| Purpose |
To extend financial assistance to all eligible /
deserving / meritorious students for pursuing higher education
in India & Abroad. |
| Eligibility |
* Student Should be an Indian National.
* Secured admission to professional/ technical courses through
Entrance Test / Selection process.
* Secured admission to foreign University / Institution. |
| Amount of finance |
Need based finance subject to repaying capacity of
the parents / students.-
Studies in India - Maximum Rs.10.00 lacs
Studies abroad - Maximum Rs.20.00 lacs |
| Margin money |
Upto Rs.4.00 Lacs - NIL
Above Rs. 4.00 Lacs
Studies in India - 5% AND Studies Abroad - 15%
-
Scholarship /assistantship to be included in margin.
-
Margin may be brought in on year to year basis as and when
disbursements are made on a pro-rata basis. |
| Security Norms |
Upto Rs. 4.00 Lacs - No Security (Co-obligation of
parent / guardian is compulsory).
Above Rs.4.00 Lacs and upto Rs.7.50 Lacs: Collateral in the form
of a suitable third party guarantee.
Above Rs.7.50 Lacs: - Collateral security of suitable value or
Co-obligation of parents / Guardians / third party guarantee
along with the assignment of future income of the student for
payment of installments. |
| Rate of Interest |
Loans
upto Rs.4.00 Lacs – 11.50%
Loans
above Rs.4.00 Lacs & upto 10.00 Lacs - 12.50%
Loans
above Rs.4.00 Lacs – 13.00%
|
| Penal
rate of Interest |
@2%
on all irregular Education loans above Rs.4.00 Lacs for the over
due amount and over due period. |
| Repayment Period |
Course period + one year or six months after
getting job, whichever is earlier.
5 to 7 years after commencement of repayment. |
| Processing Charges |
No processing charges for studies abroad upto
Rs.4.00 Lacs and in case of studies in India irrespective of
loan amount.
In case of loans above Rs.4.00 Lacs for studies abroad.
1. Rs. 5000/- to be collected at the time of delivering sanction
letter to the student / guardian.
2. Rs.1000/- to be appropriated towards processing fees.
3. Rs.4000/- to be adjusted towards student's margin at the time
of release of the loan.
4. In case the loan is not availed for any reason by the
student, the amount of Rs.4000/-
to be refunded to the student without interest.
No processing charges to be levied on the loans to the wards of
Bank's staff members including Retired Staff. |
| Click here for Loan Application form
Click here for
More Details |
