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.
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%
Scholarship /assistantship to be included in margin. Margin may be brought in on year to year basis as and when disbursements are made on a pro-rata basis.
Studies in Abroad
Eligibility
Must be an Indian National.
Secured admission to foreign university/institutions.
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
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
Cost of a Two-wheeler upto Rs. 50,000/-
Other expense that are required to complete the course - like study tours, project work, thesis, etc.
Security
Upto 4.00 lacs - Co-obligation of parent / guardian is compulsory. No security.
From Rs. 4.00 lacs to Rs.7.50 lacs - Collateral in the form of a suitable third party guarantee.
Above Rs.7.50 lacs - Collateral security of suitable value or Co-obligation of parents / Guardians / third party guarantee along with the assignment of future income of the student for payment of installments
Rate of Interest
@2% on all irregular Education loans above Rs.4.00 Lacs for the over due amount and over due period
Repayment
Course period + one year or six months after getting job, whichever is earlier.
5 to 7 years after commencement of repayment.
