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Courses Eligible
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Graduation courses BA, B.Com, B.Sc., etc, Post Graduation courses : Masters & PhD, Professional courses, Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer Education, etc., Computer certificate courses of reputed institutes accredited to Dept. of Electronics or Institute affiliated to the Universities.
Courses like ICWA, CA, CFA, etc. Courses conducted by IIM, IIT, IISc, XLRI, NIFT, etc.
Evening courses of approved institutes. Other courses leading to diploma/degree etc. conducted by the Colleges/Universities approved by the UGC/Govt/AICTE/AIBMS/ICMR etc. Courses offered by National Institutes and other reputed private institutions subject to obtaining prior approval from the Credit Dept.(Operations) HO.
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Graduation: For job oriented professional/technical courses offered by the reputed university.
Post graduation: MCA, MBA, MS, etc.
Courses conducted by CIMA-London, CPA in USA, etc.
Expenses considered for loan :
Fee payable to the Institution/hostel/examination fee, cost of books, travel expenses for studies abroad, purchase of computer, etc.
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Student Eligibility
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A Student of Indian Nationality is eligible to apply for the loan provided he/she has secured admission to the institution/college/university.
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Expenses Considered
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Tuition and other fees, Maintenance costs, books & equipments, Cost of passage (for studies abroad), Caution fund/building fund/refundable deposit
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Quantum of Finance
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Need based finance subject to repaying capacity of the parents/students with following margin and ceilings.
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Margin
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Upto Rs.4.00 lacs NIL. Above 4.00 Lacs, the following slabs apply.
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Security
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Loans upto Rs.4.00 lakhs: No security
Loans above Rs.4.00:
1) Collateral security equal to 100% of the loan amount
2) A guarantor acceptable to the bank
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Repayment
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To be repaid in 5 to 7 years.
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Holiday
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Study period of the course + 1 year or 6 months after getting the job, whichever is earlier.
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Interest Rate
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Loans upto Rs.4.00 lakhs 12%
Loans above Rs.4.00 lakhs 13%
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