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1. EDUCATION LOAN SCHEME FOR PURSUING MASTER’S DEGREE IN ABROAD FROM SELECT TOP RANKING UNIVERSITIES OF WORLD
Purpose |
Educational loan scheme for abroad studies from select top ranking Universities. |
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Student eligibility |
Indian National |
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Quantum of Finance |
Collateral Coverage Eligible loan quantum 100% & above Min 7.50 lakh, Max no cap (as per Project Cost) Less than 100%. Max- Rs.100 Lakh |
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Course eligible |
Master Degree under STEM (Science, Technical, Engineering and Management) courses. |
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Enrolled Premier Institutes |
Top 50 ranked universities in World. Click Here for the List enclosed. |
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Expenses considered |
100% finance on Tuition fees, Living expenses, passage money, |
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Rate of interest |
Click Here for latest ROI |
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Margin |
10% of Loan amount. Margin may be brought in year on year basis as and when disbursements are made on a pro rata basis. |
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Security |
· Collateral security from Max 100% to Min 50%* · Assignment of future income of the student · Loan granted jointly with parent/guardian and student. *-Terms &Conditions apply |
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Upfront / Processing Fee
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Repayment |
Repayment of the loan will be in equated monthly Installments up to a maximum of 15 years excluding the moratorium period ( i.e., course period plus one year). |
2. IBA MODEL EDUCATION LOAN SCHEME FOR PURSUING HIGHER STUDIES IN INDIA AND ABROAD :
Purpose |
Payment of Course fee, Hostel/Boarding/Examination/Library& Laboratory fee and for Purchase of books, equipments, instruments, uniforms, computers if it is essential for completion of the course, Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts. Travel expenses / passage money for studies abroad. Any other expenses required to complete the course subject to ceiling. |
Eligibility |
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Eligible courses |
INLAND STUDIES: Graduation, post graduation, including technical/professional courses from reputed colleges/universities approved by UGC/Government, AICTE/Department of Electronics/IMC, autonomous institutions like IIM, IIT, etc. Any courses leading to degree/diploma from reputed Institutes/Colleges/Universities for studies in India. ABROAD STUDIES: Course which lead to undergraduate, Post Graduation/PHD, Post Graduate Diploma etc are eligible. |
Quantum of finance |
Need-based finance Students may submit their loan applications either at the bank branches near to the residence of parents or bank branches near to the educational institution where they are studying. |
Rate of Interest |
Click Herefor latest ROI |
Margin |
Upto Rs.4.00 Lakhs - Nil Above Rs.4.00 Lakhs - Studies in India - 5% Studies abroad - 15% |
Security |
Assignment of future income of the student Merit Quota:
Management Quota:
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Repayment |
Repayment of the loan will be in equated monthly Installments up to a maximum of 15 years excluding the moratorium period ( i.e., course period plus one year).
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3. IBA SKILL LOAN SCHEME- EDUCATION LOANS:
Purpose |
Skill Loan Scheme has been developed to support the national initiatives for skill development. |
Student eligibility |
Indian National |
Eligible Courses |
Courses run by Training Institutes aligned to National Skill Qualification Framework (NSQF) shall be covered by the Skill Loan. There is no minimum course duration. |
Quantum of Finance |
Need based Finance in the range of Rs.5000 to Rs.1,50,000/- |
Rate of Interest |
Click Here for latest ROI |
Margin |
Nil |
Security |
Assignment of future income of the student Loan is granted jointly with the parent/Guardian of the student. The loan will be covered under the Credit Guarantee Fund scheme for Skill Development (CGFSSD) No collateral or third party guarantee is required |
Moratorium |
If Course duration up to 1 year: Moratorium is 6 months from the date of completion of course. If course duration is above 1 year: Moratorium is 12 months from the date of completion of course. |
Repayment |
Loan amount up to Rs 50000: up to 3 years |
4. VIDYA TURANT – EDUCATION LOAN SCHEME GUIDELINES Click Here to Apply
Purpose |
To provide hassle free education loan to meritorious students who are pursuing their higher studies in select institutions viz., Selected IIMs/IITs/NITs/IISc /ISB (Hyderabad & Mohali) and other reputed institutes |
Student eligibility |
Indian National |
Quantum of Finance |
Category A Institute: Students of ISB, Hyderabad & Mohali Limit up to Rs 50.00 lacs. Category B institute Students of IIMs. Limit up to Rs 40.00 lacs. Category C institute: All other institutions other than A and B Limit up to Rs 30.00 lacs. |
Rate of interest |
Click Here for latest ROI |
Margin |
NIL |
Security |
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Upfront / Processing Fee
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Nil |
Repayment |
Repayment of the loan will be in equated monthly Installments up to a maximum of 15 years excluding the moratorium period ( i.e., course period plus one year).
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5. VIDYA SHAKTHI – EDUCATION LOAN SCHEME GUIDELINES
Purpose |
To assist the PWD category students who are in need of education loan for pursuing the special devices courses in India. Education loans for abroad studies will be as per the guidelines of IBA Model Education loan/Skill loan scheme.
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Student eligibility |
Student should be an Indian National with physical disability to the extent of 40% or more.
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Quantum of Finance |
Need based finance shall be considered subject to the following conditions.
For degree Courses :
Max: Rs 7.5 lakhs
Vocational/Certificate/Diploma courses/Skill loan : Max Rs 1.50 lakhs. Note : Loans beyond the limits mentioned above are to be sanctioned under IBA’s Model Education Loan scheme.
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Rate of interest |
Click Here for latest ROI |
Margin |
Up to 4 lakhs: nil Above 4.00 lakhs: 5%. However Scholarship/ assistantship if any, will be considered as margin.
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Security |
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Upfront / Processing Fee
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NIL Including Vidya Lakshmi portal referral fee. |
Repayment |
Repayment of the loan will be in equated monthly Installments up to a maximum of 15 years excluding the moratorium period ( i.e., course period plus one year). For skill development loan, 3 to 7 years depending upon the loan quantum. |
6. VIDYA SAHAY – EDUCATION LOAN SCHEME GUIDELINES
Purpose |
To assist the needy and meritorious students who are in need of the down payment to be made to the CET/counseling Authorities at the time of selection / counseling |
Student eligibility |
Students who appeared in common entrance test conducted by respective state governments, CBSE, IIT and such other all India examination and selected for counseling.? Indian National. ? Students should have cleared the previous qualifying exam.? Address and ID Proof to be provided at the time of sanction of Bridge Loans for complying with KYC norms |
Quantum of Finance |
Maximum eligible amount would be Rs.1 Lakh or initial payment as proposed by the CET Authorities whichever is less. |
Rate of interest |
Click Here for latest ROI |
Margin |
Nil |
Security |
Loan granted jointly with parent/guardian and student |
Upfront / Processing Fee
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Nil |
Repayment |
Loan is to be cleared after sanction of regular education loan. |
7. EMI Calculator
EMI Calculator |
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