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The loan can be granted for the requirements like
The amount of loan that can be granted is Rs. 10 Lac for Indian and Rs. 20 Lac for the case if student has secured admission in any of the non-Indian university.
Interest rates are subject to change. Currently it is 12%.
Nominal processing fee i.e. 1 % of loan amout and maximum Rs. 10,000 is charged for loans of study.
The loan amount is needed to be paid to the bank in 5 to 8 years after the commencement of repayment year which usually starts after 6 years of course completion, after 6 months of getting the job or that one is earlier for it. Course extension is also permissible if the student could not complete the course in designated period.
25 % margin shall be kept on admissible expenses considered for loan. A sum of 5000 security is needed to be submitted for the loan of amount or property of equivalent value to be mortage.
The loan can be granted only by the branch which is nearest to the house of the applicant. The student and parent will be borrower. The age limit is from 16 to 45 years.