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Education Loan And Other Priority Sector Loans

 

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

Indian National

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

Up to 7.5 Lakh:   ongoing  One Year MCLR+2.00 %

Above 7.5 Lakh:  ongoing One Year  MCLR+1.50 %

(RoI is subject to change)

0.50% concession  in ROI extended to girl students.

0.50 % concession for prompt repayment of interest during moratorium.

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

Loan is granted jointly with the parent/Guardians of the student.

Loan amount up to Rs.7.50 Lakhs :

No collateral Security,  loan will be covered under Credit Guarantee Fund Scheme for Education loans(CGFSEL) scheme subject to the conditions

Loan amount above Rs. 7.50 Lakhs:

Tangible Collateral security to cover at least 100% of the loan amount. 

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).

 

 

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

On-going One Year MCLR+1.50%

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
Loan amount above Rs 50000 and up to Rs 100000: up to 5years
Loan amount above Rs 100000: up to 7 years

 

VIDYA TURANT – EDUCATION LOAN SCHEME GUIDELINES

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 IIMs. Limit up to Rs 25.00 lacs.]

Category B institute:   Students of ISB, Hyderabad & Mohali Limit up to Rs 40.00 lacs.

Category C institute: All other institutions other than  A and B Limit up to Rs 20.00 lacs.

List of Institutes

Rate of interest

Ongoing One year  MCLR.

(RoI is subject to change)

Margin

Up to Rs. 4.00 lakhs          – Nil

Loan above Rs. 4.00 lakhs -  5%.

Scholarship/assistantship will be included in margin

 

Security

  • No collateral Security up to limits for institutions designated category wise  ( i.e. For students of IIMs Limits  up to Rs 25.00 lacs,  For students of ISBs,  Limits  up to Rs 40.00 lakhs and for students of all other institutions Limits  up to Rs 20.00 lakhs )
  • Assignment of future income of the student
  • Loan granted jointly with parent/guardian and student.

 

Upfront / Processing Fee

 

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).

 

 

 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.

 

Student eligibility

Student should be an Indian National with physical disability to the extent of 40% or more.

 

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.

 

Rate of interest

Ongoing One year  MCLR

(RoI is subject to change)

Margin

Up to 4 lakhs: nil

Above 4.00 lakhs: 5%.

However Scholarship/ assistantship if any, will be considered as margin.

 

 

Security

  • Assignment of future income of the student.
  • No collateral Security up to  a limit of Rs 7.5 lakhs.
  • Loan  granted jointly with parent/guardian and student .
  • Loans up to a limit of Rs 7.50 lakhs sanctioned are to be invariably covered under the Credit Guarantee Fund Scheme For Education Loans (CGFSEL) guarantee scheme.

 

Upfront / Processing Fee

 

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.

 

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

Ongoing One year MCLR+2.00% (Subject to change)

Margin

Nil

 

Security

Loan  granted jointly with parent/guardian and student

Upfront / Processing Fee

 

Nil

Repayment

Loan is to be cleared after sanction of regular education loan.