Education Loan
Objective
To ensure that nobody is denied of professional / technical education just because of want of required resources.
Eligibility
The student should be an Indian national and he/ she should have secured admission to professional/ technical courses through entrance test/ merit based selection process.
Purpose
To extend financial assistance to deserving/meritorious students for pursuing higher education in India and abroad.
Amount
For studies in India the amount of loan is maximum Rs.10.00 lacs and for studies in abroad the maximum loan amount is Rs 20.00 lacs.
Margin
No margin should be insisted for loans up to Rs.4.00 lacs irrespective of place of studies. But for loans above Rs.4.00 lacs, margin on admissible expenditure should be 5% for studies inside India and 15% for studies in abroad.
Security
Upto Rs. 4 lacs : No Security Above Rs. 4 lacs to Rs. 7.50 lacs: Collateral security in the form of suitable third party guarantee.
Repayment
The loan is repayable in 5-7 years in monthly installments after the holiday period.
Holiday Period
Maximum holiday/ moratorium period is up to the course period plus one year OR 6 months after getting job by the student, whichever is earlier.