- students pursuing school education from Nursery to standard XII.
- Should be an Indian national residing in India.
- Student should have secured admission to a Recognized school / High school / Jr. College (including CBSE / ICSE / State Board ) for any of the following courses.
- Stage I : Nursery to V th STD.
- Stage II : VI th to VIII th STD.
- Stage III : IX th to XII th STD.
- Evening courses of institutes approved by State / Central Govt.
- No minimum qualifying marks
- Loan to be granted in the name of father / mother of the student.
Coverage of expenses for
- Fee payable to college / school.
- Examination / Library / Laboratory fee.
- Fee and other charges payable to hostel
- Purchase of books / equipments / instruments / uniforms.
- Personal Computers / Laptops wherever required.
- Caution deposit / building fund / refundable deposit supported byInstitution bills / receipts.
- Cost of external coaching / tuition is not to be considered.
Quantum of Finance
- Need based finance subject to repayment capacity of parents.
- Maximum Rs.4.00 lacs
Margin
- Nil.
Repayment Period
- Loan for each yearly sub limit is repayable in 12 equal monthly instalments. First instilment to be due 12 months after first disbursement of each year's loan component.
- Interest to be serviced as and when applied during the moratorium period
- Option to repay the loan after moratorium by way of EMI is also available.
Repayment Capacity
- Total deductions from the income including the proposed instilment and interest should not exceed 60 % of total income.
Parents Residence
- The parents must be generally residing in the place for a minimum period of –3- years, except in the case of transferable job.
Security
- No security.
Freebies
- No exchange on Drafts issued in favour of school or student.
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.