Eligibility Criteria

• Any student who is a major representing himself or a minor student represented by parent or guardian of Indian nationality.
• Must have secured admission on the basis of merit to professional/ technical/other courses through entrance test/selection process. Deviation/relaxation is also permitted under special circumstances.
• Must have secured admission to Foreign universities/Institution (for studies abroad).

Courses Eligible:

a)  Studies in India

• Graduation: B.A., B.Com, B.Sc., etc.
• Post graduation: Masters & Phd.
• Professional courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental Management, Computer etc. In respect of Management studies, apart from University affiliation, course should also be approved by All India Council for Technical Education. For Computer education, the recognised training Institute should have accreditation of DOE, Govt of India to conduct the course under Department of Electronics Accreditation of Computer Course (DOEACC) Scheme.
• Computer certificate courses of reputed institutes accredited to Department of Electronics or Institutes affiliated to Universities.
• Courses like ICWA, CA, CFA etc.
• Courses conducted by IIM, IIT, IISc, XLRI, NIFT etc.
• Courses offered in India by reputed foreign universities.
• Evening courses of approved institutes.
• Other courses leading to Diploma / Degree etc. conducted by colleges / universities approved by UGC / Govt./ AICTE / AIBMS / ICMR etc.
• Courses offered by National Institutes and other reputed private institutions acceptable to the Bank

b) Studies abroad.

• Graduation : For job oriented professional/technical courses offered by reputed universities.
• Post Graduation: MCA, MBA, MS. Etc.
• Courses conducted by CIMA-London, CPA in USA etc.
• Other Foreign Diploma courses are not eligible.

Student Eligibility

• Should be an Indian National.
• Secured admission on the basis of merit to professional/technical courses through Entrance Test/Selection process. Deviations/relaxations are also permitted under special circumstances.
• Secured admission to foreigh university / institutions
• The student who is a major representing himself or a minor student represented by parent or guardian.

Quantum of Loan

• Need based finance to meet expenses such as fee payable to college / school / hostel, examination fee, cost of books, travel / passage fare for studies abroad etc.
• Capitation fee / donation / external coaching fee are not eligible for finance.
• Maximum of Rs.10.00 lac for studies in India and Rs.20 lac for studies abroad.

Margin:

• For loans upto Rs.4 lac - No Margin required.
• For loans above Rs.4 lac - 5% for study in India and 15% for study abroad

Security:

• For loans upto Rs.4.00 lac - NIL.
• For loans above Rs.4.00 lac and upto Rs.7.50 lac - Collateral in the form of satisfactory third party guarantee acceptable to the Bank.
• For loans above Rs.7.50 lac - Collateral security with 25% margin covering the loan amount and assignment of future income of the student for payment of loan instalments.

NOTE: In all the above cases, the parent / guardian shall join the transaction as co-borrower

Interest (PLR presently 13.25%)

• For loans upto Rs.4.00 lakhs - PLR minus 1.50%
• For loans above Rs.4.00 lakhs - PLR minus 1.00%
• Girl students and students belonging to SC/ST category are eligible for concession of 0.50% on the above rates.
• Girl students under SC/ST category are eligible for a further concession of 0.25% on the above rates. (Total concession of 0.75%)
• Simple interest to be charged during the Repayment holiday/Moratorium period.
• Penal interest to be charged as applicable
• No processing charges/service charges are levied for educational loans

Repayment

• In 5 to 7 years commencing one year after completion of the course or 6 months after securing the job whichever is earlier.

Capability Certificate

• Capability certificate for students going abroad for higher studies are also issued on production of financial and other supporting documents.