Purpose: To meet the tuition and other fees\Examination\Library\Laboratory fee, cost of books\purchase of Computers\equipments\instruments\uniforms and the cost of passage for studies abroad. Caution Deposit, Building Fund, Refundable deposit subject to 10% of the Tuition Fee. Any other expenses required to complete the course like study, tours, project work, thesis etc. also be financed.
Studies abroad
Eligibility:
The student should be an Indian National (NRIs not eligible)
i) have secured admission to professional\technical courses through entrance test\ merit based selection process conducted by a Govt Agency / University
ii) have secured admission to foreign university institution.
Those who have not qualified through Entrance Test / Merit based selection procedure should have secured 50 % marks for general and 45% marks for SC / ST Candidates in the qualifying subjects, in the qualifying examination to be eligible for loan
Borrower : Student and parent/guardian/spouse/parent-in-law jointly.
In the case of employed students\professionals, loans can be granted in individual names, with suitable guarantee.
Penal Interest: 2% FOR LOAN ABOVE RS.2 LAKHS
Above Rs.4 lacs and upto Rs.7.5 lacs Co-obligation of parent/guardian/spouse/parent-in-law as the case may be along with collateral in the form of a satisfactory third party guarantee required.
For loans above Rs7.5 lacs Co-obligation of parent/guardian/spouse/parent-in-law along together with tangible collateral security of suitable value along with assignment of future income of the student for payment of instalments and tangible security of suitable value
Security can be in the form of land\building\ Govt. securities\public sector bonds\units of UTI, KVP, LIC Policy, gold, shares\debentures, bank deposit in the name of student\parent\guardian or any other third party with suitable margin.
Processing Fee: No processing fee for studies in India.
(Refundable on availment of 1st instalment)