Services
EDUCATION LOAN
When it comes to all the building blocks, then form a complete and successful life. Nothing is important
than quality education. However, education in India, At least the Commonly Perceived, Quality
education as imported by acclaimed and influential education institution is decidedly costly and not
easily available to everyone-especially those who deserve.
PURPOSE
• To the meritorious students to pursue higher / professional/ technical education in recognized institution in India & Abroad.
STUDENT ELIGIBILITY
• Should be an Indian national.
• Should have secured admission in India or abroad to pursue higher / professional/ technical education, through appropriate selection process and cleared the qualifying examination, if any.
• NRI student should hold Indian Passport & has secured admission to a course for studies in India only.
AGE OF THE STUDENT
• No restriction with regard to the minimum and maximum age.
CO-APPLICANT
• The parent(s) of the student has to compulsorily join in as co-applicant.
• In case of a married person, co-applicant can be spouse/parent(s)/parent(s)-in-law.
• In cases where both the parents are not alive, a close relative or guardian to be taken as co-applicant.
The co-applicant should be Indian national.
ELIGIBLE COURSES
Courses covered in India:
• Graduation
• post-graduation
• diploma courses from recognized universities
• Technical / professional / management courses
• PhD courses
Courses covered outside India:
• Graduation
• post-graduation degrees offered by recognized universities.
• Certified degree courses conducted by CIMA, • London, CPA, USA and other such institutes.
PhD courses
• Diploma courses abroad are not covered.
LOAN IN SUBSEQUENT YEARS OF COURSE
• Educational loans can also be considered for eligible students in case they approach the bank in the subsequent years of the course provided the student has not availed loan for initial years from any other bank / FI.
QUANTUM
• Need based finance to meet the expenses will be considered taking into account margins norms.
• There is no restriction on the maximum amount of loan that can be sanctioned under the education loan scheme.
For NRI student’s Maximum quantum Rs.20 Lakhs & Rs.30 Lakhs for premium institutes.
EXPENSES CONSIDERED
• Tuition fee payable to college/ school/ university
• Hostel / mess charges
• Examination/ Library/ Laboratory fee
• Insurance premium for the student borrower
• Caution deposit, building fund/ refundable deposit supported by Institution bills/ receipts Purchase of books/ equipment’s/ instruments/ uniforms
• Purchase of computer/laptop at reasonable cost, if required for completion of the course
• Travel expenses/ passage money for studies abroad
• Admission acceptance fee
• Any other expenses required to complete the course – like study tours, project work, thesis, etc.
REPAYMENT TENURE
• The maximum repayment tenure will be 20 years (after course & moratorium period) Irrespective of quantum of loan.
• The accrued interest during the moratorium period (if not serviced) will be added to the principal amount while calculating Equated Monthly Installments (EMI) for repayment.
INSURANCE
• Life insurance for the student is mandatory to the tune of the loan amount.
SCHEDULE OF EDUCATION LOAN AVAILABLE AS PER QUALIFICAITON
- High School Upto Rs. 1-3 Lakh
- Intermediate Upto Rs. 1-5 Lakh
- Graduation Upto Rs. 1-10 Lakh
- Postgraduate/Diploma Upto Rs. 1-15 Lakh
Required Documents:- Completed loan application form, father or mother and student KYC documents, father or mother income proof, quotation and fee structure on college letter head(Attested).
