Purpose – To provide financial assistance to meritorious students for pursuing higher education
Eligibility – To extend financial assistance to deserving meritorious Indian National Students for pursuing higher education in India and abroad
Quantum of finance – Maximum Rs.10.00 lakh for Studies in India, Maximum Rs.20.00 lakh for studies abroad
Margin – Nil Up to Rs.4.00 lakh, for loans above Rs.4.00 lakh, 5% for studies in India and 15% for studies Abroad
Rate of interest – Up to Rs.4 lakh – BPRL of its Sponsor Bank i.e. 10.5%, above Rs.4 lakh – BPRL of our Sponsor Bank + 1% (on floating rate basis) unlike other personal loan
Repayment – Like any other educational loan the repayment period is course period + 1 year or 6 months after getting job, whichever is earlier, for loans up to Rs.7.5 lakh and for studies in India and up to Rs.15 lakh for studies abroad. The loan is to be repaid in a maximum of 5-7 years after commencement of repayment.
For loans above Rs.7.5 lakh for studies in India and above Rs.15 lakh for studies abroad, the loan has to be repaid in a maximum of 5-10 years after commencement of repayment.