Eligible Courses
Studies in India:
- Usually all those courses that promises to be an employment program are eligible under it.
- Many of the graduation, professional and post-graduation courses are applicable under it. The courses should be recognized by any one of the governmental or recognized agency like UGC or AICTE etc.
- The courses comes under any of the recognized Indian or foreign university
Studies abroad:
- The graduation courses promising job or some of the post-graduation courses like MBA and MS etc. from reputed college / university only
Expenses that can be considered for granting loan
- Fee to be paid to college / hostel / school etc.
- Examination fee / laboratory fee / library fee
- Fee to purchase equipment /uniform / instruments / books
- Special deposit in the college including caution / hostel security and all other refundable
- Travel expense and passage for abroad students
- Purchase of computer if necessary for the course
- Purchasing of bike up to Rs. 50,000/-
Amount of loan granted
- 10 Lac if the student likes to study in India.
- 20 Lac if the student likes to study abroad
Interest rates
- 13.25 % for studying in India or abroad and for a loan of 4 Lac
- 13 % for studying in abroad or abroad and for a loan of above 4 Lac
Processing fee
No processing fee is required.
Repayment tenure
Borrower has to pay the amount of Rs. 7.5 lacs in 10 years and in 15 years for the amount more than 7.50 lac upto 20 lacs. Repayment holiday is usually the course duration plus the moratorium period. Moratorium period is which is lower of course duration + 1 year or course duration + 6 months of job
Security
- No security is taken for the loan of amount 4 Lac
- Third party collateral guarantee is taken for the loan of amount greater than 4 Lac and less than 7.5 Lac
- Third party tangible security is taken for the loan of amount greater than 7.5 Lac. The value of the security collateral should be equal to the amount of loan taken from the bank
Margin
No margin is taken if the amount of loan is less than Rs. 4 Lac
Next for the loan of amount greater than 4 Lac and less than Rs 7.5 lac
- 5 % if the student want to study in India
- 15 % if the student want to study in abroad
Required Documents
Below are the documents that should be presented for the granting of loan
- Duly filled form of application of loan
- Mark sheet of all exams qualified earlier. If not possible then at least the mark sheet of exams last qualified
- Proof of studentship or admission in the course
- Expenses schedule from the college / university
- 2 photos (passport size)
- Minimum 6 month bank account
- Statement of liabilities and assets of co-borrower
- Income proof of co-borrower