Should be an Indian National of age between 12 and below 30 years.
Should have secured admission to Professional/ Technical courses through Entrance Test/ Selection Process.
No minimum qualifying marks
Eligible Courses for Education Loan
Professional courses like Medical/Engineering/Veterinary/Nursing/Law/Management/PGDRIM/ ICWA/CA/CFA/IIM/ IIT/IISC/XLRI/NIFT and other courses approved by State/ Central Government.
Other courses leading to diploma/ degree etc., conducted by colleges/ universities approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc., and offered by National Institutes and other reputed private institutions.
Quantum of Finance
Based on the repaying capacity of the parents, students can get a maximum of Rs. 10.00 lacs.
Margin
Upto Rs.4,00,000/- -- NIL
Above Rs.4,00,000/- -- 5%
Mode of Disbursement
The loan amount should be released in proportion to the number of years, based on
the progress of the student. The student should produce a certificate from the respective authority on successful
completion of academic year for further release of funds.
Studies in Abroad
Eligibility for Education Loan
Should be an Indian National of age above 17 and below 35 years.
Secured admission to Overseas College/ University/ Institution in any of the following disciplines
Must be in possession of Admission confirmation letter from the concerned University.
Must be in possession of a valid Passport and Visa
Eligible Courses for Education Loan
Post graduation in MCA, MBA, MS and PhD(Doctor of Philosophy).
Courses conducted by CIMA - London, CPA in USA etc.,
Graduate/ Post Graduate studies in Arts/Science/Commerce/Business Administration/Pharmacy and job oriented Professional and Technical courses offered
by reputed universities.
Quantum of Finance
As infromed in the admission/ confirmation letter of the University/ College, subject to a maximum of Rs. 20.00 lacs
Margin
Upto Rs.4,00,000/- -- NIL
Above Rs.4,00,000/- -- 15%
Mode of Disbursement
Initially, an amount equal to the cost of air passage and Foreign Exchange towards the payment of semester fee and hostel expenses as per admission card of the college will be released. Further amounts will be released proportionate to expenses towards semester fees, hostel fees etc. on annual basis.
Common aspects for Indian and Abroad studies
Rate of interest
The interest will be calculated monthly on simple basis during the repayment-holiday / gestation period
The accrued interest during the repayment holiday period to be added to the principal and repayment in fixed EMI
Penal Interest: For the loans above Rs. 2.00 lacs, penal interest at 2% be charged on the overdue amount for the over due period
Co-obligation
Co-obligation of parents. Must be an Indian Citizen.
If parents are not there, Bank could consider grandparents as co-obligator to the loans.In case of court appointed guardians, their co-obligation shall be obtained.
In case of married person, spouse or the parents/parents-in-law could be considered as their co-obligator.
Collateral Security
Upto Rs.4.00 lacs - NIL
Rs. 4.00 lacs to 7.5 lacs - Co-obligation of parent/guardian/third party
Above Rs. 7.50 lacs - Tangible security of suitable value besides co-obligation of parent.Parent co-obligation and assignment of future income
Holiday Period
1 year after course period or 6 months after getting job, whichever is earlier.
Repayment
The loan has to be repaid in 5-7 years after commencement of repayment.
Others
Only one loan will be sanctioned for abroad studies, subject to a maximum of Rs. 20.00 lacs.
Multiple Loans in same family
In case of receipt of application of more than one loan for student borrower from a family, the family as a unit will be taken into account for considering the loan and security norms are applicable taking into account the total quantum of finance sanctioned to the family and it is subject to margin, repaying capacity of the student / parent.
