Concessional Education loan

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.50 lakh

Studies abroad - Max. Rs.50 lakh

Repayment Period:- The maximum repayment period of loan will be in conformity to the guidelines laid down in NHFDC scheme i.e. 10 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.

"Rate of Interest" –

Sr. No. Loan amount (Rs. in lakhs) Applicable Rate of Interest to PwDs (%)
1. Less than or equal to 0.50 5
2. Above 0.50 - 5.00 6
3. Above 5.00 – 15.00 7
4. Above 15.00 - 30.00 8
5. Above 30.00 - 50.00 9

"Processing Charges/ Upfront Fee" – Click Here

"Documentation Charges" – Click Here

Loans over the ceiling as above are not eligible for refinance under the aforesaid scheme.

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