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  • No Collateral for loan upto Rs 7.50 Lakhs.
  • Lower Rate of Interest.
  • Reducing Balance Interest Rate.
  • No Prepayment penalty.
  • Quick processing and Disbursement.
Loan Quantum
  • Need-based finance
  • Students may submit their loan applications either at the bank branches near the residence of parents or bank branches near the educational institution where they are studying.
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.
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 :
  • Loan amount: Upto Rs 7.50 Lakhs
  • Security: No collateral Security, loan will be covered under Credit Guarantee Fund Scheme for Education loans(CGFSEL) scheme subject to the conditions.
  • Loan is granted jointly with the parent/Guardians of the student.
  • Loan amount: Above Rs 7.50 Lakhs
  • Security: Tangible Collateral security to cover at least 100% of the loan amount.
  • Loan is granted jointly with the parent/Guardians of the student.
  • Management Quota :
  • Loan amount: Upto Rs 4.00 Lakhs
  • Security: Loan is granted jointly with the parent/Guardians of the student
  • Tangible Collateral security to cover at least 50% of the loan amount
  • Loan amount: Above Rs 4.00 Lakhs
  • Security: Tangible Collateral security to cover at least 100% of the loan amount.
  • Loan is granted jointly with the parent/Guardians of the student.
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).
  • No prepayment penalty will be levied for prepayment of loan at any time during the repayment period.
Expenses considered for loan
  • Course Fee payable to college/school/hostel.
  • Examination/Library/Laboratory fee.
  • Travel expenses/passage money for studies abroad.
  • Insurance premium for student borrower, if applicable.
  • Caution deposit, building fund/refundable deposit supported by Institution bills/receipts.
  • Purchase of books/equipments/instruments/uniforms.
  • Purchase of computer at reasonable cost, if required for completion of the course.
  • Any other expense required to complete the course subject to ceiling.
  • Student should be an Indian National.
  • NRI Students holding valid Indian passport.
  • 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).
  • Copy of land records.
  • Any other documents as required by Bank.
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Last updated on 11-08-2023 03:33 PM

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