Studies in India:
- Any of the many available graduation course / post graduation course / technical course / professional course / computer certification course in India.
- Diploma / degree course which are offered by any of the university or college. The college in case should be approved by UGC.
- The student can also apply if he/she has secured admission in any foreign university for Ph.D. / post-graduation / graduation. The graduation level course should be offered under some job oriented program.
Expenses that can be considered for granting loan
The loan can be granted for the requirements like
- Fee to be paid for college / school / library / examination fee
- Purchase of essential thing as stated by the university documents like books / equipment / computer
- Travel and passes expenses
- Expenses for any special research thesis or project work
Amount of loan granted
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.
Security & Margin
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.
- Nationality of the candidate should be Indian only
- The candidate should have a proof that he / she had got admission in any of the professional / graduation / technical or post-graduation course. The admission is liable if it is taken on any merit basis or through any of the exam which are means to be centrally conducted for admission in the institute.
- The loan would be sanctioned fully on the basis of academic background of the candidate and by verifying the probability of success in near future and also on the basis of income of co-borrower. The co-borrower is generally the parents of student.
- Once first sanction is granted the student is required to submit each year’s progress report in order to be qualified for the granting of other subsequent fund disbursement.
- The candidate is also required to submit the Identity card in case if he / she studies abroad.
- The applicant should also have to give the certificate stating that he/she has not taken the education loan from any other bank for the same course.
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.