EDUCATION LOAN

Vocational/skill development courses of duration from 6 months to 3 years leading to certificate/diploma offered by a recognized State/Central Govt. institution or Statutory/technical body or training department of Govt. etc. Typically, courses offered by Industrial Training Institutes etc. (I I Ts), Industrial Training Centres (ITCs) and Polytechnic Institutes will come under the eligibility criteria. Bank is free to add other skill development programmes, having regard to employability.

Expenses considered for Loan

• Tuition /course fee fixed by Govt. /authorities appointed by Govt.
• Examination/Library/Laboratory fee
• Caution Deposit
• Purchase of Books, equipments and instruments
• Any other reasonable expenditure found necessary by the Bank for completion of the course.
• In respect of course fee of private institute, the expenses to be limited upto 125% of the fees prescribed by the Govt. for similar courses, if they are not fixed by Govt./authorities appointed by Govt.

Need based finance to meet expenses as worked out will be considered subject to the following ceilings:

- For courses of duration upto 1 year – Rs. 50,000/-

- For courses of duration above 1 year – Rs. 1,50,000/-

Bank shall at its discretion, consider limits upto Rs. 75,000/- for courses with duration upto 1 year and limits upto Rs. 2.00 Lakh for courses with duration above one year for specific courses offered by reputed institutions having regard to the nature of such courses and employability considering the eligibility of the loan amount.

Students Eligibility

• The student should be an Indian National
• Student should have passed 10th standard examination conducted by State/Central Board
• Student should have secured admission to a Govt. recognized vocational training courses which is employment oriented.

Joint Borrower

The joint borrower should normally be parents/guardian of the student borrower. In case of a married person, joint borrower can be either spouse or the parents / parents-in-law.