Eligibility Criteria: Studies in India:
Graduation: For job oriented professional / technical courses offered by reputed Universities.
Post Graduation: MCA, MBA, MS, etc.
Courses conducted by CIMA London, CPA in USA etc
Quantum of Loan:
Need based finance subject to repaying capacity of the parents/ students with following ceilings:
Studies in India: Maximum Rs 10.00 lacs
Studies abroad: Maximum Rs.20.00 lacs
For loan upto Rs 4.00 lacs: NIL
For loan above Rs 4.00 lacs:
Scholarship / Assistantship to be included in Margin.
Margin Money to be brought on year to year basis as and disbursements are made on a pro-rata basis
Rate of Interest:
|Loans Upto Rs. 4.00 lacs|
|For students of IIT / IIM||PLR - 1.00%|
|Other Professional Courses||PLR - 0.50%|
|Loan above Rs. 4.00 lacs|
|For Students of IIT / IIM||PLR|
|Other Professional Courses||PLR|
Girls students may be provided a special relief of 1.00% in all cases as above.
Application of Interest:
Simple rate of interest will be applied during course / moratorium period and thereafter the entire outstanding interest (if servicing of interest not done during moratorium period) will be added back to the principal account and compound interest (with monthly rest) will be applied in the account till liquidation of the entire loan.
0.5% rebate will be allowed during moratorium period in case interest is serviced regularly
Repayment Holiday / Moratorium is Course Period + 1 year (in case job is not obtained) or 6 months after getting job, whichever is earlier.
Loan to be repaid within a maximum period of 7 years after commencement of repayment.
For loan upto Rs 4.00 lacs: No collateral security is required.
For loan above Rs 4.00 lacs and upto Rs 7.50 lacs: Satisfactory third party guarantee is required.
For loan above Rs 7.50 lacs:
(a) Collateral security of suitable value.
(b) Co-obligation of parents / guardian / third party alongwith assignment of future income of the student for payment of instalments