Secured admission to Professional/ Technical courses through Entrance Test/ Selection Process.
No specific age restriction
Eligible Courses for Education Loan
Graduation, Post-graduation including technical / professional courses from recognized universities.
Computer certificate courses from reputed institutes accredited to department of electronics of institutes affiliated to university.
Courses like ICWA, CA, CFA and courses conducted by IIM, IIT, IISc, XLRI, NIFT and courses approved by UGC / Govt. / AICTE / AIBMS / ICMR etc.
Regular degree/diploma courses like aeronautical, pilot training, shipping etc approved by Director general of Civil Aviation / shipping, if the course is pursued in India. In case the course is pursued abroad, the institute should be recognized by
the competent local aviation/shipping authority
Expenses considered for Education Loan
Fee payable to college/school/hostel
Payment of course fees
Purchase of books/equipments/instruments/uniforms and computer/laptops
Examination/Library/Laboratory fee
Other expense that are 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%
Studies in Abroad
Eligibility
Must be an Indian National.
Must provide a valid passport and visa
Eligible Courses for Education Loan
Graduation : For job oriented professional / technical courses offered by reputed universities
Post-Graduation - MCA, MBA, MS, PhD etc.
Courses conducted by CIMA-London, CPA in USA etc.
Quantum of Finance
Need based up to a maximum of Rs. 20.00 lacs
Margin
Upto Rs.4,00,000/- -- NIL
Above Rs.4,00,000/- -- 15%
Common aspects for Indian and Abroad studies
Security
Upto Rs.4.00 lacs - NIL
Above Rs. 4.00 Lacs and up to Rs. 7.5 lacs:
1. Co-obligation of parents / guardian together with collateral security in the form of suitable third party guarantee. If we are satisfied about the net worth of the parents/means of parents /guardian, we may waive the condition of obtaining third party guarantee
2. However if the party offers security of immovable property and or guarantee from third party on a voluntary basis, it may be accepted for the loans upto Rs.7.50 lakhs
Above Rs. 7.5 lacs :
Third party guarantee and immovable security equal to 100% of the loan amount.
Assignment of future income of the student for payment of instalments
The document should be executed by both the student / and the parent / guardian.
The security can be in the form of land / building / Govt. securities / Public Sector Bonds / NSCs / KVPs / LIC Policies, Gold, shares / MF units / debentures, bank deposits in the name of the student/parent/guardian or any other third party. If land/bldg is already mortgaged, the unencumbered portion can be taken as security on second charge basis, provided it covers the loan amount. In case of married person, coobligator can be either spouse or parent/parent-in-law
In case the loan is given for purchase of computers, the
same is to be hypothecated to the bank.
Rate of Interest for Studies in India and in Abroad
Upto Rs.4.00 lacs - 13.75% for boys and 13.25% for girls
Above Rs.4.00 lacs - 14.50% for boys and 14.00% for girls
