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
For loans upto Rs.4 lacs - 12.75% p.a.
Floating
For loans above Rs.4 lacs - 13.75% p.a.
Floating
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 |
Third Party
Guarantee |
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 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
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