Secured admission to Professional/ Technical courses through Entrance Test/ Selection Process.
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.
Higher Secondary Education - Std. XI to XII.
Quantum of Finance
Maximum of Rs. 10.00 lacs for studies 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
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
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
Security
Upto 4.00 lacs - Co-obligation of parents/grandparents . No security.
From Rs. 4.00 lacs to Rs.7.50 lacs - Co-obligation of parents/grandparents together with collateral security in the form of suitable third party guarantee.The bank may, at its discretion, in exceptional cases, waive third party guarantee if satisfied with the net-worth/means of parent(s)/ grandparent(s) who would be executing the document as "joint borrower".
Above Rs. 7.50 lacs - Co-obligation of parents/grandparents together with tangible collateral security of suitable value, along with the assignment of future income of the student for payment of instalments.In the case of married person, co-obligant can be either the spouse or the parent(s)/parents-in-law.
Rate of Interest
Upto 4.00 lacs
For Boys - BPLR-3.75%(PER: 11.25% p.a.)
For Girls - BPLR-4.25%(PER: 10.75% p.a.)
Above 4.00 lacs to 7.50 lacs
For Boys - BPLR-2.75%(PER: 12.25% p.a.)
For Girls - BPLR-3.25%(PER: 11.75% p.a.)
Above 7.50 lacs
For Boys - BPLR-5.00%(PER: 10.00% p.a.)
For Girls - BPLR-5.50%(PER: 9.50% p.a.)
Repayment
To be repaid within a maximum period of 84 months, with a holiday period of course period + 1 year or 6 months after employment whichever is earlier.
