Courses Eligible for Study in India :
Courses Eligible for Study Abroad :
Quantum of Loan :
For study in India : Max. Rs. 10 lac
For study abroad : Max. Rs. 20 lac
Other Rules :
Expenses covered by the Loan :
Fees payable to College/ School/ Hostel.
Examination/ Library/ Laboratory Fee.
Purchase of Books/ Equipments/ Instruments/ Uniforms.
Caution Deposit/ Building Fund/ Refundable Deposit supported by Institution Bills/ Receipts.
Travel Expenses/ Passage Money for studies abroad.
Purchase of Computers : Essential for completion of the Course.
Any other expenses required to complete the Course like study tours, project work, thesis, etc.
Rate of Interest :
|Quantum of Loan>||Revised w.e.f 1.07.09>|
|Upto 4.00 lac>||BPLR 1.75% i.e.10.25% p.a.>|
|Above Rs. 4.00 lac>||BPLR 1.00% i.e.11.00% p.a.>|
Repayment of Loan : The loan is to be repaid in 5 to 7 years after commencement of repayment. The repayment will commence after a moratorium/ repayment holiday which is Course period plus 1 year or 6 months after getting job whichever is earlier.
Life Insurance Coverage : To ensure security to students and borrowers life and against their loan liability and additional loan componant for payment of one-time premium for such insurance coverage my be sanctioned by bank on request from the customer.
Note: The accrued interest during repayment holiday period is to be added to the principal and repayment in EMI fixed.
Upto Rs. 4.00 Lacs : Nil
Above Rs. 4.00 Lacs and upto Rs. 7.50 lakh: Collateral in the form of a suitable third party guarantee.
Above Rs. 7.50 lacs: Collateral of suitable value or suitable third party guarantee.