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Education Loan Scheme

SALIENT FEATURES OF EDUCATION LOAN SCHEME AT VARIOUS BANKS

ELIGIBILITY CRITERIA

1)    Admission secured through Entrance Test/ Merit based selection/ seat granted under Management Quota.
2)    All courses recognised by UGC/AICTE/ Govt/ AIBMS / ICMR etc. ICWA,CA,CFA etc. IIT IIM, IISCXLRI, etc

QUANTUM OF FINANCE

1)    For studies in India Maximum 10.00 Lacs
2)    For studies abroad Maximum 20.00 Lacs

MARGIN MONEY

1)    Upto 4 lacs  NIL
2)    Above 4 lacs for studies in India 5%
3)    Above 4 lacs for studies in abroad 15%

SECURITY

a)    Upto 4 lacs -     No security

b)    Above 4 lacs -   Parents to be joint borrower

c)    Above 7.5 lacs   1) Parents to be joint borrower
                                        2) Third party Guarantee

d) Above 7.5 lacs      1) Parents to be joint borrower
                                        2) Tangible security of a suitable value
                                        3) Assignment of future income

INTEREST RATE

 Simple interest as decided by the Bank-please refer bank website for interest rate.

REPAYMENT

Six months or after one year of completion of course or after getting the job, whichever is earlier.

PAYMENT PERIOD

1)    For loans upto 7.50 lacs  upto 10 years
2)    For loans above 7.50 lacs upto 15 years

LOAN ALSO AVAILABLE FOR VOCATIONAL COURSES UNDER A DIFFERENT SCHEME

SALIENT FEATURES OF VOCATIONAL LOAN SCHEME AT VARIOUS BANKS

ELIGIBILITY CRITERIA

Have secured admission in a course run or supported by a Ministry /Dept./Organisation of the Govt. Or a company/ society / organisation supported by National Skill Development Corporation or State Skill Missions /State Skill Corporations, preferably leading to a certificate /diploma /degree, etc. issued by a Govt. Organization or an organization recognized / authorized by the Govt. to do so.

COURSES ELIGIBLE

Vocational / Skill development courses of duration from 2 months to 3 years.

MINIMUM AGE

There is no specific restriction with regards to the age of the student to be eligible for education loan.

QUANTUM OF FINANCE

Need based finance

For courses of duration upto 3 months              10,000/-

For courses of duration from 3 to 6 months       25,000/-

For courses of duration upto 1 year                  50,000/-

For courses of duration above 1 year               1,50,000/-

EXPENSES CONSIDERED FOR LOAN

1)    Tution / course fee
2)    Examination /Library / Laboratory fee
3)    Purchase of books, equipments and instruments

MARGIN

NIL

INTEREST RATE

Simple interest as decided by the Bank-please refer bank website for interest rate.

PROCESSING CHARGES

NIL

SECURITY

No collateral or third party guarantee will be taken. However, the parent will execute loan document alongwith the student borrower as joint borrower.

MORATORIUM PERIOD

Upon completion of the course, repayment will start after moratorium period as indicated below:-

For courses of duration upto 1 year--6 months from the completion of the course.

For courses of duration above 1 year –12 months form the completion of the course.

REPAYMENT

The loan will be repaid after the moratorium period in Equated Monthly Installments (EMIs) as follows:-

Loan upto 50,000/-                                              upto 2 years
Loans between 50,000/- to 1 lac                    2 to 5 years
Loans above  1 lac                                               3 to  7 years          

 

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