Purpose
For providing financial support to the deserving, meritorious students for pursuing higher / professional / technical education abroad.
Eligibility
Should be an Indian National
Secured admission to professional course through selection process or on merit.
Quantum of Finance (Need Based) Maximum Loan
Studies Abroad Rs. 20.00 Lacs
Interest Rate
As applicable from time to time.
1% interest concession on interest payment in moratorium period.
Margin
Upto Rs. Lacs : Nil
Above Rs. 4 Lacs :
Studies in India : 5%
Studies in Abroad : 15%
Repayment
Repayment holiday / Course period +1 year upto 6 months after getting job, whichever is earlier. The loan is to be repaid in 5 – 7 years after repayment holiday.
Security
Upto Rs. 4.00 Lacs - No Security
Above Rs. 4.00 Lacs - Third Party guarantee
Above Rs. 7.50 Lacs - Tangible Collateral security
Processing Charges
Nil
Attraction
- Second Education Loan can be given
- Personal Insurance to cover Education Loan.
Documents to be enclosed for loan application
- Mark sheet of last qualifying examination for school and graduate studies in India.
- Copies of letter conferring scholarship, free ship, studentship etc.
- Documents evidencing the duration of course and commencement thereof viz. prospectus or certificate from the competent authority of the institution.
- Proof of admission to the course.
- Schedule of expenses for the course.
- Two copies of passport size photograph of the borrower (s) / guarantor (s).
- Copies of foreign exchange permit (if applicable).
- Statement of Bank account for the last six months of the borrower (s)
- Signature identification from bankers of borrower (s) guarantor (s).
- A copy of Passport / Voters ID Card / Proof of residence.
For Salaried persons
- Latest salary slip showing all deductions
- Employment details for the last 5 years
- Latest TDC Certificate Form 16
- Statement of assets and outstanding liabilities
For Self-Employed / Professionals and Businessmen
- Proof of income
- Income Tax / Wealth Tax (if applicable) assessment orders (not more than 2 years old)
- Assets and Liabilities
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