Concessional Education loan is being provided to students or Persons with Disabilities (PwDs) under all the existing Education Loan Schemes of the Bank, subject to the following stipulations:
`Student Eligibility` - Loan shall be available to any Student with 40% or more disability on the basis of Disability certificate issued by authorities empowered to issue such certificate in terms of Statute / notifications / Govt. orders of Central / State / UT Government.
` Expenses considered for Loan` - Cost of 2-wheeler upto Rs.50,000/- shall be considered within the overall ceiling of loan amount.
`Quantum of Finance` Need Based Finance to meet the expenses (taking into account the prescribed Margin), subject to the following ceilings:
Studies in India - Max. Rs.10 lac
Studies abroad - Max. Rs.20 lac
`Repayment Period` The maximum repayment period of loan will be in conformity to the guidelines laid down in NHFDC scheme i.e. 7 years after commencement of repayment. The repayment as per repayment schedule would commence one year after completion of course or 6 months after securing a job, whichever is earlier.
Loans with repayment period beyond the ceiling as above are not eligible for refinance under the aforesaid scheme.
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Loans over the ceiling as above are not eligible for refinance under the aforesaid scheme.