Should have secured admission to professional/technical courses 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, appropriate criteria will be adopted based on the employability and reputation of the institution concerned.
Certified copies of records of past academics which includes mark sheets, convocation certificates, diploma/degree certificates etc.
Details of syllabus and course along with schedule of charges involved in the course.
Copy of application and appraisal form.
Written testimonials from two faculty members of the institution last studied with.
Copies of IT/WT assessment orders of all the co borrowers including the student if he is also an assessed.
For overseas studies, passport copies, visa, valid proof of admission from the institute, details pertaining to scholarship/assistance is required.
Form 111 of the parent/guardian/grandparent/student upon request.
Report on valuation of the property pledged as collateral security.
Various stamped forms as required by the bank.
1) Studies in India:- Regular Degree/Diploma courses like aeronautical, pilot training, shipping, degree/diploma in nursing or any other discipline, approved by Director General of Civil Aviation/Shipping/Indian Nursing Council or any other regulatory body as the case may be, if the course is pursued in India.
2) Studies abroad:- 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.
3) Expenses eligible for finance:- Purchase of computer at reasonable cost essential for completion of the course.
Up to Rs.4 lacs
Male Students- Base Rate + 3.25%
Female Students-Base Rate + 2.75%
Loans above 4 lacs
Male Students-Base Rate + 4.25%
Female Students-Base Rate + 3.75%
The bank provides substantially higher loan repayment tenure options when compared to other banks in this segment. Repayment of loan amount (including interest charges accrued during the holiday period) is payable in Equated Monthly Installments (EMIs) as below.
Tenure of up to 10 years for loan amount up to 7.50 lacs.
15 years for all other amounts above this limit.
Holiday Period is applicable on the basis of course period + 1 year or 6 months after securing employment, whichever occurs earlier.
An extension for a maximum of two years is permitted if the student is unable to complete the course within the stipulated time.
1) The contribution from the borrower for loans up to Rs.4 lacs is nil. For all other loans above this limit, the required margin is 5% in case of inland studies and 15% for all overseas courses.
2) The borrower can include scholarships in their share as margin.
3) Meritorious/deserving students can be eligible for reduction in margin for a minimum of 3% & 8% for studies in India & abroad respectively.
4) Margin can be laid out on a year to year basis or/and when disbursements are made by the bank on pro rata basis.
Loan amount up to Rs.4 Lacs
No security required. Co obligation of parents/grandparents is a requisite.
Amount from Rs.4 lacs to Rs.7.50 lacs
Co obligation of parents/grandparents is a requisite.
Collateral security by means of a guarantee from third party.
Borrowing over 7.50 lacs
Co obligation of parents / grandparents is mandatory.
Tangible collateral security commensurate to the loan amount.
Assignment of further income of the student towards repayment
Married applicants can introduce their spouse or in laws as joint borrowers.
The loan documents will be executed in the names of the student & co borrowers (parents, grandparents, spouse, guardian)
The security includes both tangible and intangible assets such as land, building, Govt. securities, public sector bonds, NSC, KVP, LIC policy, jewels, bank deposit which should be in the name of the student, co borrowers or third party guarantor.
Students from the EWS (Economically Weaker Section) with a gross family income of Rs 4.50 lacs per annum are eligible for subsidy on interest rates during the period of moratorium on education loan issued under select schemes from Ministry of HRD, Govt. of India.
This subsidy is only applicable for professional and technical courses after 10 + 2.