- Quicker processing
- Loan can be availed for higher studies in India & Abroad excluding vocational training & skill development study courses.
- Loan amount up to Rs.20 Lakhs for studies in India and Rs.25 Lakhs abroad
- No security is needed Up to Rs 4 Lakhs.
- Minimal paperwork
- No repayment during Moratorium period
- Repayment can be made in easy EMIs
Who can apply?
- Applicant should be an Indian citizen
- Proof of admission to the proposed course/ programme
- Age- Minimum 18 years & maximum 45 years
- Net worth -Minimum double the loan amount (combined with co-obligants)
- Proof of Identity (Passport / Voters ID card/ Driving License/PAN Card)
- Address Proof
- Photograph of applicant & guardian
- Mark list of qualifying examination
- Proof of income of guardian
- Details of admissible expenditure of course
- Evidence for selection to the course of study
Terms and Conditions
Quantum of Finance:
- Age of guardian not to cross 60 during the currency of loan (if post retirement income justifies there is relaxation). If age crosses 60, an additional guarantor with same eligibility. Guardian can be father, mother, brother, sister, etc.
- Initial expenses will be released at the time of admission other exp at the beginning of each semester/year.
- Cost of computer for home assignment also can be included.
- Periodical interest should be serviced during the course period and subsequent cushion period.
- The outstanding balance at the end of moratorium period shall be repaid in equated monthly instalments over a period of maximum 5 years.
- If the borrower is discontinuing the educational programme, the loan shall be closed immediately.
- Even if the student fails for the course and is not in a position to obtain degree or diploma within the period of completion of the course, the repayment of loan should be made.
Pledge of Bank's own deposit
NSC (Present Value)
Units of UTI (US 64 & GUIS) value
Shares/Debentures(quoted above par)
|50% (Present value or the average for the last twelve weeks whichever is lesser)|
LIC (Surrender Value)
Pledge of Gold ornaments of 22 Ct.fineness
|Equitable Mortgage of Land||50%|