A term loan
granted to Indian Nationals for pursuing higher education in
India
or abroad where
admission has been secured.
Eligible
Courses
All
courses having employment prospects are eligible.
- Graduation courses/ Post graduation courses/
Professional courses
- Other courses approved by
UGC/Government/AICTE etc.
Expenses considered for loan
- Fees payable to college/school/hostel
- Examination/Library/Laboratory fees
- Purchase of Books/Equipment/Instruments/Uniforms
- Caution Deposit/Building Fund/Refundable
Deposit
- Travel Expenses/Passage money for studies
abroad
- Purchase of computers considered necessary for
completion of course
- Cost of a Two-wheeler upto Rs. 50,000/-
Any other expenses required to complete the course like study
tours, project work etc.
Amount of Loan
- For studies in
India
, maximum Rs. 10 lacs
- Studies abroad, maximum Rs. 20 lacs
Interest
Rate
Please refer Interest
Rate Section for Current Interest Rates
Processing Fees
- No processing fee/ upfront charges
- Deposit of Rs. 5000/- for education loan for
studies abroad which will be adjusted in the margin money
Repayment Tenure
Repayment
will commence one year after completion of course or 6 months after
securing a job, whichever is earlier.
Place
of Study |
Loan
Amount |
Repayment
Period
in Years |
In
India
|
Up to
Rs. 7.5 lacs |
5-7 |
Above
Rs. 7.5 lacs |
5-10 |
Abroad |
Up to
Rs. 15 lacs |
5-7 |
Above
Rs. 15 lacs |
5-10 |
Security
Amount |
Studies
In
India
|
Studies
Abroad |
Upto
Rs. 4 lacs |
No
Security |
No
Security |
Above
Rs. 4 lacs to Rs. 7.50 lacs |
Suitable
third Party Guarantee |
Suitable
third Party Guarantee |
Above
Rs. 7.50 lacs to Rs. 10 lacs (
India
)/ Rs. 15 lacs (Abroad) |
Tangible Collateral
security for full value of loan |
Tangible Collateral
security of suitable value of loan or suitable third party guarantee. |
Rs 15
lacs to Rs. 20 lacs |
___ |
Tangible
Collateral security for full value of loan |
Margin
- For loans up to Rs.4.0 lacs : No Margin
- For loans above Rs.4.0 lacs:
- Studies in
India
: 5%
- Studies Abroad: 15%
Documentation Required
- Completed Education Loan Application Form.
- Mark sheets of last qualifying examination
- Proof of admission scholarship, studentship
etc
- Schedule of expenses for the specified course
- 2 passport size photographs
- Borrower's Bank account statement for the last
six months
- Income tax assessment order, of last 2 years
- Brief statement of assets and liabilities, of
the Co-borrower
- Proof of Income (i.e. Salary slips/ Form 16
etc)
*
Conditions Apply
|
