Looking for the right Educational Loan? We have one right here for you. Read on!
Are you planning to pursue higher studies? The good news is, with the right Educational Loan in place, you’ll never have to worry about the financial part of the plan. One such loan option available is the Chaitanya Godavari Grameena Bank Educational Loan.
Additional Reading: Still Paying Off Your Education Loan? Here’s How You Can Save Some Tax
When Can You Use An Educational Loan?
- For studies in India
- For studies outside India
Which Courses Are Eligible For This Loan?
- Professional courses like Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.
- Courses like ICWA, CA, CFA etc.
- Courses conducted by IIM, IIT, IISC, XLRI, NIFT etc.
- Courses offered in India by reputed foreign universities
- Evening courses of approved institutes
- Indian Institute of Information Technology (IIIT)
- Other courses leading to diploma/degree etc. conducted by colleges/universities approved by UGC/Govt./AICTE/AIBMS/ICMR etc. and courses offered by national institutes as well as other reputed private institutions
- Job oriented professional/technical courses offered by reputed foreign universities
- Post-graduation – MCA, MBA, MS etc.
- Courses conducted by CIMA- London, CPA in USA etc.
- D. (Doctor of Philosophy)
If you are eligible for any scholarship stipend etc., assistance may be given to bridge the gap until you get such scholarship or to supplement such scholarship, grant etc.
What Is The Eligibility Criteria?
- You must be an Indian national
- You must be over 16 years of age but below 30 years
- You must be a merit student with a secured admission to professional/ technical courses, preferably through an entrance test/selection process
- You must have a valid visa and passport for foreign studies
Additional Reading: 5 Things To Know Before Taking An Education Loan
What Is The Purpose Of This Loan?
An Educational Loan taken under this scheme can be considered towards:
- Tuition fees
- Examination fees
- Study tours, project work
- Cost of books, stationery
- Equipment essential for courses
- Hostel fees
- Cost of a computer subject to a maximum of Rs. 50,000 can also be considered wherever required
The only exception is that this loan scheme doesn’t cover hostel fees in case the student is studying at the place where his or her parents/guardians reside.
Details About Quantum of Finance
Need-based finance subject to repaying capacity of parents/student subject to a maximum of Rs. 7.5 lakhs for studies in India and Rs. 15 lakhs for studies abroad.
- Loan amount up to a margin of Rs. 4 lakhs is nil
- For loans above Rs. 4 lakhs: 5% of the eligible expenses for studies in India and 15% for studies abroad
The loan will have to be repaid in not more than 60 monthly instalments after a holiday period of one year after the completion of the course or six months after getting a job, whichever is earlier.
Looking for more information about Educational Loans? We have all you need to know.