Education Loan


Purpose To meet the expenses for pursuing eligible education courses, which include – Tuition fee, Books and other Study materials / Stationery, Hostel charges and other related expenses, Airfare in case of Foreign study.
Eligibility Individual Student Jointly with Parent / Guardian
Other Eligibility:
1] Should have passed all previous examinations in one attempt.
2] Must have secured admission for the desired Course / Diploma / Degree / Post-Graduation at the approved University / Institute.
3] Courses include – Graduation, Post-graduation Medical courses i.e. Medical / Dental / Veterinary, etc. Engineering / Marine engineer. / Architecture etc. Agriculture, Management, Law, Pilot / Air-hostess training, IATA courses, Hospitality courses of an established / reputed Foreign University / Institute.
4] Courses conducted by reputed / well established Coaching classes. (Maximum Limit ₹. 2.00 lakh).
Maximum Loan Amount 1. Unsecured: Max. ₹ 5.00 lakhs (if Salary undertaking / Sec.49 / ECS Mandate through Salary account of Parent / Guardian) is available.
2. Secured: i) Course in India-Max. Rs.10.00 lakhs
ii) Course Abroad – Max. ₹ 20.00 lakhs for Foreign studies.
Margin Min. 5% on entire Study cost.
Repayment Period 1] In case of loan amount up to ₹ 2.00 lakhs [Clean], loan repayment will start immediately after one month from the date of 1st disbursement.
Maximum 5 years or considering the Age & remaining Service period of Guardian / Parent.
In case of loan amount above ₹ 2.00 lakhs- Borrower may choose option 2 or 3.
Option-[2] Maximum 5 years. Repayment of loan (EMI) will start immediately after one month from the date of first disbursement.
Option-[3] Maximum 5 years (60 EMIs), to start from 6 months after completion of the course or securing a job, whichever is earlier or considering the Age & remaining Service period / Business of Guardian / Parent.
During the period before repayment starts (i.e. moratorium period), interest is payable every month as and when applied to the loan a/c.
Rate of Interest 11.90%
Security Up to ₹. 2.00 lakhs: No Security required (0nly two Guarantors)
Above ₹. 2.00 lakhs to ₹. 5.00 lakhs- Life Insurance Policy in the name of Borrower. Assignment of LIP for Sum Assured equivalent to Loan amount, depending upon case to case basis.
Over ₹. 5.00 lakhs: 100% Security by way of Immovable Property or Financial Assets like Term Deposits, NSC, LIC policies having adequate Surrender value.
Guarantators Two Guarantors with adequate means and income acceptable to the Bank
Collaterals NOT REQUIRED
Processing Charge @ 0.75% of limit sanctioned
Subscription of Bank's Share Sec Loan 2.5% ,Unsec. Loans 5%
Pre-payment Charges NO PREPAYMENT CHARGES

Terms & Conditions Apply.
Visit nearest branch for more details.


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