Eligibility Criteria:
(a) Student eligibility:
Student be an Indian National
Secured admission to professional/ technical courses in India or Abroad through Entrance Test / Merit based Selection process.
(b) Courses Eligible:
Studies Abroad:
- Graduation: For Job oriented professional/technical courses offered by reputed Universities.
- Post Graduation: MCA, MBA, MS etc.
- Courses conducted by CIMA London, CPA in USA etc.
- Regular Degree/ Diploma courses like Aeronautical, pilot training, shipping etc., the Institute should be recognised by the competent local aviation/ shipping authority.
Quantum of Loan:
Need based finance subject to repaying capacity of the parents / students with following ceilings:
Studies in India: Maximum Rs 10.00 lacs
Studies abroad: Maximum Rs. 20.00 lacs.
Expenses Considered for Loan
- Fee payable to College / School /Hostel
- Examination/Library/Laboratory Fee
- Purchase of Books / Equipments/ Instruments/ Uniforms.
- Caution Deposit/ Building Fund/ Refundable Deposit supported by Bills/Receipts of the Institution, subject to the conditions that amount does not exceed 10% of the total tuition fees for the entire course.
- Travel Expenses/Passage Money for studies abroad.
- Purchase of Computers essential for completion of the course.
- Insurance premium for student borrower.
- Any other expenses required to complete the course, such as- Study Tours, Project Work, and Thesis etc. Margin
- For loan upto Rs 4.00 lacs: NIL
- For loan above Rs 4.00 lacs:
Studies abroad: 15%
- Scholarship / Assistantship to be included in Margin.
- Margin Money to be brought on year-to-year basis and disbursements are made on a pro-rata basis. Rate of interest
Education Loan:
(i) For IIT/ IIM/ ISB (loan upto 10.00 Lacs)
(ii) For Others
(a) Loan upto 4.00 Lacs
(b) Loan above Rs.4.00 Lacs BR+2.25%
BR+3.25%
BR+3.00%
@ For girl students, rebate @1% will be allowed under each slab.
Rebate of 1.00% on the interest charged in the moratorium period will be provided if the interest is serviced during the study period when repayment holiday is specified for interest / repayment under the scheme.
NOTE: The rules, regulations, eligibility conditions, repayments and interests rates etc are revised by the banks from time to time. Applicants advised to check thoroughly the terms and conditions of educational loan scheme of respective bank on offer at the time of application.
Click here for Rate of interest Click here
For studies abroad-Rs.500/-upfront subject to the conditions that this amount would be adjusted against the loan amount once the loan is availed from us.
Application of Interest:
Simple interest during moratorium period.
Service interest during moratorium period regularly and avail a special discount of 1.00% in interest rate.
Repayment:
Repayment Holiday / Moratorium is Course Period + 1 year or 6 months after getting job, whichever is earlier. Loan to be repaid within a maximum period of 7 years after commencement of repayment.
Security:
For IIT/IIM/ISB*
For loan upto Rs 10.00 lacs- No collateral security is required. co-obligation* of parents/ guardian required *ISB means Indian School Business, Hyderabad
For others
For loan upto Rs 4.00 lacs: No collateral security is required. co-obligation* required For loan above Rs 4.00 lacs and upto Rs 7.50 lacs: Satisfactory third party guarantee & Co-obligation* required.
For loan above Rs 7.50 lacs: (a) Co-obligation * of parents/ guardian together with tangible collateral security of suitable value covering full loan amount, alongwith the assignment of future income of the student for payment of installments.
Online Application form for Students of IITs/ IIMs and other leading Institutions
Downloadable Application form for students of other institutions
Group Life Insurance Plan (in tie-up with LICI)
For more details :Click here
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