| STUDENT ELIGIBLITY |
- Should be an Indian National.
- Secured admission to Professional / Technical courses through Entrance Test / Selection process
- Secured admission to foreign University / Institutions
- Student should have secured pass marks in the qualifying Examination for admission to Graduation Courses.
|
| CHECK LIST |
While applying for the loan, the borrower is required to furnish the following information/papers:
- Loan application on Bank's format.
- Passport size photograph
- Proof of Address (Permanent) / ID Proof.
- Proof of Age.
- Proof of having secured pass marks in last qualifying examination
- Letter of admission in professional, technical or vocational courses
- Prospectus of the course wherein charges like Admission Fee, Examination Fee, Hostel Charges etc. are mentioned
- Details of Assets & Liabilities of parents
- In case loan amount is above Rs.4.00 lacs : *. Particulars of Guarantors and details of their Assets & Liabilities.
Photocopy of Passport & Visa, in case of foreign student.
Any other document/information, depending upon the case and purpose of the loan.
* (The above CHECKLIST is only illustrative, not exhaustive. For details, please contact nearest Branch Office). |
| EXPENSES CONSIDERED FOR LOAN |
- Fee payable to College / School / Hostel
- Examination / Library / Laboratory fee.
- Purchase of books / equipments / instruments / uniforms. Secured admission to foreign University / Institutions.
- 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
- Boarding and lodging expenses in recognized Boarding Houses / private accommodations
- Any other expense required to complete the course - like study tours, project work, thesis etc.
|
| SECURITY |
- Up to Rs.4.00 lacs: No Security.
- Above Rs 4.00 lacs and Up to Rs 7.5 lacs: 3rd party guarantee acceptable to the Bank.
- Above Rs 7.5 lacs: Collateral Security of Suitable value or suitable 3rd party guarantee
|
| RATE OF INTEREST |
- Up to Rs. 4 lacs BPLR+Term Premia minus 1.25
- Above Rs.4 lacs BPLR + Term Premia
- Term premia of 0.50% p.a. shall be added for repayment period of 3 years & above
- The interest shall be debited monthly on simple basis during the Repayment holiday/ Moratorium period.
- Penal Interest @ 2% be charged for above Rs.4.00 lacs for the overdue amount and overdue period.
- 1% Interest concession for servicing of interest during the study period regularly is allowed at the time of start of repayment period of loan
|
| REPAYMENT |
| Repayment Holiday / Moratorium Course period + 1 year OR 6 months after getting job, whichever is earlier.
The Principal and interest is to be repaid in 5-7 years after commencement of repayment. If the student is not able to complete the course within the scheduled time, extension of time for completion of course may be permitted for a maximum period of 2 years.
|
| UPFRONT FEE |
| Nil |
| DOCUMENTATION CHARGES |
Up to Rs. 4 lacs Rs.270/- + Service Tax & Education Cess
Above Rs.4 lacs Rs.450/- + Service Tax & Education Cess |
