Objective

The scheme aims at providing financial assistance on reasonable terms

1. To the poor and needy to undertake basic education.
2. To the meritorious students to pursue higher education.
3. To employed persons for improvement in their educational qualifications and/or to receive training in modern technology in India/abroad provided NOC from present employer is obtained.
   

Course Eligibility

a) Studies in India :School education including plus 2 stages:

Graduation courses -

• B.A., B.Com., B.Sc. etc.:

Post Graduation courses -

• Masters & Ph.D.:

Professional courses -

• Engineering, Medical, Agriculture, Veterinary, Law,
• Dental, Management, Computer etc
• Computer Certificate course of reputed institutions accredited to Department of Electronics or Institutions affiliated to University.
• Courses like ICWA, CA, CFA, etc
• Courses conducted by IIM, IIT, IISc, XLRI, NIFT etc
• Courses offered in India by reputed Foreign Universities
• Evening courses of approved institutions
• Other courses leading to Diploma/Degree etc. conducted by Colleges/Universities approved by UGC/Govt./AICTE/ICMR etc.
• Courses offered by National Institutes and other reputed private institutions.
• Any other institution courses depending on future prospects/ recognition by user institutions deemed proper by the Bank.

b) Studies Abroad :·

Graduation :

• For job oriented professional/technical courses offered by reputed Universities.·

Post Graduation :

• MCA, MBA, MS. etc.·
• Courses conducted by Chartered Institute of Management Accountants (CIMA) - London, Chartered Public Accountant (CPA) - USA etc.
  

Students Eligibility

• Should be an Indian National.
• Secured admission to Professional/Technical courses through Entrance Test/Selection Process.
• Secured admission to Foreign University/Institutions.
  

Expenses Considered for Loan

• Fee payable to College/School/Hostel. **·
• Examination/Library/Laboratory fee.
• Purchase of books / equipment's / instruments / uniforms .**
• Caution deposit/building fund/ refundable deposit.
• Travel expenses/passage money for studies abroad. **
• Purchase of computers - essential for completion of the course.·
• Any other expenses required to complete the course - like study tours, project work thesis etc.
• To meet insurance premium for the policy on the life of the student. **·

** Reimbursement of these expenses already incurred/loan taken from identified sources (to meet the contingencies) by the applicant on merits is allowed, subject to production of original receipts within one month if applicant has secured admission in India and within six weeks if the applicant is going abroad.

Quantum of Finance

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

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

Margin

• Upto Rs. 4 lacs - No margin
• Above Rs. 4 lacs - In India 5%
• Studies abroad 15%

* Scholarship assistance 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 lacs No security.
• Only to take co-obligation of either or both parents/guardian.
• Above Rs. 4 lacs & Collateral security equal to 50% of upto Rs. 8 lacs loan amount or guarantee/co-obligation of third person known to Bank for 100% of the loan amount.
• Above Rs. 8 lacs & Collateral security equal to 50% of upto Rs. 15 lacs Rs. 8 lacs plus 100% for the balance amount or guarantee/co-obligation of third party known to Bank for 100% of the loan amount.
  

Rate of Interest *

• Up to Rs. 4 lacs - PLR
• Above Rs. 4 lacs upto Rs. 8 lacs - PLR + 0.5%
• Above Rs. 8 lacs upto Rs. 15 lacs - PLR + 1%