The scheme provides financial assistance to deserving students to undertake basic education and to the meritorious students to pursue higher professional\technical education in India and abroad.

Purpose

• To meet the tuition and other fees / Examination / Library / Laboratory fee / cost of books / purchase of Computers / equipment / instruments / uniforms and the cost of passage for studies abroad.
• Caution Deposit / building fund / refundable deposit supported by institution bills / receipts can be financed.
• Any other expenses required to complete the course like study, tours, project work, thesis etc. also be financed.

Eligible Courses

Studies in India

• School Education including plus 2 stage.
  
• Graduation courses, BA, B.Com, B.Sc. etc.
  
• Post Graduation Courses, Masters and Ph. D.
  
• Professional courses like Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.
  
• Other courses leading to diploma, degree etc.
  
• Courses offered by National Institutes and other reputed private institutions.
  
• Evening courses of approved institutions.
  
• Courses offered in India by reputed foreign universities.
  
• Computer Certificate courses of reputed institutes accredited by Department of electronics or institutes affiliated to Universities.
  
• Courses like ICWA, CA, CFA etc.
• Courses conducted by IIM, IIT, IISC, XLRI, NIFT etc.
  

Studies abroad

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

Persons Eligible

No minimum mark in the qualifying examination is stipulated.

• The student should be an Indian National and
  
• Have secured admission to professional / technical courses........ through entrance test / selection process.
  
• Have secured admission to foreign university institution.

Borrower : Student and parent / guardian jointly.

In the case of employed students / professionals, loans can be granted in individual names, with suitable guarantee.

Loan Amount

• For studies in India Rs. 10 lacs.
  
• For studies abroad Rs. 15 lacs
  

Margin

• Upto Rs. 4 lacs - Nil
  
• Above Rs.4 lacs -
  • Studies in India - 5%,
  • Studies abroad -15%

Repayment

To commence 1 year after completion of course or 6 months after getting job, whichever is earlier. The loan is to be repaid in 5-7 years after commencement of repayment.

Security

• For loans above Rs.4 lacs collateral security equal to the loan amount or co-obligation of parents / guardian / third party along with assignment of future income of the student for payment of installments may be obtained.
• Security can be in the form of land / building / Govt. securities / public sector bonds / units of UTI, KVP, LIC Policy, gold, shares / debentures, bank deposit in the name of student / parent / guardian or any other third party with suitable margin.

Papers to be submitted to the Bank

• Two copies of passport size photographs.
  
• Testimonials in original form from the head of the institution and from one or two other respectable persons not related to the student.
  
• Proof of admission to the course.
  
• Schedule of expenses for the course.
  
• Copies of foreign exchange permit (if applicable)
  
• Copy of salary slip / statement of income of parent \guardian.

For Mortgage of Property

• Original and prior title deeds.
  
• Latest tax receipts.
  
• Possession certificate.
  
• Encumbrance certificate for the last 15 years from the Sub Registrar.
  
• Title clear certificate from the banks approved advocate.
  
• Valuation report from the banks approved valuator.