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.
Courses offered by reputed private institutes and national institutes that are acceptable to the bank.
Quantum of Finance
Maximum of Rs. 10.00 lacs for studying 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
Post graduation/technical courses offered by reputed universities like MCA, MBA, MS and PhD(Doctor of Philosophy) 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 Rs.4.00 lacs - No security
Rs. 4.00 lacs to 7.5 lacs - Collateral in the form of satisfactory third party guarantee acceptable to the Bank.
Above Rs. 7.50 lacs - Collateral security with 25% margin covering the loan amount and assignment of future income of the student for payment of loan instalments.
Rate of Interest
Upto Rs.4.00 lakhs - PLR minus 1.50%
Above Rs.4.00 lakhs - PLR minus 1.00%
Girl students and students belonging to SC/ST category are eligible for concession of 0.50% on the above rates.
Girl students under SC/ST category are eligible for a further concession of 0.25% on the above rates.
Simple interest to be charged during the Repayment holiday/Moratorium period.
Repayment
In 5 to 7 years commencing one year after completion of the course or 6 months after securing the job whichever is earlier.
