||Students should be Indian National.
Secured admission in select Premier Educational
Institutions in India, through Entrance Test /Selection process.
||Regular full time Degree/Diploma courses (certificate / part-time courses not covered).
Full time Executive Management courses like PGPX (For IIMs) are Lao covered.
|Quantum of loan
Institutes under List “A” Rs.20.00 Lacs
Higher limit up to Rs. 30.00 lacs can be considered under the scheme with 100% tangible collateral security equal to loan amount.
Institutes under List “B” Rs.10.00 Lacs
Institutes under List “C” Rs. 7.50 Lacs
(Please refer to list attached below)
|Rate of Interest
Floating at monthly rest.
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Concession in ROI to Girl Students: 0.50 % subject to minimum one year MCLR of the Bank.
||No collateral Security
Parents/Guardians to join as Co- borrowers.
Assignment of future income
Moratorium up to course period plus 1 year.
Repayment period : 15 years from the date of commencement of repayment
||Fees payable to college / school / hostel / Examination / Library Fees. /
Purchase of books / equipment / instruments.
Purchase of computer / laptop Any other expenses related to education.
|Coverage under Credit
Guarantee Funds Scheme
for Education Loans (CGFSEL)
||All Educational Loans upto Rs.7.50 lacs conforming to the guidelines of “IBA Model Education Loan Scheme for pursuing studies in India and Abroad” are eligible for coverage under CGFSEL by National Credit Guarantee Trustee Company(NCGTC)
|All other terms & conditions as per normal education loan scheme.