Students who wish to pursue higher education .You need to be an Indian resident having secured admission in any of the bank’s list of approved course or universities.
Age criteria for education loans?
Anyone in the age group of 16-35 years can take this loan.
Which expenses does the loan cover ?
- Fee Payable to College/School/Hostel
- Exam/Library/Lab fees
- Caution deposit / Refundable deposit asked by the institution/Building fund – supported by Institution bills/receipts
- Purchase of Books/equipments/instrument/uniforms
- Travel expenses/passage money for studies abroad
- Purchase of computers – essential for completion of the course
Any other expense required to complete the course – like study tours, project work, thesis, etc.
Do you need to pay part of the fees?
100% loan is available for select courses. Margin ranges from 5-15 % for courses in India & Abroad .Please contact your nearest branch for further details.
What would be the tenure of the loan ?
Maximum tenure of the loan can be 7 years including moratarium period.
Is there a need of a co-applicant ?
Yes, a co-applicant is required for all Full-Time courses . The co-applicant can be your parents, siblings, spouse or Family Relative . Loan eligiblity would be calculated on the basis of the co-applicant’s income. In case of Part Time courses , No Co-applicant required . However in order to increase the eligibility a co-applicant may be added .
What is the amount of the loan ?
For loans with Moratorium :
- Studying in India – Max Rs. 10 Lakhs
- Studying abroad – Max Rs. 20 Lakhs
For Loans without Moratorium :
- Studying in India – Max Rs. 7.50 Lakhs
- Studying abroad – Max Rs. 10 Lakhs
Would the loan be disbursed in favour of the Institute ?
Yes. Tution & hostel fee will be disbursed directly to the educational Institute as per the schedule of fee given by the Institute/college ( semester – wise/yearly).