Education Loan Scheme for pursuing Masters Degree

Purpose

Educational loan scheme for abroad studies from select top ranking Universities.

Loan Quantum

Collateral Coverage	Eligible loan quantum
100% and above	Minimum Rs7.50 lakh, Maximum no cap (as per project cost)
Less than 100%	Maximum Rs 100 lakh

Eligible Courses

Master Degree under STEM (Science, Technical, Engineering and Management) courses.

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)

Processing Charges

Collateral Security Coverage	Applicable processing charges
100% and above	0.50% of sanctioned limit with Maximum of Rs.10,000
Less than 100%	0.50% of sanctioned limit with Maximum of Rs.20,000

Security

Repayment tenure

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.

Expenses Considered

*The minimum competitive exam scores are stipulated as below,

SAT – 1250 & above

ACT – 26 & above

GRE – 300 & above

GMAT – 650 & above

Stipulated Loan Application with 2 passport size photos of applicant / Co-applicants or guarantor
KYC documents of applicant/ Co-applicants or guarantor
Proof of Identity
PAN CARD/Driver’s License/Voter ID /Passport/ Aadhar Card etc.,
Proof of Residence
Driver’s License/Voter Id/Passport / Aadhar Card / Electricity Bill/Telephone Bill etc., /Business Proof related GST and others.
Age proof of the applicant/ Co-applicants.
PAN card (photo copy)
Proof of admission to the course
Schedule of expenses for the course
Mark sheet of last qualifying examination
Proof of income/assets (if any)
Income Proof for Co-applicant/guarantor (if any)
Any other documents as required by Bank.

IBA skill loan scheme