Education Loan

A Right Career Begins With
A Right Education.

Education Loan

Educational Loan: Students Going Abroad for Professional / Technical Studies

  • Students going abroad for Professional / Technical studies.
  • Should be Resident Indian.
  • Secured admission to professional / technical courses at Foreign University / Institutions.
  • No minimum qualifying marks required.

Course Eligible

  • Graduate / Post Graduate / Doctorate / Job oriented professional / technical courses offered by reputed Univerties overseas.

Coverage of Expenses

  • Admission /Tuition Fees to College / University.
  • Hostel / Mess charges.
  • Examination / Library / Laboratory fee.
  • Purchase of books / equipments / instruments / uniforms.
  • Personal Computers / Laptops wherever required.
  • Caution deposit / building fund / refundable deposit supported by Institution bills / receipts.
  • One way Travel expenses / passage money.
  • Purchase of computers if essential for completion of the course.
  • Any other expenses required to complete the course e.g. study tour, project work, thesis etc.
  • For Study Abroad (w.e.f.31.08.2012): Compulsory Insurance of the students and Insurance premium to be considered in project cost.
  • Reasonable lodging and boarding charges will be considered in case the student chooses / is required to opt for outside accommodation for hostel.
  • For caution deposit, building fund/refundable deposit supported by institution bills/ receipts should not exceed 10% of the total tuition fee for the entire course.
  • For purchase of books/equipment/ instruments/uniforms/computer at reasonable cost if required for the completion of course and any other expenses required to complete the course – like study tours, project work, thesis, etc. should not be exceed 20% of the total tuition fee for the entire course, If such type of expenses not include in fee structure/estimate of the college.

Margin

  • 15%

Quantum of Finance

  • Need based finance maximum Rs.20.00 lac

Repayment Holiday / Moratorium Period

  • For Loans up to Rs. 7.50 lac : Course period +Maximum 120 installments
  • For Loans above Rs.7.50 Lac: Course period +Maximum 180 installments
  • To commence after one year of completion of studies or six months after getting the job, whichever is earlier.

Security

  • Loan limit up to Rs. 4.00 lac :
    • No Security
    • Parents to be joint Borrowers
  • Loan limit above Rs. 4.00 lac to Rs. 7.50 lac :
    • Parents to be joint Borrowers
    • Third party guarantee of at least two persons having good net worth acceptable to Bank.
  • Limit above Rs. 7.50 lac :
    • Collateral security equal to 100% of the loan amount or co-obligation of parents / guardian / third party along with the assignment of future income of the student for payment of installments.
    • The document should be executed both by the student and parent / guardian.
    • The security can be in the form of land / building / Govt. Securities /Public sector Bonds / Units of UTI, NSC, KVP, Life Insurance Policy, Bank Deposits, Relief Bonds etc. standing in the name of student / parent / guardian or any other third party with suitable margin. Margin on securities to be considered as per extent guidelines of the bank.

Credit Information Report

  • Bank is authorized to make enquiries from any of the Credit Information Bureau and get the Credit Information Reports. Bank is also authorized to disclose from time to time any information relating to the loan to Credit Bureaus approved by Govt of India or Reserve Bank of India without any notice to the borrower.

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