Should be an Indian national Secured admission to professional/technical courses through entrance test/selection process. Secured admission to foreign university/institution. No minimum qualifying marks.

Benefits

Very competitive rate of interest. Affordable terms and conditions. 1% concession in interest if interest is paid during moratorium period.

Features

Simple interest is charged at quarterly rests during repayment holiday/moratorium period. 1% interest concession is provided, if interest is serviced during the study period, provided where repayment holiday is specified for interest repayment under this scheme. No processing / upfront charges. No margin/security for loans upto Rs. 4/- lacs.

Documentation, Procedures & Forms

• D.P. note.
• Letter of co-obligation to be singed by borrowers/ parents/guardian/relative or friends.
• Other related documents securities offered. (if applicable)
• Stamped declaration/ an affidavit confirming that no loans are availed from other banks.

Rates & Fees

• Upto Rs. 4.00 lacs : TPLR
  
• Above Rs. 4.00 lacs : TPLR + 1%
  
• Simple interest to be charged at quarterly rest during the repayment holiday / Moratorium period.
  
• Penal interest @ 2% on overdue amount in the loan exceeding Rs. 2 lacs.
  
• 1% interest concession be provided for loaned if the interest is serviced during the study period when repayment holiday is specified for interest / repayment under the scheme.
  

Documentation Charges

• Upto Rs. 25000/- Nil
  
• Above Rs. 25000/- & upto Rs. 2 lacs Rs. 100/-
  
• Above Rs. 2.00 lacs & upto Rs. 5 lacs Rs. 750/-
  
• Above Rs. 5.00 lacs Rs. 1000/-
  
• Processing/upfront Charges : Nil
  

Terms and Conditions

Courses Eligible :

a. Studies in India :

School education including plus 2 stage.

• Graduation courses : All graduation courses.
  
• Post Graduation courses : Masters & Ph.D.
  
• Professional courses : Engineering , Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, Ayurved, Homeopathy, Physiotherapy.
  
• Computer certificate courses of reputed institutes accredited to Dept. of Electronics or institutes affiliated to university.
  
• Courses like ICWA, CA, CFA, CS.
  
• Courses conducted by IIM, IIT, IISc, XLRI, NIFT.
  
• Courses offered in India by reputed foreign universities.
  
• Evening courses of institutes approved by State/Central Govt./UGC/ Universities.
  
• Other courses leading to diploma / degree etc. conducted by colleges / universities approved by UGC / Govt. / AICTE / AIBMS / ICMR / ICAR.
  
• Courses offered by National Institutes and other reputed private institutions.

b. Studies abroad :

• Graduation : For job oriented professional/technical courses offered by reputed universities.
  
• Post graduation : MCA, MBA, MS.
  
• Courses conducted by CIMA - London, CPA in USA.

Expenses considered for loan

• Fee payable to college / school / hostel. Examination / Library / Laboratory fee.
• Purchase of books / equipments / instruments / uniforms.
  
• Caution deposit / building fund / refundable deposit supported by Institution bills / receipts.
  
• Travel expenses / passage money for studies abroad.
  
• Purchase of computers - essential for completion of the course.
  
• Any other expense required to complete the course - like study tours, project work, thesis, etc.

Quantum of Finance

Need based finance subject to repaying capacity of the parents / students with margin upto the following ceilings.

• Studies in India - Maximum Rs. 7.50 lacs
  
• Studies abroad - Maximum Rs. 15.00 lacs

Margin

• Upto Rs. 4.00 lacs : Nil
  
• Above Rs. 4.00 lacs : Studies in India : 5%
  .............................: StudiesAbroad : 15%
  
  Scholarship / assistantship to be included in margin.
  Margin may be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis.

Security

• Upto Rs. 4.00 lacs : No security.
  
• Above Rs. 4.00 lacs : Collateral security equal to 100% of the loan amount or co-obligation of parent/ guardian/third party along with the assignment of future income of the student for payment of installments.

Note :-

• The document should be executed by both the student and the parent / guardian.
  
• The security can be in the form of land / building / Govt. securities / Public Sector Bonds / Units of UTI, NSC, KVP, LIC policy, gold, shares / debentures, bank deposit in the name of student / parent / guardian or any other third party with suitable margin.
  
• Wherever the land / building is already mortgaged, the unencumbered portion can be taken as security on second charge basis provided it covers the required loan amount.
  
• In case the loan is given for purchase of computer the same to be hypothecated to the Bank.

Repayment

• Repayment holiday/ moratorium : Course period + 1 years
  or
  
• 6 months after getting job, whichever is earlier.

Complaints and Grievance Center

• Respective Regional/Zonal offices.