Purpose The Scheme enables all type of needy students viz., students of +2 stage, Graduation courses – B.A., B.Com., B.Sc., etc., Post-Graduation courses, Masters in Ph.D; Professional courses, , Computer Certificate courses of reputed Institutes accredited to Department of Electronics or institutes affiliated to University etc
Eligibility – Should be an Indian National. Secured admission to Professional / Technical courses through Entrance Test / Selection process; secured admission to foreign University / Institutions.
Student should have secured pass marks in the qualifying Examination for admission to Graduation Courses.
Quantum of Loan – Need based finance, subject to repaying capacity of the parents / students with margin;
For studies in India: Maximum Rs.7.50 lakhs
For studies abroad: Maximum Rs.15.00 lakhs
Security – Up to Rs.4.00 lakhs: No Security.
Above Rs4 lakhs For loan above Rs 4 Lakhs, Collateral Security of Suitable value (at least equal to loan amount) or co-obligation of parents/guardian/ 3rd party along with assignment of future income of the student for payment of installment may be obtained.
Rate of Interest – Up to Rs. 4 lakh – 11.75% per annum; Above Rs.4 lakh – 12.75% per annum the interest shall be debited monthly on simple basis during the Repayment holiday/ Moratorium period.
Repayment – Courses period + 1 year OR 6 months after getting job, whichever is earlier.