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.