For Studies in India - Scheme Highlights
Purpose :
To meet the cost of education covering tuition fees, Exam fees, Development fees, Hostel fees, books, instruments etc.
Approved courses:
Computer Courses: Part-time/Full-time in Institutes approved by Government of India (Department of Electronics)
Duration of the course: Minimum - 12 months Maximum - 48 months
Amount of loan :
- For Computer Courses: Maximum: Rs.1.00 lac
- For other professional courses: Maximum: Rs.3.50 lacs
Margin :
Upto Rs.2.00 lacs : 10%Upto Rs.3.50 lacs : 15%
Rate of Interest: Upto Rs.2.00 lacs: 12%Above Rs.2.00 lacs upto Rs.3.50 lacs : PLR +1% (i.e. 13.5%)
Period of loan :
Initial holiday period of 6 months after the completion of the course or immediately on getting a job whichever is earlier
For limits upto Rs.1.00 lac : 42 monthsFor limits upto Rs.3.40 lacs : 60 months
For Studies Abroad - Scheme Highlights
Course of Study :
Any Graduate/Post-graduate courses with good employment prospects. The period of study should not exceed 5 years
Amount of loan :
Maximum - Rs.10.00 lacs.
Margin :
Upto Rs.5.00 lacs : 15%Above Rs.5.00 lacs : 25%
Rate of Interest:
PLR + 1.5% (i.e. 14%)
Period of loans :
Interest to be serviced every quarter. Repayment of principal to commence 6 months after the completion of the course or immediately on getting a job whichever is earlier. For limits upto Rs.10.00 lacs - Maximum 96 monthss
Website:www.indianbank.in