Education Loan
Scope: The scheme extends a helping hand to meritorious students desirous of pursuing basic/higher/professional/technical education either in India or abroad. The parents will become co-borrowers with their dependant (student) if the latter applies for educational loan.
Studies in India:
- School education including plus 2 stage.
- Graduation courses leading to degrees like B.A., B.Sc., B.Com. etc.
- Post Graduate courses leading to Masters degrees as also Ph.D.
- Professional courses in Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc.
- Computer Certificate courses of reputed institutes accredited to Universities or DoE.
- Courses like ICWA, CA, CFA, etc.
Studies Abroad:
- Graduation : Job oriented professional / technical courses offered by reputed Universities.
- Post Graduation : MCA, MBA, MS, etc.
- Courses conducted by CIMA – London, CPA in U.S.A., etc.
Eligibility:
- Applicant must have secured admission to professional/technical course through Entrance Test/Selection Process.
- Secured admission to foreign University / Institution.
- No maximum or minimum income is prescribed for parents/family.
Age limit:
- 18 to 25 years for graduation course – may be extended from 28-30 years for general and SC/ST candidates respectively.
- 21 to 28 years for post-graduation course etc. – may be extended from 30 -33 years for general & SC/ST candidates respectively.
Quantum of loan:
Need based finance subject to repaying capacity of parents/students with following ceilings :
- Studies in India : Maximum Rs. 10.00 Lac
- Studies Abroad : Maximum Rs. 20.00 Lac.
The loan amount under the scheme would be for meeting the following expenses:
Course Fees
Hostel / Boarding Fees including caution deposit/building fund etc.
Books, Stationery & Equipment required for the course, including Computers.
Examination/Library/Laboratory fees.
Travel Expenses/Passage for studies abroad.
Security:
- Upto Rs.4.00 lacs – No security
- Above Rs.4.00 lacs – Collateral securities by way of suitable 3rd party guarantee or tangible security equivalent to loan amount.
Margin:
- Upto Rs. 4 Lac - Nil
- Above Rs. 4 Lac Studies in India - 5%
- Studies Abroad : 15%
- Service Charge : There is no processing fee / no service charge.
