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.
Other courses approved by UGC/Government/AICTE etc.
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.
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
Other expense that are required to complete the course - like study tours, project work, thesis, etc.
Security
Upto 4.00 lacs - No security.
From Rs. 4.00 lacs to Rs.7.50 lacs - 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 who would be executing the documents as "joint borrower".
Tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments.
All loans should be secured by parent(s)/guardian of the student borrower. In case of married person, co-obligator can be either spouse or the parent(s)/ parents-in-law
Rate of Interest
An Interest Rate concession of 0.50% to Girl Student availing Student Loans
Upto 4.00 lacs : 0.50% below SBAR i.e. 11.25% p.a.
Above 4.00 lacs and upto 7.50 lacs : 1.00% above SBAR i.e. 12.75% p.a.
Above 7.50 lacs : At SBAR i.e. 11.75% p.a.
Repayment
Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier. Loan amount must be paid in 5-7 years
Documents required for loan
Can download the application form online. Must submit the completed Education Loan Application Form.
2 passport size photographs and mark sheets of last qualifying examination.
Proof of admission scholarship, studentship, income etc. and Income tax assessment order of last 2 years.
Schedule of expenses for the mentioned course.
Must provide borrower's bank account statement for the last six months and brief statement of assets and liabilities, of the co-borrower
