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  Education  Loans


Eligibility

To extend financial assistance to deserving/ meritorious Indian National Students for pursuing higher education in India and abroad, to cover the expenses like fee payable, boarding lodging, Examinational/ Library/ Laboratory fee, purchase of books/ equipments/ instruments/ uniforms, caution deposit/ building fund/ refundable deposit supported by Institution bills/ receipts, travel expenses/ passage money for studies abroad, purchase of Computer-essential for completion of the course, study tours, project work, thesis etc.

Quantum of finance

Studies in India – Max Rs.10.00 lacs

Studies Abroad– Max Rs.20.00 lacs

Margin

Upto Rs.4.00 lacs                                            Nil

Above Rs.4.00 lacs  Studies in India                   5%

Studies Abroad                                              15%

Security

A.        Studies in India:

Upto Rs.4.00 lacs                                        No security

Above Rs.4.00 lacs & upto Rs.7.5 lacs: Collateral in the form of a suitable third party guarantee

Above Rs.7.5 lacs and upto Rs.10.00 lacs: - Tangible collateral security for full value of the loan.

B.        Studies Abroad:

Upto Rs.4.00 lacs                                        No security

Above Rs.4.00 lacs & upto Rs.7.5 lacs: Collateral in the form of a suitable third party guarantee

Above Rs.7.5 lacs and upto Rs.15.00 lacs: - Tangible collateral security for suitable value or suitable third party guarantee along with the assignment of future income of the student for payment of instalments.

Above Rs.15 lacs and upto Rs.20 lacs - Tangible security for full value of loan.

Rate of interest

Upto Rs. 7.50 lacs - 12.40%

Above Rs.7.50 lacs - 11.40%

0.5% Concession for girl student.

Commencement

Course period + 1 year or 6 months after getting job, whichever is earlier.

Repayment

1. For loans upto Rs.7.5 lacs for studies in India and upto Rs.15 lacs for studies abroad. The loan to be repaid in a maximum of 5-7 years after commencement of repayment.

 

2. For loans above Rs.7.5 lacs for studies in India and above Rs.15 lacs for studies abroad The loan to be repaid in a maximum of 5-10 years after commencement of repayment.

                                                                                        

 
 
 
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