Secured admission to Professional/ Technical courses through Entrance Test/ Selection Process.
Age limit - 18 to 25 years for graduation course - may be extended from 28-30 years for general and SC/ST candidates respectively.
Age limit - 21 to 28 years for post-graduation course etc. - may be extended from 30 -33 years for general & SC/ST candidates respectively.
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 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
Expenses considered for Education Loan
Fee payable to college/school/hostel
Payment of course fees
Purchase of books/equipments/instruments
Examination/Library/Laboratory fee
Caution deposits and refundable deposits
Security
Upto Rs.4.00 lacs - No security
Rs. 4.00 lacs to 7.5 lacs - Collateral securities by way of suitable third party guarantee or tangible security equivalent to loan amount.
The loan will be repaid in 5-7 years after commencement of repayment. There will be moratorium for repayment - i.e., either the course period +1 year or 6 months after getting job, which ever is earlier. 1% interest concession may be provided, if the interest is serviced during moratorium period.
