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Purpose |
For Studies in India and Abroad |
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Eligibility |
Studies in India: Graduation courses/Colleges under Universities approved by UGC. Other courses leading to diploma / degree etc. conducted by colleges / universities approved by UGC / Govt. / AICTE / AIBMS / ICMR etc.
Studies Abroad : Job oriented Prof./Technical / PG courses/ Post Graduation: - MCA, MBA, MS etc |
| Age |
Student should be Indian national, have secured admission by Entrance test / Merit bases selection. |
|
Maximum amount |
In India : Rs. 10.00 lac
Abroad : Rs. 20.00 lac |
| Security |
Up to Rs. 4.00 lac - Clean |
| Guarantor |
Above Rs.4.00 lac to Rs.7.50 lac -
Satisfactory third party Guarantee
Above Rs. 7.50 lac
Value of collateral security after providing requisite margin as below should be equal to the quantum of finance plus 2 acceptable guarantor.
Computers purchased out of loan be hypothecated. |
|
Margin |
Up to Rs. 4.00 lac - Nil
Above Rs.4.00 lac -
5% for studies in India
15% for studies abroad |
| Deduction Limit |
N.A. |
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Rate of Interest |
Loans up to Rs. 4.00 lac (BPLR – 2.00%)
Loans above Rs. 4.00 lac (BPLR - 1.25%)
- Simple interest during moratorium period, there after compounded monthly
- 1% interest concession may be provided to the loanees if the interest is serviced regularly as and when applied during the study period when repayment holiday is specified for interest/ repayment under the scheme. Interest concession is available only for moratorium period.
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Repayment |
EMI – 60 Months (Loan plus int.accrued together)
Moratorium: Course Period + 1 year OR 6 months after getting job whichever is earlier
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Processing Fee |
Nil |
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Insurance |
N.A. |
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Others |
- Loan will be granted to student with parent as Co-borrower/s
- Loan will be disbursed in stages as per requirement directly to Institute / College.
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Other Facility |
Student can apply education loan in online mode through our website. This Facility is presently available only in selected 75 branches (shortly it will be increased to handsome number) |
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