Secured admission to Professional/ Technical courses through Entrance Test/ Selection Process.
Eligible Courses for Education Loan
Professional courses like Medical/Engineering/Veterinary/Nursing/Law/Management/PGDRIM/ ICWA/CA/CFA/IIM/ IIT/IISC/XLRI/NIFT and other courses approved by State/ Central Government.
All other courses leading to diploma/ degree etc., conducted by colleges/ universities approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc., and offered by National Institutes and other reputed private institutions.
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 - Co-obligation of parent/guardian/spouse/parent-in-law/grand parents as the case may be. No security
From Rs. 4.00 lacs to Rs.7.50 lacs - Co-obligation of parent/guardian/spouse/parent-in-law/grand parents as the case may be
along with collateral in the form of a satisfactory third party guarantee required.
Above 7.50 lacs - Co-obligation of parent/guardian/spouse/parent-in-law/grand parents along together with tangible collateral security of suitable value along with assignment of future income of the student for payment of instalments and tangible security of suitable value
Security can be in the form of land\building\ Govt. securities\public sector bonds\units of UTI, KVP, LIC Policy, gold, shares\debentures, bank deposit in the name of student\parent\guardian or any other third party with suitable margin.
Rate of Interest
No processing fees for studies in India.
Upto 4.00 lacs (For studies in Abroad) : 0.5%
Above 4.00 lacs (For studies in Abroad) : 0.4%
Repayment
To commence 1 year after completion of course or 6 months after getting job, whichever is earlier. The loan is to be repaid in 5-7 years after commencement of repayment.
