PURPOSE
For providing financial support to deserving/meritorious students for pursuing higher education in India & abroad and for meeting expenditure of Admission Fees, Accommodation, Purchase of Educational Equipments, Travelling Expenses, Books, Computers and peripherals etc.
Studies in India (Indicative List)
- Approved courses leading to Graduate/Post-graduate Degree and Post Graduate Diploma courses conducted by Colleges/ Universities recognized by UGC/Govt./AICTE/AIBMS/ICMR etc.
- Courses such as MBBS, Post Graduation in Medicine, Technical, Engineering courses etc.
- Courses conducted by IIMs, IITs, IISc, XLRI. NIFT, NID etc.
- Purchase of Books, equipments and instruments
- Regular Higher Degree/Diploma Courses like Aeronautical, Pilot Training, Shipping, Degree/Diploma in any other discipline approved by Director General of Civil Aviation/Shipping or any other regulatory body as the case may be, if the course is pursued in India.
Approved Courses offered in India by reputed Foreign Universities.
Studies Abroad:-
- Graduation: For job oriented Professional/Technical courses offered by reputed universities.
- Post graduation: MCA, MBA, MS, etc.
- Courses conducted by CIMA-London, CPA in USA etc.
- Degree/Diploma courses like Aeronautical, Pilot Training, Shipping etc., provided these are recognized by competent Regulatory Authorities in India/abroad for the purpose of employment in India/abroad.
Max. Amount
Studies in India : Above Rs. 10.00 lakh & maximum up to Rs. 25.00 Lakh
Studies Abroad : Above Rs. 20.00 lakh & maximum up to Rs. 50.00 Lakh
ELIGIBILITY
Repayment
- EMI 180 months including moratorium period
- Moratorium Period = Duration of Course + 12 months.
- Interest to be serviced during the moratorium period. No interest concession will be available.
Rate of Interest CLICK HERE
Note: Loan sanctioned under this Scheme is not eligible for Interest Subsidy
Prepayment or Foreclosure Penalty
The borrower can repay the loan any time after commencement of repayment without having to pay any prepayment charges.
Margin
- Studies in India 10%
- Studies in Abroad 20%
- Margin should be brought in on year-to-year basis as and when disbursements are made on a pro rata basis.
Membership
Regular membership for the Applicant and Co- Applicant.
For Seruties - Nominal Membership for loan up to Rs. 25.00 Lakh.
For Seruties- Regular Membership for loans above Rs.25.00 Lakh.
Security & Sureties.
- Loans upto Rs. 25.00 Lakh - One Surety with net Salary / income of Rs 25,000/- and above per month
- Loans above Rs.25.00 Lakh - One Surety with net Salary / Income of Rs.30,000/- and above per monh or Two Sureties with Net Salary / Income of Rs.20,000/- and above per month.
- Collateral of tangible security covering entire loan amount.
Processing Charges
As per Service Charges Manual.
Share Linkage
As per extant Shareholdings Norms
Insurance
“Life Insurance coverage of the student to the extent of Education Loan amount is necessary. The customers can opt for any mode of premium payment (Single Premium, Yearly Premium, etc.) as per the Life Policy of his choice and capacity. The insurance policy, so obtained should be assigned in favour of our Bank”.
Documents required for Application
- Duly filled prescribed Application form
Latest photograph, photo identity and residence proof of the Applicant, Co-Applicants and Guarantors(Latest photograph, photo-identity and residence proof of the student should be obtained even if he is not, being minor, an applicant-borrower.)
- Income proof of (a) or (b) as under:
- a) Salaried person: Salary slips for last 3 months. ITR/Form No. 16 of last 2 years and 6 months’ Bank statement
- b) Businessman/Professional/Self Employed: Last three years’ Profit & Loss account and Balance Sheet & ITR and Bank statement for last 6 months.
- Proof of confirmed admission.
- Estimate of course fees and other expenses (Travelling/Lodging & Boarding)
- Fee Receipts or proof of payments made.
- Copy of Passport and VISA and related documents, if the student is going abroad for higher education.