2. Eligibility Criteria:
a) Student''''s Eligibility:
b) Eligible Course:
Note :
3. Expenses Considered for Loan:
4. Quantum of Finance:
5. Margin :
6. Security:
Note : The security can be in the form of land/building/Govt. Securities/Public Sector Bonds/NSC/KVP/LIP/ Banks Term Deposit etc.,in the name of Student/Parent/Guardian/Guarantor with suitable margin.
7. Rate of Interest*: (w.e.f. 01.04.09)
No processing charges.
One time charges for any deviations from the scheme norms including approval of courses outside the scheme -
Upto Rs.4.00 lacs - Rs. 500/-
In respect of loans availed by borrowers from rural areas from the Rural Branches Charges Nil
8. Insurance : All the student borrowers are offered a specially designed Term Insurance cover and the premium can be included as an item of finance.
10. Bank Charges:
In respect of loans availed by borrowers from rural areas from the Rural Branches Charges NIL.
11. Other Conditions:
i) Loan to be disbursed in stages as per requirement / demand, directly to the Institution/ Vendors of books/equipments/instruments to the extent possible;
(i) Studies in India (Indicative list):
2. Special scheme for students admitted to IITs, at concessional rate of interest.
(ii) Studies abroad:
* As per brochure/ demand letter from the institution.
Need based finance subject to repaying capacity of the parents/students with margin and the following ceilings :
Upto Rs.4 lakh : Nil
Above Rs.4 lakh - Studies in India : 5%
Studies Abroad : 15%
Over Rs.4.00 lacs upto Rs.7.50 lacs - Rs.1000/-
Over Rs.7.50 lacs upto Rs.20.00 lacs - Rs.2000/-
Repayment holiday/Moratorium : Course period + 1 year or 6 months after getting job, whichever is earlier.
Processing/upfront charges
For Studies in India- NIL.
obtention of VISA.
Amount refundable on availing loan.
Document /Stamp Charges
At Actuals
Change of Institution
Studies in India Rs.250/-
Agreement(copy to borrower) Xerox charges
Loan upto Rs.2 lacs- Rs. 25/-*
One time charges for any deviations from the scheme norms including approval of courses outside the scheme
Upto Rs.4.00 lacs - Rs.500/-
Above Rs.4.00 lacs to Rs.7.50 lacs - Rs.1,000/-
Over Rs. 7.50 lacs upto Rs.20.00 lacs Rs.2,000/-
ii)Student to produce mark list of previous term/semester before availing next installment ;
iii)Student / Parent to provide latest mailing address, in case of any change ;
iv)Student /Parent to inform Branch immediately on change of course /completion of studies/termination of studies/ any refund of fees by college /institution /successful placement /obtention of job/change of job etc.,
http://www.bankofindia.com/EduLoan/EduLoanForm1.aspx?from=new
.