Secured admission to Professional/ Technical courses through Entrance Test/ Selection Process.
Eligible Courses for Education Loan
Students those who are pursuing higher education like diploma/ degree etc., conducted by reputed institutions.
Quantum of Finance
Maximum of Rs. 10.00 lacs for studying in India
Margin
Upto Rs.4,00,000/- -- NIL
Above Rs.4,00,000/- -- 5%
Studies in Abroad
Eligibility
Must be an Indian National.
Eligible Courses for Education Loan
Post graduation/technical courses offered by reputed universities.
Quantum of Finance
Maximum of Rs. 20.00 lacs for studies in abroad.
Margin
Upto Rs.4,00,000/- -- NIL
Above Rs.4,00,000/- -- 15%
Common aspects for Indian and Abroad studies
Expenses considered for Education Loan
Fee payable to college/school/hostel
Payment of course fees
Purchase of books/equipments/instruments
Examination/Library/Laboratory fee
Caution deposits and refundable deposits
Security
Upto Rs.4.00 lacs - Co-obligation of parents/ guardian/ parent-in-law/spouse
Above Rs. 4.00 lacs upto 7.5 lacs - Co-obligation of parents/ guardian/ parent-in-law/spouse together with collateral security in the form of suitable third party guarantee.
Above Rs. 7.5 lacs - Co-obligation of parents / guardian / parent-in–law / spouse together with tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments.
Repayment
Repayment to commence 12 months after completion of studies or 6 months after securing jobs whichever is earlier. Maximum period 5 to 7 years. Repayment on EMI basis.
Rate of Interest
For Boys
IIT/IIM Students - BPLR - 2.50%
Other Students - BPLR - 2.00%
For Girls
IIT/IIM Students - BPLR - 3.00%
Other Students - BPLR - 2.50%
SC/ST and Minority Community
IIT/IIM Students - BPLR - 3.00%
Other Students - BPLR - 2.50%
Incentive
1% interest concession, if interest is serviced during study period when repayment holiday is specified for interest repayment. It should be given at the end of Financial Year i.e. 31st March.
Interest is calculated at simple basis during Repayment Holiday / Moratorium Period. Interest will be compounded on monthly rests from due date of first instalment.
Disbursement
Payment directly to college / hostel / mess / airlines etc. In appropriate cases, disbursement to be made to borrowers subject. Original receipts to be submitted.
