Eligibility Criteria:
(a) Student eligibility:
Student be an Indian National
Secured admission to professional/ technical courses in India or Abroad through Entrance Test / Merit based Selection process.
Studies in India
Quantum of Loan:
Need based finance subject to repaying capacity of the parents / students with following ceilings:
Studies in India: Maximum Rs 10.00 lacs
Studies abroad: Maximum Rs. 20.00 lacs.
Expenses Considered for Loan
Margin
Rate of Interest:
Loan Upto Rs. 4.00 lacs | |
For students of IIT / IIM/ ISB* | PLR-1.75% |
For Others | PLR-0.75% |
Loan above Rs. 4.00 lacs | |
For students of IIT / IIM/ ISB* | PLR-1.75% |
For Others | PLR-1.00% |
Application of Interest:
Simple interest during moratorium period.
Service interest during moratorium period regularly and avail a special discount of 1.00% in interest rate.
Repayment:
Repayment Holiday / Moratorium is Course Period + 1 year or 6 months after getting job, whichever is earlier.
Loan to be repaid within a maximum period of 7 years after commencement of repayment.
Security:
For IIT/IIM/ISB*
For loan upto Rs 10.00 lacs- No collateral security is required. co-obligation* of parents/ guardian required
*ISB means Indian School Business, Hyderabad
For others
For loan upto Rs 4.00 lacs: No collateral security is required. co-obligation* required For loan above Rs 4.00 lacs and upto Rs 7.50 lacs: Satisfactory third party guarantee & Co-obligation* required.
For loan above Rs 7.50 lacs: (a) Co-obligation * of parents/ guardian together with tangible collateral security of suitable value covering full loan amount, alongwith the assignment of future income of the student for payment of installments.
*(The loan documents would be executed by both the student and the parent/ guardian as joint-borrower i.e. co-obligator. The co-obligation should be parent / guardian of the student borrower. In case of married person, co-obligator can be either spouse or the parent(s)/ parents-in-law.)
Processing Fee:
Processing Fees/ Documentation Charge:
For studies in India- Nil
For studies abroad -Rs.500/- upfront subject to the conditions that this amount would be adjusted against the loan amount once the loan is availed from us.
Mortgage Charges:
Actual expenses, if any, will be borne by the Student/Parent or Guardian.
Delivery Channel
From all of our branches (Presently more than 2150) spread throughout the country.On-line sanction for leading 250 institutions within 72 hours.
Value added Service
FREE Debit Card
-For SB account holders in networked branches.
Insurance:
Group Life Insurance Cover
-For entire loan liability in tie-up with LICI
(One time upfront premium, can also be financed by adding into project cost.), Prospective borrowers, who are not covered under the group insurance scheme, will be allowed to take a single premium term insurance cover equal to the loan amount, individually on their own or premium being a component of project cost for financing.
Others
a. The parent / guardian would become co-borrower with the student and application for education loan will also be signed by the parent / guardian alongwith the student while availing loan under Educational Loan Scheme.