A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.
Eligible Courses :
All courses having employment prospects are eligible.
a . Graduation courses/ Post graduation courses/ Professional courses
b . Other courses approved by UGC/Government/AICTE etc.
Expenses considered for loan :
- Fees payable to college/school/hostel.
- Examination/Library/Laboratory fees.
- Purchase of Books/Equipment/Instruments/Uniforms.
- Caution Deposit/Building Fund/Refundable Deposit.
- Travel Expenses/Passage money for studies abroad.
- Purchase of computers considered necessary for completion of course.
- Cost of a Two-wheeler upto Rs. 50,000/-.
Any other expenses required to complete the course like study tours, project work etc.
Amount of Loan :
For studies in India , maximum Rs. 10 lacs
Studies abroad, maximum Rs. 20 lacs
Interest Rate :
For loans up to Rs 4 lakh 10.50% p.a.
For loans above Rs. 4 lakh 11.50% p.a.
Processing Fees :
No processing fee/ upfront charges.
Deposit of Rs. 5000/- for education loan for studies abroad which will be adjusted in the margin money.