Big – Shiksha is the education loan offered by the bank. It is offered to deserving candidates of the country.
Purpose – To offer financial assistance to deserving students of the country to pursue higher education
Eligibility – Student of Indian Nationality; Secured admission to professional / technical course in India or Abroad through entrance test / merit based selection.
Quantum of Loan – Studies in India Rs. 07.50 Lakh; Studies Abroad Rs. 15 Lakh
Margin – Up to Rs. 4 Lakh – Nil; Above Rs. 4 Lakh – Studies in India – 5%; Above Rs. 4 Lakh – Studies Abroad – 15%
Rate of Interest – Up to 4 Lakh – 11.50%; Above 4 Lakh – 12.00%
Relaxation in ROI – 1% interest concession if interest is serviced during the study period.
Security – Up to 4 lakh – No Security; Above 4 lakh & up to 7.5 lakh – Collateral in form of third party guarantee; Above 7.5 lakh – collateral security of suitable third party guarantee along with assignment of future income of the student for payment of installments.
Repayment – Course period + 1 year or 6 month after getting job whichever is earlier; Repaid in 5-7 years after commencement of repayment.
Document – Loan agreement, PDR Letter of guarantee, DP Note (Documents to be executed by Student & parent both)