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Career Loans |
Eligibility :
Courses
a) Studies in India
- Graduation
- Post-graduation including technical / professional courses with employment potential conducted by colleges / Universities approved by UGC / Govt./AICTE/Department of Electronics / IMC, autonomous institutions like IIT,IIM etc.
b) Studies abroad:
- Job oriented, technical / professional courses- (graduation / post graduation
Loan Details
Coverage of expenses
- Payment of course fees
- Purchase of books, equipments, instruments, uniform
- Payment of hostel fees, examination fees, study tours
- Passage expenses (for studies abroad)
Quantum
- For studies in India : Max. Rs.7.50 lacs
- For studies abroad : Max Rs.15.00 lacs
Margin :
- Upto to Rs.4.00 lacs - Nil
- Above Rs.4.00 lacs
for studies in India : 5%
studies abroad : 15%
Security :
Loan is given jointly to the student and parent /guardian
Assignment of future income of the student
- Upto Rs.4.00 lacs - No security.
- Above Rs.4.00 lacs upto Rs. 7.50 lacs - Satisfactory third party guarantee.
- Above Rs. 7.50 lakhs: Collateral security equal to 100% of the loan amount.
Rate of Interest
Rate of Interest : (Subject to changes as advised by Bank / RBI from time to time):
| 1. Student satisfying DRI norms (irrespective of quantum of loan) (DRI:annual income less than Rs 7200 p.a) |
4.00% |
| 2. Others |
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| Upto Rs.4 lakhs |
13.50% |
| Above Rs.4 lakhs upto Rs. 7.50 lacs |
11.25% |
| Above Rs. 7.50 lacs upto Rs. 15 lacs |
11.25% |
| Above Rs.15.00 lacs upto Rs.20.00 lakhs |
10.75% |
* for loans granted w.e.f. 9.7.2005.
Note :
1. 0.50 % concession in ROI for prompt servicing of interest during study period.
2. Reduction of 1 % for all courses in all slabs / category for girl students for loans granted from 1.12.2005 to 30.6.2008.
Repayment
Commences one year after completion of the course or six months after getting employment, whichever is earlier.
Loan with interest is repayable in equated monthly instalments within 5 to 7 years.
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