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Student should be an Indian National. Should have completed previous qualifying examination. Secured admission to professional/ technical courses in India or Abroad through Entrance Test/Merit Based Selection process. Person already in gainful employment are not eligible for loan under the scheme except for pursuing evening course covered under the scheme of approved institute.
b. Studies abroad
Graduation: For job oriented professional/ technical courses offered by reputed universities Post Graduation : MCA, MBA, MS etc
Other conditions: The courses eligible for financial assistance under the scheme should be conducted by the colleges/ universities/ institutions which are either recognized by the government /affiliated to a university/deemed university or conducted by autonomous institutions like IIT, IIM etc or approved by AICTE /accredited to Department of Electronics, Government of India, courses offered by reputed universities/institutions abroad. Correspondence courses / computer part time /certificate courses are not eligible for finance under the scheme. Expenses considered for loan
Fee payable to college/school/hostel Examination/Library/Laboratory fee Purchase of books/equipments/instruments/ Uniforms Caution deposit* Travel expenses/ passage money for studies abroad Purchase of computers - essential for completion of the course Insurance premium for student borrower Any other expense required to complete the course - like study tours, project work, thesis etc.
* building fund/refundable deposit supported by Institution bills/ receipts stands deleted Quantum of Finance Need based finance subject to repaying capacity of the parents/students with margin and the following ceilings: Studies in India - Maximum up to Rs.10 lakhs Studies in Abroad - Maximum up to Rs.20 lakhs Margin Up to Rs.4 lakhs - Nil Above Rs.4 lakhs - Studies in India 5% Studies abroad 15% - Scholarships / assistantship to be included in margin - Margin may be brought-in on year-to-year basis as and when disbursement are made on a pro-rata basis Security
Up to Rs.4 lakhs : Co-obligation of parent/s. No other collateral Security Above Rs.4 lakhs and upto Rs.7.50 lakhs : Co-obligation of parents together with collateral security in the form of suitable third party guarantee. Above Rs.7.5 lacs : Co-obligation of parents together with tangible collateral security along with the assignment of future income of the student for payment of installments
Note:
The loan documents should be executed by both the student and the parent/guardian as joint-borrower The security can be in the form of land/building/ Govt. securities/Public Sector Bonds/Units of UTI, NSC, KVP, life policy, gold, shares/mutual fund units/ debentures, bank deposit in the name of student/ parent/ guardian or any other third party with suitable margin. Wherever the land/building is already mortgaged, the unencumbered portion can be taken as security on second charge basis provided it covers the required loan amount with prescribed margin of 35% In case the loan is given for purchase of computer, the computer has to be hypothecated to the Bank.
Rate of interest As prescribed from time to time With effect from 1st July, 2008 as follows: Upto Rs.7.5 lakh : 11.75% Above Rs.7.5 lakh (Secured) : 11.50%
Simple interest to be charged during the Repayment holiday/Moratorium period 1% interest concession may be provided for loanees if the interest is serviced as and when debited. Appraisal / Sanction / Disbursement The loan to be sanctioned as per delegation of powers preferably by the Branch nearest to the place of domicile of parents
Repayment Repayment holiday/Moratorium: Course period + 1 year, or 6 months after getting the job, whichever is earlier The loan has to be repaid within a maximum period of 10 years after completion of repayment holiday period. Insurance The student borrower may be covered under the Banks insurance scheme Corp Suraksha. Processing Charges No processing/upfront charges shall be collected on educational loan for studies in India. For studies abroad, processing charges @ 1% of total loan limit sanctioned may be collected for fresh loan. These charges are scheme specific & inclusive of applicable Service Tax Other Conditions: a. Multiple loans In case of receipt of application for more than one loan for student borrower from a family, the family as a unit has to be taken into account for considering the loan and security taken in relation to the total loan limit sanctioned, subject to margin and repaying capacity of the parent/student. b. Take over of loans from other Banks
Student should avail education loan from any one Bank/branch. Take over of education loan availed with other bank is not permitted. Co-obligant The co-obligant should be parent[s]/guardian of the student borrower. In case of married person, coobligant can be spouse or the parent[s]/parent-in-law Disposal of application Loan applications have to be disposed off within a period of 7 days of receipt of application complete in all respects Also See Public Sector Banks to offer Insurance linked Education Loans
Student Loans For Studies in India Student Loans for Studies Abroad Eligibility for getting A Student Loan