These loans are specifically offered for the pursuit of academics in
recognized schools, colleges and various other educational institutions,
both in India and abroad. You may avail of this loan facility to meet:
Fees
payable to college/school/hostel
Examination/Library/Laboratory fees
Purchase of Books/Equipment/Instruments/Uniforms
Caution Deposit/Building Fund/Refundable Deposit
Travel Expenses/Passage money for studies abroad
Purchase of computers considered necessary for completion of course
Eligibility
Any
student who is an Indian national.
Has
secured admission to a professional or a technical course through an
Entrance Test or any other Selection process.
Has
secured admission to a foreign University or Institution.
Loan Amount
The
loan amounts financed are need-based and subject to the conceerned
parents and/ or students repaying capacity and the following
ceilings:
Education in
India : A Maximum of Rs.7.50 lacs
Education Abroad
: A Maximum of Rs.15.0 lacs
Documents Required
The
mark sheets of last qualifying examinations for school and graduate
studies in India.
The
proof of admission scholarship, freeship, studentship etc.
The
Schedule of expenses for the specified course
The
copies of letters confirming scholarships, etc.
The
copies of foreign exchange permits, if applicable
2
passport size photographs
The
borrower's Bank account statement for the last six months
Income tax assessment order, not more than 2 years old
A
brief statement of assets and liabilities, of the borrower
Proof of Income (i.e Salary slips/ Forms 16 etc)
Margin
For
loans up to Rs.4.0 lacs : No Margin
For
loans above Rs.4.0 lacs:
» In the case of
Education in India, the margin is 5%
» In the case of
Education Abroad, the margin is 15%
Repayment Holiday
Duration of the course period PLUS one year or six months after
getting a job - whichever is earlier.
Repayment
The
loan then needs to be repaid in 5-7 years after the commencement of
repayment.
Important
Since the rules, regulations, eligibility conditions, repayments and
interests rates etc. are revised by the banks from time to time in keeping
pace with the changing capital market conditions, students and parents are
advised to thoroughly check the terms and conditions of educational loan
scheme on offer at the time of application.