Purpose: For education in India and abroad
Eligibility: An Indian National, who has secured admission to eligible course. The loan will be sanctioned to the parents of the student and the student will be Co-Borrower.
Eligible Course: Studies in India: Diploma / Graduation / Post-Graduation / Medical / Technical / Professional courses in various disciplines
Computer Certificate courses in reputed institute accredited to the Department of Electronics and for Pilot Training.
Studies Abroad: For job oriented Professional / Technical / Medical courses offered by reputed Universities.
MCA, MBA, MS etc. Courses conducted by CIMA, London, CPA in USA etc.
Expenses considered for Loan: Fees / Exam fees / Cost of Books / Equipments / Uniform etc. / Hostel Expenses / Caution Deposit and Travel Expenses / Passage for student studying abroad will also be considered.
Quantum of Loan: Unsecured Loan: Rs.4.00 Lakh, Secured For studies in India: Rs.10.00 Lakh, for studies in abroad: Rs.20.00 Lakh
Repayment: Moratorium period: Duration of the course + 6 months, EMI: Maximum 60 months after Moratorium period
Rate of Interest: 15%
Sureties: Unsecured Loans up to Rs.4.00 Lakh: – Two sureties net salary / income above Rs.10, 000/- p.m.
Secured Loans above Rs.4.00 Lakh: – One surety net salary / income above Rs.10, 000/- p.m.
And Collateral security 100% of the sanction limit in the form of Equitable Mortgage of residential flat and/or pledge of tangible securities such as NSC / LIP / FDR / RBI Bonds equivalent to at least 100% of the sanctioned limit.
Service Charges: 1.2% of amount sanctioned