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Educational Loans

  

      

Eligibility

Student of Indian Nationality is eligible to apply for the loan provided he/she has secured admission to the institution/college/university.  

Courses Eligible
Studies in India

  • Graduation courses BA, B.Com, B.Sc., etc,
  • Post Graduation courses : Masters & PhD
  • Professional courses, Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer Education, etc.,
  • Computer certificate courses of reputed institutes accredited to Dept. of Electronics or Institute affiliated to the Universities.
  • Courses like ICWA, CA, CFA, etc.
  • Courses conducted by IIM, IIT, IISc, XLRI, NIFT, etc.
  • Evening courses of approved institutes.
  • Other courses leading to diploma/degree etc. conducted by the Colleges/Universities approved by the UGC/Govt/AICTE/AIBMS/ICMR etc.
  • Courses offered by National Institutes and other reputed private institutions subject to obtaining prior approval from the Credit Dept.(Operations) HO.
  • Courses offered in India by reputed foriegn universities.

   Studies Abroad

  • Graduation: For job oriented professional/technical courses offered by the reputed university.
  • Post graduation: MCA, MBA, MS, etc.
  • Courses conducted by CIMA-London, CPA in USA, etc.
  Expenses Considered for Loan
Fee payable to the Institution/hostel/examination fee, cost of books, travel expenses for studies abroad, purchase of computer, etc.
  Loan Amount
  • Studies in India : Maximum Rs.7.50 lakhs
  • Studies abroad : Maximum Rs.15 lakhs
  Margin
  • Upto Rs.4 lakhs - Nil
  • Above Rs.4 lakhs:
    • Above Rs.4lakhs - 5%
      1. Studies india : 5%
      2. Studies abroad : 15%
  Rate of Interest
with effect from 16.04.2007 :
[BPLR = 13.00%]
Amount Slab Rate of interest per annum - Floating
Upto Rs. 4 lakhs 12.00% [BPLR - 1%]
Above Rs. 4 lakhs 13.00% [BPLR]
 
Repayment

Repayment Holiday Moratorium : Study period of the course + 1 year or 6 months after getting the job, whichever is earlier.
 
Security

Loans upto Rs.4.00 lakhs                    : No security
Loans above Rs.4.00& upto Rs 7.5 lakhs: Suitable third paty guarantee
Above Rs 7.5 lakhs                           : Collateral suirity not less than 100% of the loan amount sanctioned of suitable value or suitable third party guarantee along with the assignment of future income of the student for payment of instalments.

 

 

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