|Education loan scheme for students pursuing Higher Education in India.
|| To provide financial support to meritorious students for pursuing higher
education in India.
Students who secure admission in Institutes as under:
- Approved courses leading to Graduate/ Post Graduate degree and PG Diplomas conducted by recognized colleges/ universities recognized by UGC/ Govt. / AICTE/ AIBMS/ ICMR etc.
- Courses like ICWA, CA, CFA etc.
- Courses conducted by IIMs, IITs, IISc, XLRI. NIFT, NID etc.
- Regular Degree/Diploma courses like Aeronautical, pilot training, shipping Nursing or any other discipline approved by Director General of Civil Aviation/Shipping/ Indian Nursing Council or any other regulatory body as the case may be.
- Advance Diploma in Banking Technology offered by PNB IIT Lucknow.
- Approved courses offered in India by reputed foreign universities.
- Research Programmes recognized by designated academic authority/ regulatory body.
- Fee payable to college/ school/ hostel
- Examination/ Library/ Laboratory fee.
- Insurance premium for student borrower, if applicable.
- Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts.
- Purchase of books/ equipments/ instruments/ uniforms.
- Purchase of computer at reasonable cost, if required for completion of the course.
- Any other expense required to complete the course - like study tours, project work, thesis, etc.
- Should be an Indian national.
- Should have secured admission to a higher education course in recognized institutions in India through Entrance Test/ Merit Based Selection process after completion of HSC(10 plus 2 or equivalent).
- Cases of Management Quota may be considered on merit basis;
|Quantum of Finance
- Need based Finance subject to repaying capacity of the parents/students ( after completion of course) ;
- Reimbursement of fees paid within six months may be permitted on individual merits of the case.
- Up to Rs. 4 lac - NIL
- Above Rs. 4 lac - 5%
- Scholarship/ assistantship may be considered in margin.
- Margin may be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis.
|Rate of Interest
- Loan upto Rs 4 lac – Base Rate+2%
- Loans above Rs 4 lac upto Rs 7.50 lac – Base Rate+3%
- Loans above Rs 7.50 lac – Base Rate+2.50%
- Base Rate+1% to be charged for all loans, irrespective of amount, where 100% tangible collateral security in the shape of IP, enforceable under SARFEASI act, and/or liquid security is available.
- Simple interest be charged during the Repayment holiday/ Moratorium Period
|Processing Charges/ Upfront fee
- Rs.270/- for loans upto Rs. 4 lac and Rs.450/- for loans above Rs.4.00 lac (exclusive of service tax and education cess) Subject to change from time to time.
- Up to Rs. 4 lac: Parent(s)/guardian as a joint borrower(s).
- Above Rs. 4 lac and upto Rs. 7.50 lac: Besides the parent(s)/ guardian executing the documents as joint borrower(s), collateral security in the form of suitable third party guarantee.
- Above Rs.7.50 lac: Parent(s)/ guardian as a joint borrower(s). Tangible collateral security of suitable value acceptable to bank alongwith the assignment of future income of the student for payment of installments.
- For loans upto Rs.7.50 lac - upto 10 years
- For loans above Rs.7.50 lac - upto 15 years
|Repayment Holiday/ Moratorium
|| Course period + 1 year or 6 months after getting job, whichever is earlier.