PURPOSE – To nurture ambitions & aspirations for higher education needs in India or abroad
ELIGIBILITY – Any student who is a major representing himself or a minor student represented by parent or guardian of Indian nationality; must have secured admission on the basis of merit to professional or technical or other courses through entrance test or selection process; must have secured admission to foreign university or institution for studies abroad;
QUANTUM OF LOAN – The maximum loan up to Rs.10.00 lakh for studies in India and Rs.20 lakh for studies abroad can be provided.
RATE OF INTEREST – for loan up to Rs. 4.00 lakh the interest rate is 10.75% per annum and for loans above Rs.4.00 lakh the interest rate is 11.50% per annum
MORATORIUM – Course period plus 1 year or 6 months after getting job or whichever is earlier
REPAYMENT – Maximum of 5-7 years after completion of repayment holiday
SECURITY – Nosecurity is required for loans up to Rs. 4, 00, 000/; for loans above Rs. 4, 00, 000, collateral in the form of satisfactory third party guarantee acceptable to the Bank.
The bank is also having a Tie-up arrangement with 166 Companies or Corporate providing personal loan, House Building Loans, Vehicle Loans & Educational Loans