|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
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- Maximum 5 years. Repayment of loan (EMI) will start immediately after one month from the date of first disbursement.
Option- 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.
|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|
|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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