Financial assistance to deserving /meritorious students pursuing higher education in India and abroad
Loan is made available for Graduation/Post graduation/Diploma/Computer education in any recognized State/Central Government/University, professional courses including Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, courses like ICWA, CA, CFA, etc., courses conducted by IIM, IISC, XLRI, NIFT etc, courses offered in India by reputed foreign universities/Evening courses of approved institutes, 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. Incase the course is pursued abroad, the institute should be recognized by the competent local aviation/ shipping authority. For studies abroad, loans will be made available only for Graduation and Post Graduation Courses offered by Reputed Universities and not for diplomas.
Loan Amount | Interest Rate % p.a.(Floating) | |
---|---|---|
Up to Rs. 75 Lakhs | ||
Repayments over 1 Year up to 5 Yrs | @ 1 Year MCLR i.e 9.55% | |
Over 5 Yrs up to 10 Yrs | @ 1 Year MCLR i.e 9.55% | |
More than 10 Yrs | @ 1 Year MCLR i.e 9.55% | |
Above Rs. 75 Lakhs | ||
Repayments over 1 Year up to 5 Yrs | 1 Year MCLR + 0.25 spread i.e 9.80% | |
Over 5 Yrs up to 10 Yrs | 1 Year MCLR + 0.25 spread i.e 9.80% | |
More than 10 Yrs | 1 Year MCLR + 0.25 spread i.e 9.80% |
Interest to be debited monthly on simple basis during the repayment holiday/moratorium Period.
For loans upto Rs. 4.00 lakh | Co obligation of parents . No security |
For loans above Rs. 4.00 lakh and up to Rs.7.50 lakh | Co obligation of parents together with collateral security in the form of suitable third party guarantee. |
For loans above Rs.7.50 lakh | Co obligation of parents together with tangible collateral security .Collateral security in the form of NSC /KVP/ LIC Policy/ Immovable properties/ Bank Deposits 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. In case the loan is given for the purchase of computer , the computer has to be hypothecated to the bank.. |