The student should have cleared all qualifying examinations
The student should have secured minimum 60% marks (55% for SC/ST students) in the qualifying examinations.
The student should have completed HSC or its equivalent qualification
The student should have been admitted to a recognized college, institute or university in India or abroad.
College brochure stating the fee structure of the course
Proof of admission (admission or selection letter)
1) Graduate/post graduate diploma and degree courses offered by institutes, colleges or universities recognized by Government/UGC/CMR/AIBMS/AICTE etc.
2) ICWA, CFA, CA (regular and integrated) courses etc.
3) Courses that are conducted by IIMs, XLRI, NID, NIFT, IITs, IISc etc.
4) Government approved degree and diploma courses in the field of Civil Aviation, Aircraft Maintenance, Pre-sea training etc. (in India)
5) B.Ed, Nursing and teachers training courses (only degrees and diplomas) offered by institutions that are recognized by State Governments or the Central Government.
6) Courses offered by recognized foreign universities in the country.
7) Vocational and skill development courses
8) PhD, research courses, correspondence, off-campus, part time, partnership and certification courses are not eligible for this loan.
Rs.10 lakhs for pursuing courses in India
12.10% for loan amounts of Rs 4 lakhs or below
13.10% for loan amounts of Rs 4 lakhs – 7.50 lakhs
12.60% for loan amounts above Rs 7.50 lakhs
Only simple interest is charged during the repayment holiday or moratorium period.
Girl students get a concession of 50 bps on the interest rate (which includes 25 bps for SC, ST and women students) for all education loans. Physically challenged students get a concession of 0.50% for all education loans.
For loan amounts of Rs 7.50 lakhs or below, the repayment tenure is fixed at 10 years, excluding the moratorium period.
For loan amounts above Rs 7.50 lakhs, the repayment period is fixed at 15 years, excluding the moratorium period.
Moratorium period (repayment holiday)
Duration of the course plus 1 year or 6 months after getting employed.
There is no margin for loans up to Rs 4 lakhs. For loans above Rs 4 lakhs, the margin is 5% for pursuing courses in India and 15% for pursuing courses abroad.
For loans up to Rs 4 lakhs:-
No security apart from co-obligation of parents
For loans of Rs 4 lakhs - 7.5 lakhs:-
Suitable 3rd party guarantee or collateral equivalent to the loan amount along with co-obligation of parents is required as security.
For loans above Rs 7.5 lakhs:-
Security in the form of tangible collateral, co-obligation of parents and the assignment of the student's future income for making the instalment payment is required.
School, college, examination, hostel, laboratory and library fee
Travel expenses and passage money when studying abroad
Purchase of equipment, books, uniforms, instruments, computer (purchased at reasonable price)
Expenses involving study tours, thesis, project work etc. under the maximum limit permitted by the loan scheme.
Please note that caution or refundable deposit, building funds are not considered even if they are supported by relevant receipts.