A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.
Eligible Courses
All courses having employment prospects are eligible.
- Graduation courses/ Post graduation courses/ Professional courses
- Other courses approved by UGC/Government/AICTE/Director General of Civil Aviation/Shipping etc.
Expenses considered for loan
- Fees payable to college/school/hostel
- Examination/Library/Laboratory fees
- Purchase of Books/Equipment/Instruments/Uniforms
- Caution Deposit/Building Fund/Refundable Deposit not exceeding 10% of the tuition fees for the entire course.
- Travel Expenses/Passage money for studies abroad
- Purchase of computers considered necessary for completion of course
- Cost of a Two-wheeler upto Rs. 50,000/-
Any other expenses required to complete the course like study tours, project work etc.
Amount of Loan
- For studies in India, maximum Rs. 10 lacs
- Studies abroad, maximum Rs. 20 lacs
Interest Rate
Please refer Interest Rate Section for Current Interest Rates
Processing Fees
- No processing fee/ upfront charges
- Deposit of Rs. 5000/- for education loan for studies abroad which will be adjusted in the margin money
Repayment Tenure
Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier. The loan to be paid in 5-7 years after commencement of repayment.
Security
Amount |
Studies
In
India/ Abroad
|
Upto
Rs. 4 lacs |
Co-obligation of parents.
No Security |
Above
Rs. 4 lacs to Rs. 7.50 lacs |
Co-obligation of parents together with collateral security in the form of suitable third Party Guarantee |
Above
Rs. 7.50 lacs |
Co-obligation of parents together with tangible collateral security of suitable value, along with the assignment of future income of the student for payment of instalments. |
Margin
- For loans up to Rs.4.0 lacs : No Margin
- For loans above Rs.4.0 lacs: Studies in India: 5%
Studies Abroad: 15%
Documentation Required
- Completed Education Loan Application Form.
- Mark sheets of last qualifying examination
- Proof of admission scholarship, studentship etc
- Schedule of expenses for the specified course
- 2 passport size photographs
- Borrower's Bank account statement for the last six months
- Income tax assessment order, of last 2 years
- Brief statement of assets and liabilities, of the Co-borrower
- Proof of Income (i.e. Salary slips/ Form 16 etc)
Online Loan Application Form
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