Purpose

Fee payable to college/ school/ hostel/Examination/ Library/ Laboratory fee etc. Insurance premium for student borrower, if applicable. Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts. Purchase of books/ equipment’s/ instruments/ uniforms/computer at reasonable cost, if required for completion of the course. Any other expense required to complete the course-like study tours, project work, thesis, etc.

Eligibility

• Should be an Indian national.
• Should have secured admission to a higher education course in recognized institutions in India through Entrance Test/ Merit Based Selection process after completion of HSC(10 plus 2 or equivalent).
• Cases of Management Quota may be considered on merit basis.
• Courses Eligible (For Study in India)
• Courses like ICWA, CA, CFA etc.
• Courses conducted by IIMs, IITs, IISc, XLRI. NIFT, NID etc.
• Regular Degree/Diploma courses like Aeronautical, pilot training, shipping Nursing or any other discipline approved by Director General of Civil Aviation/Shipping/ Indian Nursing Council or any other regulatory body as the case may be.
• Advance Diploma in Banking Technology offered by DBGB IIT Lucknow.
• Approved courses offered in India by reputed foreign universities.
• Research Programme recognized by designated academic authority/ regulatory body.

Quantum Of Finance

Need based Finance subject to repaying capacity of the parents/students. Reimbursement of fees paid within six months may be permitted on individual merits of the case.

Margin

• Up to Rs. 4 lac - NIL
• Above Rs. 4 lac - 5%
• Scholarship/ assistantship may be considered in margin.
• Margin may be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis.

Security

• UptoRs. 7.50 lakh: Co-obligation of parents/guardian as joint co-borrowers.
• No tangible Security and /or 3rd party guarantee is required.
• Above Rs.7.50 lakh: Co-obligation of parents/guardian as joint co-borrowers.
• Tangible collateral security of suitable value acceptable to bank.

Repayment Period

Maximum upto 15 years

Repayment Holiday/ Moratorium

Course period + 1 year

Prepayment Charges

NIL

Rate of Interest

Up to Rs.7.50 Lakh –MCLR+1.85=10.15%, Above Rs.7.50 Lakh –MCLR+2.45=10.75% (MCLR+0.95=9.25% If collaterally secured)

Processing Charges/ Upfront Fee

No processing/ upfront charges is to be collected on education loans for studies in India.

Documentation Charges

Documentation Charges: As prescribed by the Bank from time to time shall be recovered.