• The student should have secured admission to a higher education course in recognized institutions in India through Entrance Test/ Merit Based Selection process after completion of HSC(10 plus 2 or equivalent). .
3.
Purposes
The Education Loan Scheme aims at providing financial support to students for pursuing higher education in India and Abroad.
Studies in India: i) Approved courses leading to Graduate/ Post Graduate degree and PG Diplomas conducted by recognized colleges/ universities recognized by UGC/ Govt. / AICTE/ AIBMS/ ICMR etc. , Courses like ICWA, CA, CFA ,Courses conducted by IIMs, IITs, IISc, XLRI. NIFT, NID etc. ii) Regular Degree/Diploma
Studies Abroad: • Graduation: For job oriented professional/ technical courses offered by reputed universities. • Post-graduation: MCA, MBA, MS, etc. • Courses conducted by CIMA- London, CPA in USA etc. *For more eligible course details read the complete scheme attached below.
4.
Repayment
Repayment of the loan will be in equated monthly installments (EMIs) for a period of 15 years. Moratorium: Course period + 1 year Assignment of future income of the student for payment of instalments to be taken in all the cases.
5.
Margin
Up to Rs.5 lakhs - 10% Above Rs.5 lakhs - 20% - Margin may be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis
6.
Security
Up to Rs.5 lakhs: Parent(s) / guardian to be made joint borrower(s) , Obtain one 3rd party guarantee and No tangible security required. Above Rs.5 lakhs: Parent(s) / guardian to be made joint borrower(s) and obtain Tangible collateral security of suitable value i.e. minimum 1 ½ times (150%) of loan amount.
7.
Rate of Interest
10% as on 01.01.2025 (decided by ALCO from time to time) 0.50% per loan case plus applicable taxes.
Rebate of @ 1% in ROI is permitted to girl child/women beneficiaries.
NIL pre-closure or hidden charges.
*For more details, read the detailed scheme attached below.
NIL pre-closure or hidden charges.
