| Courses Eligible
|
Institutions
offering courses should have approval of Central Govt. & State Govt./University
affiliation/Autonomous Institutes/AICTE/DOEACC.
|
| Student Eligibility
|
needy
and meritorious Indian students for pursuing studies from High School
onwards including graduation, technical and professional courses.
|
job
oriented courses at degree level and advanced studies in all areas for post-graduation.
|
| Expenses Considered
|
Payment
of fees to school/college and for purchase of books, hostel fees, examination
fees, etc.
|
| Quantum
of Finance
|
Need
based finance subject to repaying capacity of the parents/students with
following margin and ceilings.
|
| Margin
|
Upto
Rs.4.00 lacs NIL. Above 4.00 Lacs, the following slabs apply.
|
| Security
|
Upto
Rs.4.00 lacs Joint documentation with parents/guardian.
Above Rs.4.00 lacs Collateral security of suitable value or Co-obligation
of Third Party having required networth with Assignment of future income
of the student.
|
| Repayment
|
To be repaid in 5 to 7 years.
|
| Holiday
|
One
year both for principal & interest from the date of completion of course
or six months of getting a job whichever is earlier.(Interest
will be debited quarterly on simple basis during the repayment holiday/moratorium
period. After commencement of repayment,the accrued interest is added to
the principal amount and EMIs fixed on total outstanding amount.)
|
| Interest Rate
|
(1)
Student satisfying DRI norms (irrespective of quantum of loan)
(DRI:annual income less than Rs 7200 p.a) 4.00%
(2) Others -
Upto Rs.4 lakhs 11.75%
Above Rs.4 lakhs 12.75%
|
