Purpose | Educational Loans for providing financial support to deserving/ meritorious students for pursuing higher education in India and abroad. |
Loan type | Amortizing Term Loans in equal installments post moratorium period |
Borrower Segments The student The parent/guardia |
Individuals of Indian Nationality who have secured admission to recognized courses/universities in India or Abroad through entrance test/selection process
|
Courses eligible a) Studies in India b) Studies Abroad |
Post graduation courses from recognised universities
Only one course at a time will be financed |
Loan Amount a) Studies in India
|
Minimum – Rs. 25,000 Minimum – Rs. 1,00,000 |
Expenses Considered |
Tuition and other fees All the above expense should be supported by institution bills/receipts |
Tenor | Maximum 5 years after commencement of repayment for studies in India and 3 years for studies abroad |
Moratorium period | The holiday period enjoyed by the borrower towards repayment of the loan. Moratorium period shall not exceed course duration + 6 months |
Margins b) Above Rs. 4 lacs |
Nil Studies in India: 5% |
Security |
Upto Rs. 4 lacs: no security/collateral required Collateral can be in the form of:
|
Interest Rate | Fixed |
Repayment during moratorium period | he borrower has to repay the interest accrued during the moratorium period on a monthly basis. |
Applicant/Co-applicant | Student![]() |
Disbursement |
Disbursement of the loan will be made in stages as per the demand directly to the college/institution.![]() |
Mode of repayment |
Post Dated cheques![]() |
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