Education Loan.

• Facility:
  
  • Term Loan or Overdraft.
  • Zero processing charges up to 4 Lakh.
• Pre-Payment Charges: Nil 
• Repayment:
  
  • For Loan up to Rs.10 Lakh: Up to 7 years (Excluding Moratorium Period).
  • For Loan up to Rs.15 Lakh: 10 years (Excluding Moratorium Period).
  • For Loan above Rs.15 Lakh: 15 years (Excluding Moratorium Period).
• Maximum Loan Amount:
  
  • Unsecured term loan up to Rs.4 lakh.
  • Secured Term Loan above RS.4 lakh and up to Rs.100 lakh.

 

• Studies in India (Indicative List)
  Approved courses leading to graduate/post graduate degree and PG diplomas conducted by recognized colleges/ universities recognized by University Grants Commission-India (UGC)/ Govt./ AICTE/ AIBMS/ ICMR. ICWA, CA, CFA IIMs. IITs, IISc, Regular Degree/ Diploma courses like Aeronautical, pilot training, shipping, etc., approved by Director General of Civil Aviation/ Shipping, if the course is pursued in India, Approved courses offered in India by reputed foreign universities.The above list is indicative in nature. Bank may approve other job oriented courses leading to technical / professional degrees, post graduate degrees / diplomas offered by recognized institutions under this scheme.

• Studies Abroad
  For job oriented professional / technical courses offered by reputed universities.-MCA, MBA, MS, etc. CIMA-London, CPA in USA etc, 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.

• Up to Rs. 4 Lakh
• • No collateral security will be taken. However, both the parents/ guardian will execute loan documents along with the student as joint borrower.
• Loan Amt Between 4 to 7.5  lakh
  
  • If the loan amount is above INR 4 lakhs and below INR 7.5 lakhs, a guarantor will be required for the education loan
• Above Rs. 7.5 Lakh
  
  • Any amount above INR 7.5 lakh will require tangible collateral to be pledged with the bank.
  • 100% tangible collateral security will be taken and Parents/ guardian to be joint borrower(s).

• Student Eligibility: The student should be an Indian National
• Joint Borrower: The joint borrower should normally be parents / guardian of the student. In case of a married person, joint borrower can be either spouse or the parents / parents-in-law.
• Have a confirmed admission in a recognized educational institute in India or abroad.
• Be between 18 to 35 years of age during loan application.
• Have a good academic record.
• Apply for the loan with a co-applicant who has a regular source of income.

• Unsecured Term Loan up to Rs.4 lakh: 10.50% P.A.(BPLR13.00% – 2.50%)
• Secured Term Loan above Rs.4 Lakh and up to Rs.25 lakh: 09.50 % P.A. (BPLR13.00% – 3.50%)
• Secured Term Loan above Rs.25 Lakh : 10.00% P.A.(BPLR13.00% – 3.00%)