelines and the charges in this behalf will have to be borne by the borrower/s
32 In case of flats, possession certificate to be obtained from the builder and lodged with the Bank.
33 The loan should be utilized for the purpose for which it is sanctioned.
34 ECS mandate will be obtained in locations where facility of ECS/RECS (Debit) is operational.
35 Few CTS enabled cheques to be given for usage whenever ECS mandated are returned.
36 Other Sanction Terms-(Loan Specific/Specific to Local Laws): a) Loan will be disbursed at our RAH/Branches ................... after execution of loan documents. b) Processing
Charges:...................% of loan amount Min. Rs................... Max. Rs................... Processing charges are to be paid at the time of applying for the loan itself and they are refundable only if loan is not
sanctioned by Bank. c) Inspection Charges: Rs...................Per inspection + GST. d) CERSAI Charges: Addition of Security Interest Upto Rs.5 lakhs - Rs. 50/- + GST & above Rs.5 lakhs ? Rs.100/- +
GST per property/EMT. e) Penal Interest: 2% on the overdue amount. f) Vetting Charges: to be paid for verification of due diligence: Max. Rs. 2000/- +GST g) Pre-payment penalty: 2% pre-payment
penalty on Take over liability to other Banks/Financial Institutions for other than individuals. h) CIBIL Charges: Individual - @ 50/- per report + GST.Other than Individual: Rs. 500/- + GST i)
Documentation Charges: Rs. 100/- Per Lac Min.-Rs. 1000/- Max - Rs. 25000/- j) The following charges on Actual basis to be paid. Legal Charges: Advocate fee for Legal Scrutiny Minimum
Rs................... Maximum Rs. ................... depending on the number of documents. Valuation Charges: Min ................... Max................... Vetting Charges: Min ................... Max................... MDOT
Registration: Registration Charges ...................% of the loan amount and stamp duty of...................% of loan amount as per the State Stamp Act. k) Other terms and conditions.

Kindly return the duplicate copy of this sanction letter duly signed by you in token of your acceptance.

Yours faithfully

Branch Manager

I hereby acknowledge, accept and agree to the above terms and conditions of sanction.

Date: 22/02/2024
Signature of the Applicant/Jt. Applicant/
Co-obligant/Guarantor