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.
Evening courses of reputed institutes and pilot training programmes approved by Director General of Civil Aviation, Government of India.
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%
Security
Upto Rs.4.00 lacs - No security
Above Rs. 4.00 lacs upto 7.5 lacs - Suitable Third Party Guarantee.
Above Rs. 7.5 lacs - Tangible Collateral security for full value of loan.
Repayment
Repayment will commence one year after completion of the course or 6 months after securing a job, whichever is earlier.
For loans upto Rs.7.50 lakhs - 5 to 7 years.
Above Rs.7.50 lakhs - 5 to 10 years.
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%
Security
Upto Rs.4.00 lacs - No security
Above Rs. 4.00 lacs upto 7.5 lacs - Suitable Third Party Guarantee.
Above Rs. 7.5 lacs upto 15.00 lacs - Tangible Collateral security of suitable value of loan or third party guarantee with assignment of future income of the student for payment of instalments.
Above Rs. 15.00 lacs - Tangible Collateral security for full value of loan and third party guarantee with assignment of future income of the student for payment of instalment.
Repayment
Repayment will commence one year after completion of the course or 6 months after securing a job, whichever is earlier.
For loans upto Rs.15.00 lakhs - 5 to 7 years.
Above Rs.15.00 lakhs - 5 to 10 years.
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
Rate of Interest
BPLR - 1.25 % p.a. Floating
Simple interest basis during study & repayment holiday period (upto one year after completion of the course or six months after securing a job, whichever is earlier)
1% interest concession is provided for loanees if the interest is serviced during the study period.
