Scheme for Education Loan for higher Education in India and Abroad

Purpose

• Approved courses leading to graduate/post graduate degree and PG diplomas conducted by recognized colleges / universities recognized by UGC / Govt. / AICTE / AIBMS / ICMR etc.
• Courses like ICWA, CA, CFA etc.
• Courses conducted by IIMs, IITs, IISc, XLRI. NIFT,NID etc.
• Regular Degree / Diploma courses like Aeronautical, pilot training, shipping, etc., approved by Director General of Civil Aviation / Shipping, if the course is pursued in India.
• Approved courses offered in India by reputed foreign universities.

The above list is indicative in nature. Bank may approve other job oriented courses leading to technical / professional degrees, post graduate degrees / diplomas offered by recognized institutions under this scheme

Studies Abroad

• 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.
• Degree / diploma courses like aeronautical, pilot training, shipping etc provided these are recognized by competent regulatory bodies in India / abroad for the purpose of employment in India / abroad.

Expenses considered for Loan

• Fee payable to college / school / hostel
• Examination / Library / Laboratory fee
• Travel expenses / passage money for studies abroad
• Insurance premium for student borrower, if applicable
• Caution deposit, Building fund / refundable deposit supported by Institution bills / receipts.
• Purchase of books / equipments / instruments / uniforms
• Purchase of computer at reasonable cost, if required for completion of the course,
• Any other expense required to complete the course - like study tours, project work, thesis, etc
• While computing loan required, scholarships, fee waiver etc.,if any available to the student borrower may be taken into account.
• If the scholarship component is included in the loan assessment, it may be ensured that the scholarship amount gets credited to the loan account when received from the Government

MAX. AMOUNT

• Studies in India and Studies Abroad : Upto Rs. 50.00 Lakh

ELIGIBLITY

• The student should be an Indian National
• Age Between 16 to 30 years
• Should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test / Merit Based Selection process after completion of HSC(10 plus 2 or equivalent). However, entrance test or selection purely based on marks obtained in qualifying examination may not be the criterion for admission to some of the post graduate courses or research programmes. In such cases, Bank will on its own criteria judge the employability and reputation of the institution concerned.

Joint Borrower

• The joint borrower should normally be parents / guardian of the student. In case of a married person, joint borrower can be either spouse or the parents / parents-in-law.

REPAYMENT

• Moratorium period = Course Period + maximum period of 1 year.

SURETIES - Two Guarantors

• Requirement of the loan will be in equated monthly installments for period of 7 years.