Professional Documents
Culture Documents
INDEX
SR. NO. PARTICULARS PG NO.
1 Important Note 2
2 Preface To This Instruction Manual 2
3 General Instructions 2
4 Section A: Application For Education Loan 3
5 Section B: Student Details 4
6 Section C: Course Details 8
7 Section D: Calculation Of Loan (In Rupees) 11
8 Section E: Co-Borrower Details 13
9 Section F: If Salaried 17
10 Section G: If Self Employed Professional or In Business 20
11 Section H: Financial Information (In Rupees) 24
12 Section I: Reference of Student and Co-borrower 26
13 Section J: Collateral Information 27
14 Section K: Checklist of Supporting Documents 31
15 Section L: Declarations 32
16 Section M: Acknowledgement 32
17 Section N: Additional Co-Borrower Details 33
18 Section O: If Salaried 34
19 Section P: If Self Employed Professional or In Business 34
20 Section Q: Guarantor Details 35
21 Section R: Reference of Additional Co-borrower and Guarantor 35
22 Section S: Photo of Additional Co-borrower and Guarantor 36
23 Non-Resident Indian (NRI) Co-Borrowers 36
24 Annexure “A” - Guidelines For Supporting Documents To Be Submitted 38
Along With The Credila Application Form
• Application Form 38
• Two Photographs Of Student And Co-Borrower 38
• Photo ID Proof Of Student And Co-Borrower 38
• Residence Proof Of The Student And Co-Borrower 40
• Date Of Birth Proof Of The Student And Co-Borrower 41
• Signature Authentication From Bank Of The Student And Co- 41
Borrower
• Academic Documents Of The Student 42
• Proof Of Admission From The Institute 42
• Fee Structure From The Institute* 43
• Scholarship Proof 43
• Banking Statements Of The Co-Borrower /Student (Part Time 44
Course By Working Executive)
• Income Proof Of The Co-Borrower /Student (Part Time Course By 44
Working Executive)
• Collateral Documents 44
• Other Supporting Documents 47
• Sequence Of Documents In The Customer File 48
25 Annexure “B” – List Of Preferred Co-Borrower and Collateral Locations 49
26 Annexure “C” – Signature Authentication Format 52
27 Annexure “D” - Draft Format of the NOC (No Objection Certificate) from the 53
Co-operative Housing Society
Also note that Credila does not take any payment by way of cash or cheque along with
the Application Form, the processing fee and any servicing fee which may be
applicable would be intimated on sanction and would need to be paid only at the time
of disbursement of the case. Do not enclose any payment whether by way of cash or
cheque or demand draft towards any processing fee or servicing fee along with the
Application Form and supporting documents.
GENERAL INSTRUCTIONS
Kindly ensure:
1) That the set of instructions (specially the co-borrower and collateral norms) are
properly read and understood before filling in the Application Form.
2) The loan amount applied should be a minimum Rs. 1 lac but should not exceed Rs.
20 lacs; suitable co-borrower/s and collateral/s fulfilling the co-borrower norms and
collateral norms respectively as laid down by Credila and enumerated in the relevant
sections of this Instructions Manual should be cited before filling up the Application
Form and their relevant details should be filled in the Application Form.
3) The Application Form is filled in CAPITAL/ BOLD letters and though there is no
mandatory requirement but we urge the students and co-borrowers to fill in the
Application Form in black ink or dark blue ink.
4) The Application Form is not left blank, in case the field is not applicable, kindly strike
it off or simply put a “Not Applicable” or “NA” in the respective fields.
5) Any alterations/ corrections or modifications should be authorised by the concerned
person to whom those details concern by initialling the same. E.g. if the income of the
co-borrower is altered then this alteration should be initialled by the co-borrower and
not by the student.
6) Ensure that the addresses filled in are complete and appropriate, landline
numbers; mobile numbers. and the email IDs are correct. Please read the
instructions pertaining to this carefully before filling in the Application Form.
7) Please read the instructions provided below for filling in the Application Form in case
of Non-Resident Indian (NRI) co-borrowers.
8) Wherever check boxes are provided with options, kindly tick (√) the right option
instead of circling the right option or simply striking out the inappropriate or incorrect
option.
9) Kindly ensure that you have taken reasonable care to ensure that all the details
provided herein the Application Form are true, accurate and correct and to the best of
your knowledge and belief. Since any misstatement in the Application Form may be
taken as a misrepresentation or wilful act of omission or commission and not to
mention that this would unnecessarily lead to delay in processing your application.
It may also be noted that in addition to the Loan Application form, there are other documents
such as Banking statements, Income documents, KYC documents, Collateral documents,
Course related documents, Academic records, etc. which are required to process the loan
application of a student. These supporting documents should be photocopies (KINDLY DO
NOT FORWARD ORIGINAL DOCUMENTS FOR PROCESSING OF THE APPLICATION
FORM. CREDILA WOULD NOT TAKE THE RESPONSIBILITY OF LOSS OF SUCH
The Loan amount in words and figures as provided in the space below the photograph may
be filled in and it should be ensured that :
Do not fill in any details or make any marks in the extreme right hand portion which is
for official use and would be filled in by Credila’s officials for internal reference.
The Student should be an Indian citizen of at least 18 years of age and pursuing further
education, such education course may be either full time or part time or distance
learning course.
Point # 1 – Name
The student is expected to write his/her complete name (i.e. the First name, Middle Name and
Surname) as it appears in his/her official records and/or academic records as the case
may be. Kindly refrain from the use of any alias names or initials and ensure that the full
name is written, unless the person does not have a middle name. In cases, where a person
does not have a surname but instead uses his/her family name or village name or only
father’s name, then such family name/ village name/ father’s name may be filled in place of
the surname. E.g. Do not enter your name as Vikas R. Modi if the complete name is
Vikaskumar Ramnick Modi, please enter the complete name “VIKASKUMAR RAMNICK
MODI” as it would appear in your records. Similarly, if your name is PONNUSWAMY
KUMARAN kindly write the complete name as it would appear in your official records instead
of using initials and writing the name as “P. KUMARAN”.
Important: Ensure that the father’s name matches with the name provided in the
student’s other official documents such as your passport, PAN Card, Voter’s ID, etc.
Also in case one’s father has expired, please prefix the name with “Late” e.g. If
Vikaskumar Ramnick Modi’s father’s name is Ramnick Mahendra Modi who is no
longer present with us, then the father’s name would be filled in as “LATE RAMNICK
MAHENDRA MODI” and not “RAMNICK MAHENDRA MODI”.
2 8 0 8 1 9 7 7
Point # 4 – Gender
Kindly tick (√) Male or Female depending on the gender of the student as the case may be in
the appropriate check box, do not circle or strike off the other option.
Kindly note that there is separate space in the address sections for filling in the City, State,
Postal Code and country. Kindly ensure that the address provided is complete with complete
Postal Code so that communication can be sent easily through post / courier/ any other mode.
Point # 10 – Email ID
Kindly provide the student’s personal email ID, ensure that it is correct. Do not provide the
student’s official email ID (in case the student is going to pursue a full time course) or any
other temporary e-mail ID.
Point # 12 – Name of the Bank, Branch, Bank A/c No, A/c Type
Kindly fill in the student’s main operating bank name, branch name, a/c number and a/c type.
This should preferably be from a Scheduled Commercial or Scheduled Co-operative bank and
from the same bank a/c from where the signature verification is provided. Also ECS
(Electronic Clearing Services) and Security PDCs (Post Dated Cheques) would be provided
from the same bank account (in case of part time course where the student is not leaving his
employment).
Point # 14 – Passport
Please tick mark the appropriate check box “Yes” or “No” depending on whether the student
has a valid passport on the date of application irrespective of whether the passport is being
provided as a identity or address proof document. If Yes, please mention the passport
number as mentioned on your passport. Kindly note that passport is a mandatory document in
case the student wants to pursue a course overseas (outside India) irrespective if the student
provides any other document as identity or address proof.
Points # 19 and 21 – Name of the Entrance Test 1 and Name of the Entrance Test 2
Please note that space is provided to give the details of two entrance or qualifying tests or
English proficiency tests required as a pre-qualification before seeking admission to an
institute / college / University such as GRE, GMAT, SAT, TOEFL or any other qualifying exam
or otherwise known by any other name. In case more than two tests have been cleared by the
student, then the student may fill in the names of more than one entrance test in the space
Points # 20 and 22 – Score of the Entrance Test 1 and Name of the Entrance Test 2
Please fill in the score or grade secured in the entrance or qualifying tests or English
proficiency tests required as a pre-qualification before seeking admission to an institute /
college / University such as GRE, GMAT, SAT, TOEFL or any other qualifying exam or
otherwise known by any other name. In case more than two such tests have been cleared
and more than one such test has been filled in the points nos. 19 or 21 then ensure that the
scores or grades are given in the same order in which their names have been filled in.
In addition to the postal address of the university / college / institute, the institute’s email ID or
the concerned contact person’s official email ID should necessarily be provided. Please
ensure that the email ID has been correctly filled in.
In case the student proposes to do a course of duration 10 months, one may fill in “01” as the
number of years for course duration. Alternatively if the duration of a course is 16 months
then one may fill in the duration as “01” also. However in case the duration exceeds more
than 18 months i.e. 1.5 years one may fill in the duration as “02”.
PS: Please note that course duration refers to the entire course duration and not the
duration of the course pending on the date of filling in the Application.
There is a thin line of distinction between Part Time and Distance Learning which needs to be
understood. Part Time courses involve the student being domiciled in the same city in which
the course lectures happen wherein he / she attends the lectures for 2 -3 hours generally after
normal working hours while Distance Learning involves the student pursuing the course from
either the same city / location in which the institute / college / university is located or some
other city /location either in India or in some case even abroad, though the student may have
to travel to the city/ ies where the exams in respect of the same course is being conducted,
which may include the city/ location in which the institute / college / university is located but
may not be restricted to that city/ location.
- If the student has got admission into the course through his/her own merit after
meeting the selection criteria as stipulated by the university/ educational
institute therein, one would need to tick “Open”.
- If the student has got admitted through the reference of some trustee of the
University / Institute, he/she would need to tick “Management Quota”.
Also, in case a US based business university has its affiliate institute in India which conducts
its course in various major locations across India, then the study location would be “India”
where the student would be residing to attend his/her course and not “USA” where the
institute has its accreditation/ registration.
This table intends to capture the details of the funding (loan) requirement and ascribes the
total costs of the course along with the funds available thereby arriving at the loan
requirement. This needs to be carefully filled in as per the parameters provided herein below:
- All figures in the table have to be strictly provided in Indian Rupees only. In case the
admission letter provides the fees in foreign currency like US Dollars ($) or UK Pounds,
etc. The same would need to be converted at the approximate prevailing rates of
exchange on the date of the application (kindly note that the conversion costs should not
be factored into the exchange rate since that would need to be borne by the student/co-
borrower). This could be procured from either the rate in the leading newspapers
circulating nationwide or from the RBI website on the following URL -
http://www.rbi.org.in/scripts/ReferenceRateArchive.aspx (it may be noted that this URL on
the RBI website would provide the exchange rates for USD, UK Pound, Yen and USD
only)
A) Purpose
- The break-up of the various components of the course costs would need to be given year
wise and the number of years for which the costs break up is given would match with the
duration of course given in point # 4 of section C (in case the funding is sought from the
first year itself)
- The figures for tuition fees, examination fees, cost of study materials (which would include
purchase of laptop where stipulated as required for the course) and living expenses
including the hostel & food expenses would be procured from the Admission Letter from
the University/ Institute or from the website or prospectus as the case may be. Similarly,
the travelling expenses would be funded for the economy class fare of any airlines
subject to a maximum of Rs. 50,000/- and the amount could be derived from quotation
from a travel agent/ fare stated on the website. All these figures would be denominated in
Indian Rupees in the table, if the quote is available in foreign exchange, it would need to
be converted to Indian Rs. at the prevailing inter-bank foreign exchange rates without
factoring the conversion costs. In case of any other head of expense, then the same may
be converted into equivalent Indian Rupees.
B) Funds Available
- The student is expected to fill in the funds being brought in by the student either from
his/her own sources or by way of scholarships or by some other means. This would also
need to be stipulated in Indian Rupees.
- It may be noted that one would need to take columnar totals as well as row wise totals
- Finally the total in part A minus part B would derive the Loan Required (Total A – Total B)
which would total up in the last column “Total” to derive the Total Loan Required. This
amount should match the Loan Amount given on the top stub of the first page of the
Application Form below the photograph space. E.g. If the total loan derived in this working
is Rs.19,52,000/- then the Loan amount given on the first page below the photograph
should also be Rs. 19,52,000/- (Rupees Nineteen Lacs Fifty Two Thousand Only) instead
of any approximations like Rs. 19.50,000/-.
A) Purpose 1st Year 2nd Year 3rd Year 4th year 5th Year Total
B) Funds Available
The co-borrower should be an Indian citizen preferably based in one of the locations
given in Annexure “B” who would agree to co-sign & execute the loan agreement &
other documentation; who is able as well as promises to service the interest in the
moratorium period comprising of the study period and grace period & in the event of
the student’s inability to repay the loan would repay the installments of the loan and /
or provides the collateral security.
Point # 1 – Name
The co-borrower is expected to write his/her complete name (i.e. the First name, Middle
Name and Surname) as it appears in his/her official records as the case may be. Kindly
refrain from the use of any alias names or initials and ensure that the full name is written,
unless the person does not have a middle name. In cases, where a person does not have a
surname but instead uses his/her family name or village name or only father’s name, then
such family name/ village name/ father’s name may be filled in place of the surname. Please
refer to the detailed guidelines and illustrations given in respect of filling in the Student’s
Name– point # 1 of section B.
Point # 4 – Gender
Depending on the gender of the co-borrower, kindly tick √ Male or Female as the case may
be in the appropriate check box, do not circle or strike off the other option.
Kindly note that there is separate space in the address sections for filling in the City, State,
Postal Code and country. Kindly ensure that the address provided is complete with complete
Postal Code so that communication can be sent easily through post / courier/ any other mode.
Point # 12 – Qualifications
This is self-explanatory, the co-borrower would need to tick appropriate check box depending
on the case. E.g. in case the co-borrower has studied upto his first year of degree college, he
would tick the “Under-Graduate” option; in case the co-borrower has studied upto Std XII, he
would tick the option of “High School of Below” since 10 + 2 is regarded as high school
education or in case the co-borrower has completed a post graduation such as M.Com or a
well-acclaimed professional course such as CA/CS then he could tick in as a “Doctorate/
Post-graduate”. However, a diploma course done by the co-borrower in Computer
Programming would be regarded as “Diploma”, if the diploma done is a well-acclaimed post
graduate diploma then the co-borrower may tick “Doctorate/ Post-graduate”.
Point # 15 – Passport
Please tick mark the appropriate check box “Yes” or “No” depending on whether the co-
borrower has a valid passport on the date of application irrespective of whether the passport
is being provided as an identity or address proof document. If Yes, please mention the
passport number as mentioned on the co-borrower’s passport.
Point # 16 – Profession
In this case the co-borrower would need to tick appropriate check box, if the co-borrower is
salaried then he/she would need to tick “Employed” irrespective of the professional
qualification of the co-borrower; if he/she is having his/her own business, then he/she would
need to tick “Own Business”; if he/she is having a professional qualification such as LLB, CA/
CFA/ ICWA, Doctor, Engineer/Architect and doing his/her independent practice or set-up or
consultancy business then one would need to tick “Professional”. Note if the person is having
a professional qualification but are employed with any entity would need to tick the option
“Employed” instead of “Professional”.
Kindly do not use the term “profession” synonymously with Business; there is a vast
difference between the two.
Some further examples of professionals would include sportsmen, musicians, artists, etc. in
additions to the ones mentioned above. However, persons doing businesses like estate
agencies, etc. should not tick “Professionals” since they do not fulfil the conditions of
profession.
In case the co-borrower to the application is a retired person wherein the Student is a working
executive going for a part time course without changing his present employment or
occupation; then in such case the co-borrower would need to tick “Retired”. In cases where
the co-borrower is an agriculturist or farmer, he would need to tick “Own Business” and write
in brackets “Farmer” or “Agriculturist” as the case may be. Please note there is space in
section G – point no. 5, to specify the nature of the business, in case ones business does not
fall in the specified fields, one may tick “Others” and specify the exact nature of one’s
business.
Point # 18 - Name of the Bank, Branch, Bank A/c No, A/c Type
Kindly fill in the co-borrower’s main operating bank name, branch name, a/c number and a/c
type. This should preferably be from a Scheduled Commercial or Scheduled Co-
operative bank in which the salary is deposited or the income/ receipts of business or
profession are deposited into and from which ECS facility is possible. The signature
verification (if applicable), the ECS and Security PDCs would be provided by the co-borrower
from the same bank in respect of the bank account in question.
This term should not be used synonymously with Number of years since filing return, since it
is possible that one may file ones return despite the income being below the prescribed
taxable limit. E.g. If a person is filing his return since the last 8 years but in the first three
SECTION F:
Depending on the option selected in Point # 16 of Section E, please fill in the relevant portion
of section F, you may strike off this section by simply writing “--------NA-----------” in case the
option selected by the co-borrower is an option other than “Employed”. Kindly note that the
term “Company” used in this section should be understood as entity in question and would
include Sole Proprietorship, Partnership firms, PSU, MNC, Society, Trust, etc. and not
necessarily a company, whether private limited or public limited incorporated under the
Companies Act 1956 or having a meaning as defined under the Companies Act 1956..
If Salaried
This section would be filled in only if the co-borrower is a salaried person employed with an
entity and drawing a salary as emoluments or remuneration for one’s occupation. Note this
would even include persons holding professional degrees like CA, Doctor, Engineer, etc who
are employed with an entity.
Kindly note that there is separate space in the address sections for filling in the City, State,
Postal Code and country. Kindly ensure that the address provided is complete with complete
Postal Code so that communication can be sent easily through post / courier/ any other mode.
Also ensure to correctly fill in the landline number of MTNL/ TTML/ Reliance/ BSNL/ any other
telephone operators of the office address as provided above. This number should preferably
be a direct number of the co-borrower instead of a board line number and should be prefixed
with STD code and the extension number at which the co-borrower is available should be
provided. In case of large organisations having more than 50 employees at one place ensure
that the co-borrower gives his / her direct number or adds the extension number since the
board number alone would not provide the require contactibility.
Point # 4 - Designation
In this case, the co-borrower would need to fill in his/her present designation as given in his/
her appointment letter / payslip / any other official communication including his visiting card.
Financial Information
Point # 9 – Gross Monthly Salary
The co-borrower is expected to fill his/her latest gross monthly salary without mentioning the
variable or incentive component if it is not received on a monthly basis. In case it is received
on a monthly basis, the co-borrower is expected to add the lowest incentive amount received
in the last six months to the fixed gross monthly salary of the co-borrower.
An illustration has been given for a better understanding suppose the co-borrower is drawing
the following emoluments: - Basic – Rs. 8,000/-, HRA Rs. 4,000/-, Medical Allowance – Rs.
1,250/-, Conveyance Allowance – Rs. 800/- and Special Allowance – Rs. 2,000. In addition to
this the co-borrower is entitled to PF of Rs. 960/- as well as a monthly performance based
incentive which varies from month to month. His incentives for the last six months are as
follows – First month Rs. 2,950, Rs. 3,200, Rs. 5,150, Rs. 3,750, Rs. 4,175 and Current
Month - Rs. 3,900 In this case, the gross monthly salary would be calculated as follows: Rs.
(8000 + 4000 + 1250 + 800 + 2000 + 2950) = Rs. 19,000/-. Note the gross salary from the
latest payslip is picked up (which does not aggregate the Employer’s Contribution to PF.
In case the co-borrower to the application is a retired person wherein the Student is a working
executive going for a part time course without changing his present employment or
occupation; then in such case the co-borrower would need to strike off the “If Self-Employed”
and “If Professional” sections with a “ ----- N.A ------ “ or “ Not Applicable” and “Section F - If
Salaried” would need to be filled in as follows: -
• Write “Retired” in brackets in the grey portion in section F over field no. 1
• Fill in the name of the company and address of the company from where the co-borrower
is receiving his pension as appearing in the pension certificate or Form 16 or any other
official document of similar nature
• The remaining fields nos. 4, 5, 6, 7 and 8 should be left blank
• In the last section of the Financial Information, field # 9 – gross monthly salary may be left
blank or filled in with the gross monthly pension received per the pension certificate/
statement, the co-borrower is expected to fill in his net monthly pension as provided in his
pension certificate or his bank’s savings account passbook or savings account statement.
• In field # 11 of the financial information section, the co-borrower would fill in any other
recurring monthly income such as bank interest, fixed deposit income, etc. and the
aggregate of the amounts filled in fields nos. 10 and 11 should be filled in the field no. 12
to arrive at the total monthly income.
i) if the co-borrower holds a professional qualification such as LLB, CA/ CFA/ ICWA, Doctor,
Engineer/Architect and is not employed with an entity/ company but is doing his/her
independent practice or set-up or consultancy business. PS: Any of the above professionals,
if employed with any entity and drawing a salary would need to fill in the earlier field “If
Salaried”. Refer the explanation and guidelines given in Section E against point no. 16
defining and distinguishing a professional from the business persons.
ii) if the co-borrower is self-employed and doing his own business which may be in form of a
sole proprietorship concern, partnership firm or even private limited company but would
definitely not include a professional as defined above providing the services falling within the
purview and expertise of his profession..
Kindly note that there is separate space in the address sections for filling in the City, State,
Postal Code and Country. Kindly ensure that the address provided is complete with complete
Postal Code so that communication can be sent easily through post / courier/ any other mode.
Also ensure to correctly fill in the landline number of MTNL/ TTML/ Reliance/ BSNL/ any other
telephone operators of the office address as provided above. This number should preferably
be a direct number of the co-borrower instead of a board line number and should be prefixed
with STD code.
Please note in case the co-borrower is in business, he / she would need to strike this off as
“—NA—“ and fill in point # 8 instead which is for business.
Please note in case the co-borrower is in profession, he / she would need to strike this off as
“—NA—“ and fill in point # 5 instead which is for profession.
Please note in case the co-borrower is in profession, he / she would need to strike this off as
“—NA—“ and fill in point # 6 instead which is for profession.
Please note in case the co-borrower changes his line of business then only the number of
completed years in the present business or profession would need to be considered and filled
in. E.g. If he completed 12 years 3 months as a real estate broker and then shut shop to start
a share brokerage firm and is presently in that business for the last three years 3 months.
Then the co-borrower would need to fill “03” as the number of years in the present business.
In case the co-borrower has applied for a PAN No. for the entity / company, please mention
“APPLIED FOR” & if possible write the date on which the application was accepted by the
Income Tax Department in the blank space next to the field for PAN No. in the Application
Form and in case the co-borrower has no PAN No nor has applied for a PAN No. for the
entity, then please mention “NA” in the space provided.
This table is self-explanatory, there are three broad columns one for the Student, another for
the Co-Borrower and the last being for an Additional Co-Borrower. We have discussed about
the Additional Co-Borrower in one of the subsequent sections. The amounts provided against
each of these assets would be the summation of the current balance or current realisable
amount for each of the assets. All such assets should be in the name of either the Student or
the Co-Borrower or Additional Co-Borrower. In cases where they are joint holders of any class
of assets other than bank account balances and bank fixed deposits (referred as bank
accounts or accounts in this paragraph), then only their appropriate share should be
calculated. In case of bank accounts, only the balances in respect of accounts in which the
said person is the first joint account holder needs to be calculated, the balances of accounts
where the person is the second joint account holder or subsequent joint account holder need
not be considered in the balances.
It may be noted that surrender value of life insurance policy should not be mistaken for the
sum assured at the time of maturity. The life insurance policy should not be an equity linked
plan or a money back policy and the surrender value would need to be ascertained by
examining the life insurance policy wherein the terms and conditions of surrender are
provided which may vary from company to company. Some instances of such surrender
conditions have been enumerated: Say for a life insurance policy with a term of 15 years,
wherein surrender value is given as 15% after 3 years, 35% after 6 years, 55% after 9 years,
75% after 12 years and the sum assured on maturity. Some policies have a “Nil” surrender
value in case of surrender within the lock in period of anything ranging from 0 to 3 or 5 years
depending from policy to policy. Accordingly the surrender value needs to be calculated on a
conservative basis, one thumb rule which may be applied (in the absence of the % assured
on surrender after given slabs of years) would be taking a pro-rata calculation of the sum
assured. E.g. The surrender value of a 20 year policy for a sum assured of Rs. 25 lacs after
the completion of premium payments for 8 years would be approximated as follows – 25 lacs
x 8 /20 = Rs. 10 lacs.
The next section of the table pertaining to Liabilities is broken into two sub-columns for each
of the Student, Co-Borrower and Additional Co-Borrower respectively. Wherein, the borrowers
(either Student or Co-Borrower or the Additional Co-Borrower) would need to mention the
current loan outstanding (viz. principal outstanding + accrued interest not repaid) along with
the current EMI for the loan. The Credit Card Unpaid amount would be entered into the
Current Loan Outstanding Amount unless the outstanding is converted into an EMI repayment
mode as currently offered by various banks/ financiers. Also the rent amount should be shown
as Current EMI since it is a monthly obligation like the loan EMI obligation, while other
liabilities like health insurance, the annual premium would need to be entered into the Current
Loan Outstanding unless the premium is paid on a monthly basis.
The declaration of the liabilities would need to be given on a given date not more than 30
days from the date of the Application Form. It should be ensured that the value of all liabilites
are given on the same day itself without a lag of even one day so that the true picture of the
financial position is declared.
Most Important: Both the assets and liabilities should be stated on the same date not being
more than 30 days from the date of the Application Form.
An illustrative portion of the Application Form has been reproduced below for the reference of
the student and co-borrowers filling in the Application Form.
Please note that one reference for the student and co-borrower respectively needs to be
provided for verification. Such reference should necessarily be:
(1) known to the student or co-borrower as the case may be for a period of more than
one year at least,
(2) should not be a blood relative of the person whom he / she is referring not should
such person be staying at the same address / premises like that of the person for
whom he / she is referring and lastly
(3) should not be working at the same place as the person who is being referred.
The guidelines for filling in the fields for both the references whether for the student and co-
borrower would be the same.
Point # 1 – Name
The complete name of the reference (i.e. the First name, Middle Name and Surname) as it
appears in his/her official records. Kindly refrain from the use of any alias names or initials
and ensure that the full name is written, unless the person does not have a middle name. In
cases, where a person does not have a surname but instead uses his/her family name or
village name or only father’s name, then such family name/ village name/ father’s name may
be filled in place of the surname. Please refer the guidelines given in point # 1 of section B for
detailed explanations and illustrations.
Point # 3 – Gender
Depending on the gender of the reference, kindly tick (√) Male or Female as the case may be
in the appropriate check box, do not circle or strike off the other option.
Point # 4 – Occupation
In this case one would need to fill in “Employed” irrespective of the professional qualification
of the reference in case he is employed with some organisation and is drawing a salary; if the
Please check the detailed norms and guidelines as elaborated in point # 16 of section E in
case of any further doubts.
Point # 5 – Relationship
This is self-explanatory and one would need to tick the relevant option either Friend,
Neighbour, Office Colleague, Business / Professional Associate and the residuary option
“Others” and specify the exact relationship. Eg. Bank Manager, etc. are some such options.
Such collateral should be of value / surrender value at least equal to or exceeding the
loan amount and should be unencumbered neither mortgaged nor charged) and with a
free, clear and marketable title.
The immoveable collateral should preferably be from the list of locations provided
herein in Annexure “B” and should be in the name of either the student or co-borrower.
In case of joint ownership of the collateral, then either the joint owner would need to
agree to sign and execute the loan documentation as a second co-borrower or
guarantor and in case such person is not willing to be part of the loan agreement then
a No Objection would need to be taken from such co-owner who is not willing to be a
part of the loan arrangement.
It may be noted that there are two sections for collateral offering space to provide
details for two immoveable properties and two moveable properties which may be in
the name of either the student or co-borrower or an additional co-borrower or
guarantor or in combinations of two or more of them.
Please note that there is separate space in the address sections for filling in the City, State,
Postal Code and country. Please ensure that the Postal Code provided is complete and
correct.
For FD/ KVP/ NSC – Kindly fill in the maturity value receivable after the end of the duration for
which the instrument was to be held or retained by the holders.
The surrender value of the life insurance policy should not be mistaken for the sum assured at
the time of maturity. The surrender value would need to be ascertained by examining the life
insurance policy wherein the terms and conditions of surrender are provided which may vary
from company to company. Some instances of such surrender conditions have been
enumerated: Say for a life insurance policy with a term of 15 years, wherein surrender value
is given as 15% after 3 years, 35% after 6 years, 55% after 9 years, 75% after 12 years and
the sum assured on maturity. Accordingly, if a policy is surrendered after 5 years, the
surrender value on such policy would be 15%. Some policies have a “Nil” surrender value in
case of surrender within the lock in period of anything ranging from 0 to 3 or 5 years
depending from policy to policy. Accordingly the surrender value needs to be calculated on a
conservative basis, one thumb rule which may be applied (in the absence of the % assured
on surrender after given slabs of years) would be taking a pro-rata calculation of the sum
assured. E.g. The surrender value of a 20 year policy for a sum assured of Rs. 25 lacs after
the completion of premium payments for 8 years would be approximated as follows – 25 lacs
x 8 /20 = Rs. 10 lacs.
For FD/ KVP/ NSC – please fill in the surrender value in case one needs to liquidate his asset
viz. FD/ KVP/ NSC. This would depend on the tenor for which the asset was held by the
The supporting documents to be provided along with the Application Form have been
provided herewith. The detailed documentation guidelines per credit and underwriting
perspective have been encompassed herein below in Annexure “A” and alternatively
they can be viewed by visiting our website – www.credila.com.
IMPORTANT
Please read the declarations carefully before signing below the same since you would be
giving your consent to these eight declarations by signing below in the space provided below.
These declarations are self-explanatory. Kindly ensure that this is the signature matching in
all your official records (identity and/or address proof documents as well as bank records).
The signature should also be accompanied by the date below the space for the signature
which would be in DD/MM/YYYY format.
Important: Please ensure that the signature is physically affixed by signing across in the
form; scanned images of signature would not be accepted for processing. Also ensure that
the signature affixed tallies with the signature given on the signature verification document or
the signature authentication format duly authenticated by the bank. Any mismatch in the
signature would lead to delay in the processing of the Application.
Even in case the co-borrower/s or guarantor are not physically present in the location as the
student or even if they are out of the country, we cannot deviate or relax this norm and would
insist on the Application Form being signed by all persons by couriering them across to the
concerned person for his / her signature.
SECTION M : ACKNOWLEDGEMENT
Kindly leave this portion of the Application Form blank, do not fill any details or make any
marks in this portion.
1) If the Underwriting team of Credila is of the opinion that the income of the given co-
borrower is insufficient to service the interest during the study period.
2) If the given co-borrower is not based in India or is based in a location where Credila
does not have their branch or even if such co-borrower does not have a permanent
residence in the Credila Branch location
3) If the collateral is not in the name of the given co-borrower
4) If the collateral is in joint names, then the other co-owner is taken into the loan
arrangement as an additional co-borrower
5) For any other reasons as deemed fit by the Underwriting team.
1) be an Indian citizen
2) be preferably based in one of the locations given in Annexure “B”
3) agree to co-sign & execute the loan agreement & other documentation; who is able
as well as promises to service the interest in the moratorium period comprising of the
study period and grace period & in the event of the student’s inability to repay the
loan would repay the installments of the loan and / or provides the collateral security.
4) be the parent, brother, sister, any other relative or friend of such student.
5) fulfil any additional conditions as may be imposed by Underwriting
Please note that the fields in this section are similar to that in section E, in case of any doubt
in filling any of the fields in this section (Section N) please refer to the detailed guidelines
given for filling in Section E.
Please note that the fields in this section are similar to that in section F, in case of any doubt
in filling any of the fields in this section (Section O) please refer to the detailed guidelines
given for filling in Section F.
Please note that the fields in this section are similar to that in section G, in case of any doubt
in filling any of the fields in this section (Section P) please refer to the detailed guidelines
given for filling in Section G.
Please note that the fields in this section are similar to that in section E, in case of any doubt
in filling any of the fields in this section (Section Q) please refer to the detailed guidelines
given for filling in Section E.
Please note that the fields in this section are similar to that in section I, in case of any doubt in
filling any of the fields in this section (Section R) please refer to the detailed guidelines given
for filling in Section I.
Please note that the fields in this section are similar to that in section A and Section L, in case
of any doubt in filling any of the fields in this section (Section S) please refer to the detailed
guidelines given for filling in Section A and Section L (with regards to affixing ones signature
on the Application Form).
The student can bring in a non-resident Indian (NRI) co-borrower, being his/ her father,
mother, brother, sister or spouse (close relative) into the deal to further enhance the credit
worthiness of the case, It should also be noted that such NRI co-borrower would be taken as
a second co-borrower (the first co-borrower being an Indian citizen residing in India in the
locations provided in Annexure “B” providing with collateral and / or whose income and
banking is considered in appraising the case) for further enhancing the credit worthiness of
the case. However, no deviations or waivers on documents or other requirements stipulated
in this Instruction Manual would be provided to the other co-borrower/s.
Credila understands that the NRI co-borrower is a different profile and hence their
documentation would need to be treated differently. Following are the points to be noted while
submitting documents along with the Application in respect of the NRI Co-Borrower:
* 'Non-Resident Indian (NRI)' means a person resident outside India who is a citizen of India or is a
person of Indian origin. The following are the main three categories of NRIs: (i) Indian citizens who stay
abroad for employment or for carrying on a business or Vocation or any other purpose in circumstances
indicating an indefinite period of stay abroad. (ii) Indian citizens working abroad on assignment with
foreign government agencies like United Nations Organisation (UNO), including its affiliates,
International Monetary Fund (IMF), World Bank etc. (iii) Officials of Central and State Government and
Public Sector undertaking deputed abroad on temporary assignments or posted to their offices,
including Indian diplomat missions, abroad.
'Person of Indian Origin' means a citizen of any country other than Bangladesh or Pakistan or Sri
Lanka, if
In case of any further queries you are requested to contact us on our e-mail id – loan@credila.com.
A) Application Form
The Application Form needs to be completely and correctly filled up as per the
instructions given in the Instruction Manual above with a recent coloured passport size
photograph of the Student, Co-borrower/s and Guarantor (if applicable) duly pasted on
the Application Form in the spaces provided with an additional set of photographs of
the Student, Co-Borrower/s and Guarantor (if applicable) being taken (this set would be
stapled in the centre of the top stub of the first page of the Application Form).
This has been elaborated in the Instructions provided in the Instructions Manual above.
Kindly ensure that the Application Form is not left blank, in case any field is not applicable it
should simply be struck off as “Not Applicable” or “ ------ NA --------“. In case in doubt with
regards to filling in any information, please refer the Instructions Manual.
PRE-REQUSITES
• Must be issued by an authority of repute
• Must necessarily have a photograph of the concerned person duly attested by signing
and stamping across the photograph, wherever applicable
• Must be a valid document – not crossed its date of expiry
Any one of the following documents would only be accepted as photo ID proofs by Credila.
1. PAN Card
PAN card issued by Income tax department of India mentions the name, photograph
and signature of the holder. The name and photograph mentioned in the application
form by the Student / Co-Borrower/ Guarantor must match with the name mentioned
on the PAN card.
3. Driving License
A valid Driving License issued by Regional Transport Office (RTO) which has not
expired i.e. which is within the expiry date mentioned on the driving license. A valid
driving license mentions the name and bears a photograph pasted with RTO stamp
put across on it and signed by the RTO officer as applicable. The name and
photograph in the application form of the Student / Co-Borrower / Guarantor must
match with the name and photograph on the valid driving license.
4. Voters ID
Voters ID issued by Election Commission of India mentions name, photograph and
address of the holder. However, the Voters ID would be accepted as valid Photo ID
by Credila if the name and photograph in the Voter’s ID matches with that on the
application form.
5. Employee ID
Employee ID issued by the employer (viz. private limited company, public limited
company, multinational company, public sector undertaking, etc. mentioning name
and photograph of the holder would be accepted as valid Photo ID by Credila if the
name and photograph on their Employee ID matches with that on the application
form.
7. Bankers Verification
A letter from the bank (Scheduled Commercial or Scheduled Co-operative Bank)
verifying the name and the photograph of the concerned person can also be accepted
as photo ID proof provided the letter has following details.
a. The Name of the Student/ Co-Borrower/ Guarantor matching with the name
mentioned in the application form.
b. A photograph pasted on the letter with bank’s seal put across the photo.
c. Account type, account number and duration since the account was opened.
The account should have been active for at least 6 months.
d. Signed by the authorized official or branch manager of the bank with the seal
of the bank.
8. Bank Passbook
Bank Passbook (of Scheduled Commercial or Scheduled Co-operative Bank) can be
accepted provided the photograph and the name of the holder in such passbook
matches with the information provided in the application. The account needs to have
been active for at least 6 months. The photograph should have bank seal put across
it with an authorised official of the bank further authenticating it by signing it.
Note: Credila would accept only the above mentioned documents as valid photo ID
document. Any other Photo IDs issued by any other agency or organization would not be
accepted by Credila.
1. Passport
A valid / unexpired Passport issued by Government of India mentioning the name,
address, photograph and validity in terms of expiry date. A valid passport is the one
which is not expired and within the expiry date mentioned on the passport. The name
and address mentioned in the application form by the Student / Co-Borrower /
Guarantor must match with the name and address mentioned on the valid passport.
3. Driving License
A valid Driving License issued by Regional Transport Office (RTO) which has not
expired i.e. which is within the expiry date mentioned on the driving license. A valid
driving license mentions the name, address and bears a photograph pasted with RTO
stamp put across on it and signed by the RTO officer as applicable. The name and
address on the application form of the Student / Co-Borrower/ Guarantor must match
with the name and address on the valid driving license in order to constitute a valid
residence proof.
4. Utility Bill issued by any provider (i.e. Electricity Bill, Telephone Bill, Gas Connection
Book, Gas Bill, Post Paid Mobile Bill, etc. However, the bill should not be more than 3
months old and in case the bills are issued quarterly then not more than 5 months)
5. Ration Card issued by the local body comprises of the name of the head of the
family along with the address of domicile and the names of the family members along
with their relationship with the head of the family in whose name the ration card is
issued. The ration card would be construed as a valid residence proof provided the
name of person as appearing the ration card and address matches with that given in
the Application Form.
6. Latest LIC/ insurance premium receipt (Not more than 12 months old and in case
the policy is due for renewal then this may be relaxed for 15 months) with the name
and address of the account holder which should match with that in Application Form
in order to construe as valid residence proof.
7. Registered Rental agreement / Leave and License Agreement with NOC from the
house owner and an utility bill of the premises in the name of the landlord appearing
on the rental / leave and license agreement or any other residence proof (as per the
accepted list of residence proofs of Credila) in the name of the landlord with the
address of the premises being occupied on leave and license basis.
8. Bankers Verification
A letter from the bank (Scheduled Commercial or Scheduled Co-operative Bank)
verifying the name and stating the address of the concerned person can also be
accepted as residence proof provided the letter has following details.
a. The Name of the Student/ co-borrower/s / Guarantor matching with the name
mentioned in the application form.
9. Bank Passbook
Bank Passbook (of Scheduled Commercial or Scheduled Co-operative bank) can be
accepted provided the photograph, address and name of the holder matches with the
information provided in the application. The account needs to have been active for at
least 6 months. The photograph should have bank seal put across it with an
authorised official of the bank further authenticating it by signing it.
Note: Credila would accept only the above mentioned documents as valid residence
proof. Any other documents would not be accepted by Credila.
Kindly write “Residence Proof – Student” or “Residence Proof – Co-Borrower” (as the
case may be) on the top of the document furnished as residence proof which satisfies
the requirements provided.
E) Date of Birth Proof of the Student, Co-Borrower/s and Guarantor (if applicable)
Following documents would only be accepted as date of birth proofs by Credila provided
the name and other information matches with the information provided in the application
form by the Student, Co-Borrower/s and Guarantor.
1. PAN Card
2. Passport
3. Birth Certificate
4. SSC Passing Certificates (wherever date of birth is mentioned)
5. School or College Leaving Certificate
6. Driving License being issued by the RTO
7. Photo ID issued by State or Central Government of India (wherever date of birth is
mentioned)
Note: Credila would accept only the above mentioned documents as valid date of birth
proof document. Any other documents would not be accepted by Credila as date of birth
proof
Kindly write “Date of birth Proof – Student” or “Date of birth Proof – Co-Borrower” (as
the case may be) on the top of the document furnished as date of birth proof which
satisfies the requirements provided.
1. PAN Card - the name and signature provided therein should match with that given in
the Application Form
2. Passport - the name and signature provided therein should match with that given in
the Application Form
3. Duly completed Signature Authentication Form per the format prescribed by Credila –
Student, Co-Borrower and Guarantor’s signature authentication from the bank (a
scheduled commercial or scheduled co-operative bank) has to be obtained in a
standard format provided by Credila (as appended in Annexure “C”). It is imperative
that the all the details should be mentioned in the format and it has to be signed by
authorized official from the bank and bear the seal of the bank. This authentication
should be taken from the bank from which ECS/ Security PDCs would be issued.
2. In case of US Institutes, I-20 Form is also required in addition to the letter from the
institute / university.
3. In case of a student pursuing a course overseas, the passport of the student needs to
be collected as a mandatory document irrespective if any other document has been
collected as an identity proof document and / or address proof document. Needless
to mention it should be ensured that the passport is valid for the duration of the
student’s course.
4. In case of Indian institutes where confirmed admission letter may not be issued until
payment of fees, in such cases the student would need to satisfy Credila of fulfilling
the selection/ qualifying criteria for admission into the course or provide Credila with a
provisional letter.
Kindly ensure that the details provided in the above mentioned document/s match and there
is no discrepancy given in the information provided in Application Form or any other
supporting documents submitted along with that.
a. Printed Letter from the Institute on the letterhead bearing the Institute’s address
mentioning course fee for the course for which the student is offered a seat, along
with the estimated living expenses and the stages in which the course fees needs to
be paid.
b. This letter also needs to be signed and stamped by authorized representative from
the Institute.
c. The fee structure published on the web or institute brochure is also acceptable
provided it is up to date.
d. The letter provided should not be more than six months old on the date of application
or any period prescribed by the Institute for which the letter would be valid
In case of Indian institutes where no separate communication for fees whether in the
admission letter or any other communication is provided, then in such cases the fees
structure as in the prospectus or on the website (provided the website is updated).
Kindly ensure that the details provided in the above mentioned document/s match and there
is no discrepancy given in the information provided in Application Form or any other
supporting documents submitted along with that.
J) Scholarship Proof
1. Scholarship confirmation letter on the Institute’s/ University’s letterhead duly signed
by the authorised representative of the Institute/ University offering scholarship.
2. Scholarship confirmation letter should mention following details.
a. Name of the student who has been offered the scholarship.
b. Amount of scholarship offered.
c. The duration for which the scholarship is valid.
d. Other terms & conditions, covenants, etc of scholarship, if any.
The collection of income proof and banking documents from student or Co-
Borrower would depend on the nature of course being pursued by student. In case
the student is going for a part-time course who would continue with his present
employment, then in such case it would not be mandatory to bring in an earning co-
borrower (though he/ she would still need to bring in a co-borrower who may be a
pensioner) and the credit appraisal would be possible on the basis of income proof
and banking documents of the student only.
It may also be noted that in some cases where the student is going for admission to a
Category A* or Category B** college/ institute/ university or going for Category A^ or Category
B^^ courses in a Category A* college/ institute/ university, Credila may permit a second co-
borrower who is an agriculturist or farmer in addition to a normal co-borrower having a steady
income stream with appropriate bank statements and income documents. In such cases, In
the absence of income proof document and/ or banking documents alternatively, an
appropriate written explanation should be collected from such co-borrower. Such written
explanation should comprise the reason for not being able to provide income proof and / or
banking documents along with the declaration of income in case of an ability to bring income
documents; such written explanation should be duly notified or attested by the Panchayat/
Talati/ Tehsildar/ any other similar body.
*Category A Universities includes Institutes of National Importance (e.g. IITs, IIMs, AIIMS) and US education
institutes with a published ranking in the range of 1 to 100.
**Category B Universities include deemed Universities (e.g. NITs, XLRI, BITS) and US education institutes with
a published ranking in the range of 101 to 300.
^Category A course includes MBA while ^^Category B course includes courses like Computer Engg., Information
Tech., Electrical Engg, Airplane Pilot Training Course, Electronics & Telecom. Engg., MBBS, MD, MS.
The banking statements for eight months (including for the month in which the loan was
applied for) would be required which could include print outs of e-statements for the eight
months; however, the bank statements should include at least one quarterly bank statement
issued by the bank during the required period
1. The bank statements for the last eight months prior to which the loan has been applied
for. E.g. a loan is applied for on 8th October 2008, in such case the bank statements for
the period from 01 March 2008 to 08 October 2008 would be taken.
2. The above referred bank statements include savings bank accounts in which salary has
been credited or current bank accounts in which income / receipts of business /
profession are credited i.e. they should be operating accounts
3. The bank statement should not comprise solely of interest entries and transfer entries
4. If the operating account has transfer entries (i.e. amounts transferred into another bank
account), then the bank statements of those bank accounts for the period as mentioned in
points (1) and (2) should also be procured.
5. In case such bank statement comprises of EMI entries, then in such cases the repayment
track record of the loan should also be procured to determine his credit history.
L) Income Proof of the Co-borrower /Student (Part time course by working executive)
Following documents would be accepted as income proof of the Co-borrower /Student (part
time course by working executive).
M) Collateral documents
These would primarily be of two types: Moveable Property and Immoveable Property. It
should be noted that such property is encumbered and the title in such property is free
and transferable. Moreover, the title of such property should be in the name of the
borrower or co-borrower and in case where the property is jointly owned by two
persons wherein only one person is the party to the loan, then such joint owner should
also be brought into the deal as second co-borrower or a No Objection Certificate
(NOC) should be taken from such joint owner (who is not a party to the loan) stating
his consent to such mortgage and the realisation of such property in the event of
default towards recovery of loan outstanding dues.
In case of Moveable property – for life insurance policies, the documents to be collected
would primarily be
• Photocopies of the life insurance policies and
• Photocopies of the latest insurance premium receipts.
In case of KVP, NSC, etc, the photocopies of such instruments would be required
In case of Immoveable property – it would include mortgage of land (not agricultural land),
flats, bungalows, commercial premises (not being premises where manufacturing activity is
conducted), shops, etc. The location of such immoveable collateral should preferably be in
Credila’s approved list of collateral locations as provided herein in Annexure “B”.
Application Form
1. Duly Signed and Completed Application Form with photograph affixed in
space provided
2. Additional sets of photograph of parties to the application
KYC Documents
3. Photo Identity Proof Document of Student
4. Photo Identity Proof Document of Co-borrower/s and Guarantor (if any)
5. Residence Proof Document of Student
6. Residence Proof Document of Co-borrower/s and Guarantor (if any)
7. Date of Birth Proof Document of Student
8. Date of Birth Proof Document of Co-borrower/s and Guarantor (if any)
9. Signature Verification Proof Document of Student
10. Signature Verification Proof Document of Co-borrower/s and Guarantor (if
any)
Co-Borrower Documents
17. Banking Statements for eight months
18. Income Documents (starting with latest period) includes Latest 3 Salary slips,
Last two year’s Form 16 & ITR etc.
19. Movable Collateral documents.
20. Immovable Collateral documents.
** The locations provided herein are the preferred locations where the immoveable property sought
to be offered as collateral should be located or where the co-borrower/s is / are based at. Please
note that the location given above covers only the area falling within the District HQ’s limits or
municipal limits.
SIGNATURE AUTHENTICATION
To,
Credila Financial Services Private Limited
________________________________
________________________________
________________________________
Date:
Name: __________________________
Signature: __________________________
Verified by
Date :
Place :
To
Credila Financial Services Private Limited
B – 301, Citi Point, Andheri – Kurla Road,
Next to Kohinoor Continental,
Andheri (East), Mumbai – 400 059
Dear Sirs,
This is to confirm that our above named society registered under no. …….. dated ……………
is the owner of the above building pursuant to the conveyance dated …………………………
registered under no. ……………………… dated ……………………..
OR
The deed conveying / transferring the land and the said building to our society is not yet
executed and it will be done in due course.
OR
We hereby assure you that the said flat, as well as the said building and the land appurtenant
thereto are not subject to any encumbrance, charge or liability of any king whatsoever and
that the entire property is free and marketable.
We further confirm that we have a clear, legal and marketable title to the said property and
every part thereof, and that all taxes and dues in respect thereof have been paid upto date.
We confirm that there are no restrictive/ negative covenants in the byelaws / rules of the
above mentioned society concerning the transfer of shares/ members interest in the society
and other related matters.
We are informed by the said member that Credila Financial Services Private Limited has
granted / agreed to grant an education loan of Rs. ………………………… to the said member
We, hereby confirm and agree we have “No Objection” to permit the said member to create
security in favour of your company/ in favour of your security trustee by way of mortgage of
the right, title, interest of the said member in the said shares and the said flat with you/ in
favour of your security trustee for repayment of the said loan and we hereby agree to note the
mortgage charge on the said flat in our books.
We also confirm that there are no outstanding dues/ charges payable by the said Member in
respect of the said flat and he/ she has paid all the taxes and dues in respect of the said flat
upto date.
We undertake not to allow the said Member to transfer / further transfer / cancel the said flat
or add any name in the share certificate without the prior written permission of your company/
your security trustee and as soon as the share certificates are issued by the society to the
said Member, the same will be forwarded directly to the Company (if applicable)/ the security
trustee.
And we agree to accept, subject to the byelaws of our society, in future, the application for
membership from the person/s, firm, company to whom the said flat and the right, title and
interest of the said Member in the said shares will be transferred/ sold, on enforcement of the
said security.
Yours faithfully,
Authorised Signatories