Secured admission to Professional/ Technical courses through Entrance Test/ Selection Process.
Eligible Courses for Education Loan
Graduation, Post-graduation including technical / professional courses with employment potential conducted by colleges / Universities approved by UGC / Govt./AICTE/Department of Electronics / IMC, autonomous institutions like IIT,IIM etc.
Expenses considered for Education Loan
Fee payable to college/school/hostel
Payment of course fees
Purchase of books/equipments/instruments/uniforms
Examination/Library/Laboratory fee
Any other expense required to complete the course - like study tours, project work, thesis, etc.
Quantum of Finance
Need based finance upto Rs. 10.00 lacs.
Margin
Upto Rs.4,00,000/- -- NIL
Above Rs.4,00,000/- -- 5%
Security
Upto Rs.4.00 lacs – NIL
Above Rs. 4.00 Lacs and up to Rs. 7.5 lacs: Satisfactory third party guarantee.
Above Rs. 7.5 lacs : Collateral security equal to 100% of the loan amount.
Repayment
Commences two years after completion of the course or six months after getting employment, whichever is earlier.
Loan with interest is repayable in equated monthly instalments within 5 to 7 years.
Credit Delivery
Loan can be availed from the branch nearest to the place of permanent residence of the parent / guardian.
Studies in Abroad
Eligibility
Must be an Indian National.
Must provide a valid passport and visa
Eligible Courses for Education Loan
Graduate/ Post Graduate studies in Arts/Science/Commerce/Business Administration/Pharmacy and job oriented Professional and Technical courses offered by reputed universities.
