Purpose – Educational loan for higher professional or technical education
Eligibility – Candidate must have been selected in admission or selection test and must have been offered call letter for admission.
Loan Amount – Maximum Rs. 7.50 lack for study in India & Rs.15 lacks for study in foreign country depending on Repayment Mode capacity of parent or guardian.
Repayment Mode – One year after completion of course, or engaging in job whichever is earlier; 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
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 including study tours, project work, thesis etc
Period of Loan – The period of loan is fixed as five to seven years
Type of Facility – Term Loan
The bank is also involved in offering loans such as home loan, personal loan, educational loan etc.