|
 |
Education Loan |
A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.
Eligible Courses
All courses having employment prospects are eligible.
Graduation courses/ Post graduation courses/ Professional courses
Other courses approved by UGC/Government/AICTE etc.
Expenses considered for loan
Fees payable to college/school/hostel
Examination/Library/Laboratory fees
Purchase of Books/Equipment/Instruments/Uniforms
Caution Deposit/Building Fund/Refundable Deposit
Travel Expenses/Passage money for studies abroad
Purchase of computers considered necessary for completion of course
Cost of a Two-wheeler upto Rs. 50,000/-
Any other expenses required to complete the course like study tours, project work etc.
Amount of Loan
For studies in India, maximum Rs. 10 lacs
Studies abroad, maximum Rs. 20 lacs
Interest Rate
For loans upto Rs.4 lacs - 12.75% p.a. Floating
For loans above Rs.4 lacs - 13.75% p.a. Floating
Processing Fees
No processing fee/ upfront charges
Deposit of Rs. 5000/- for education loan for studies abroad which will be adjusted in the margin money
Repayment Tenure
Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier.
| Place of Study |
Loan Amount |
Repayment Period in Years |
| In India |
Up to Rs. 7.5 lacs |
5-7 |
| Above Rs. 7.5 lacs |
5-10 |
| Abroad |
Up to Rs. 15 lacs |
5-7 |
| Above Rs. 15 lacs |
5-10 |
Security
| Amount |
Studies In India |
Studies Abroad |
| Upto Rs. 4 lacs |
No Security |
No Security |
| Above Rs. 4 lacs to Rs. 7.50 lacs |
Suitable third Party Guarantee |
Suitable third Party Guarantee |
| Above Rs. 7.50 lacs to Rs. 10 lacs(India)/ Rs. 15 lacs(Abroad) |
Tangible Collateral security for full value of loan |
Tangible Collateral security of suitable value of loan or suitable third party guarantee |
| Rs 15 lacs to Rs. 20 lacs |
---- |
Tangible Collateral security for full value of loan |
Margin
For loans up to Rs.4.0 lacs : No Margin
For loans above Rs.4.0 lacs:
Studies in India: 5%
Studies Abroad: 15%
Documentation Required
Completed Education Loan Application Form.
Mark sheets of last qualifying examination
Proof of admission scholarship, studentship etc
Schedule of expenses for the specified course
2 passport size photographs
Borrower´s Bank account statement for the last six months
Income tax assessment order, of last 2 years
Brief statement of assets and liabilities, of the Co-borrower
Proof of Income (i.e. Salary slips/ Form 16 etc)
* Conditions Apply
Download Form
Click Here To Register Online
|
|
|
