Studies in India(Indicative list): Approved courses recognized by UGC/Govt./AICTE/AIBMS/ICMR etc.
Studies abroad: For job oriented professional/technical courses offered by reputed universities. Marks scored in qualifying examinations then the cut off marks for loan eligibility is 50%.Meritorious Students admitted under Management Quota are also eligible for loan.
Letter of admission
Filled in Loan Application Form
2 passport size photographs
Statement of cost of study
PAN Card of the student and Parent/Guardian
AADHAR Card of the student and Parent/Guardian
Proof of identity (Driving Licence/Passport/Aadhar/any photo identity)
Proof of residence (Driving Licence/Passport/Electricity bill/Telephone bill)
Student/Co-borrower/guarantor's bank account statement for last 6 months
IT return/IT assessment order, of previous 2 years of Parent/Guardian/other co-borrower(if Payee)
Brief statement of assets & liabilities of Parent/Guardian/other co-borrower
Proof of income (i.e. salary slips/Form 16) Parent/guardian/other co-borrower
Study in India: Up to Rs.20 Lac depending on the Institute. (List of the Institutes is available on Bank’s website.)
Study abroad: Rs.50 Lac.
Up to Rs 7.50 lakh - Within a maximum period of 10 years
Above Rs 7.50 lakh - up to 15 years
For studies in India: For loan amount above Rs.10.00 Lac -- 0.15%, maximum of Rs.3000/-
For studies abroad: For loan amount above Rs.20.00 Lac -- 0.10%, maximum of Rs.5000/-
Up to Rs.4 Lac: Nil
Above Rs.4 Lac in India—5%
Above Rs.4 Lac in abroad—15%
The loan documents should be executed jointly by the student and the parent (s)/guardian as joint-borrower.
Up to Rs.4 Lac – no collateral security
Above Rs.4 Lac – (depending on the Course/Institutes) security varies from third party guarantee, co-obligation of parents, full collateral security
Need based finance subject to the repaying capacity of the parents
Maximum limit of the quantum of finance - Rs.1 lac, including all types of expenses or any of the expenses under the scheme as mentioned above
Net combined income of the parents'/guardians' should be above 40% of gross income, after considering the EMI of the proposed loan.