Purpose – To offer financial assistance to meritorious students for pursuing higher education in India and abroad
Eligibility – Professional courses, engineering, medical, agriculture, veterinary, dental medicine. Courses conducted by IIM, IIT etc.
Studies abroad: Job oriented professional or Technical courses offered by reputed universities.
Loan amount – Need based finance subject to repaying capacity of the parents/students with margin.
Maximum Rs.7.50 lakhs for Studies in India
Maximum Rs.15lakhs for Studies abroad
Disbursement – Disbursement of loan in stages directly to the Institutions, vendors of books, equipments etc. by means of DD/cheques
Security – No security for loans up Rs.4 lakhs; Collateral security equal to 100% of the loan amount is required for loan above Rs.4 lakhs
Margin – 5% for Studies in India and 10% for Studies in India
Rate of interest – 12% per annum
Repayment – Course period + 1 year or 6 months after getting the job, whichever is earlier; Repayment in 5-7 years after commencement of repayment.
Documents Required- Marks sheet of last qualifying examination; Documents evidencing the duration of course and commencement; Proof of admission to the course; Photo copies – 3; Copies of foreign exchange, permit etc.
Hi sir I need to know about the eligibility of education loan .. I have been eligible for medical course in abroad but the eligibility of course is enough are it is considered on 2nd pu marks. Pls tell me about this sir thank you
Hi Azmath,
There are quite a few factors (such as your academic background, course you’re applying for, university you’re applying to, collateral, etc.) based on which banks decide whether you’re eligible for an education loan or not. Please check with the bank you are applying to to know what their eligibility criteria is.
Cheers,
Team BankBazaar