Purpose – Providing Financial Support to deserving and meritorious students for perusing higher education
Courses Eligible – Graduation or Post-graduation courses and Professional courses approved by the Government, Courses like ICWA, CA, CFA etc. and other approved courses
Student Eligibility – Should be an Indian national and should have secured admission to professional or technical courses through entrance test
Quantum of loan – Need based finance subject to repaying capacity of the parents or students, maximum Rs 7.50 lakhs
Expenses included – Fee payable to college or hostel, examination, library, laboratory fee, purchase of books, equipments, instruments, uniform, thermal suits etc., purchase of computers essential for completion of the course, any other expenses required to complete the course- study tours, project work, thesis etc
Margin – 5 to 10 Percent unlike other personal loan
Repayment – Course Period plus one year or six months after getting the job whichever is earlier; The loan to be repaid in 5 to 7 years after commencement of repayment, accrued interest during the moratorium period will be capitalized and repayment in EMI fixed, if interest is paid during the moratorium period 1%concession in interest will be considered, the loan to be disbursed in stages as per the requirement directly to the institution or vendor of books, equipments, instruments to the extent possible