Purpose – To offer financial assistance to deserving students in the country
Eligibility – Eligibility all professional courses approved by UGC/technical board/ University
Quantum of Loan – Maximum quantum Rs.10.00 lakhs per student
Rate of Interest – Rate of Interest – 12%
Repayment – Repayment in 60 equal installments after completion of moratorium
Margin – No margin money unlike other personal loans
Security – Collateral security of immovable property to be obtained on case to case basis depending upon the amount and customer profile
Moratorium Period – Total tenure of professional education + 6 months; Interest to be serviced preferably; Interest during moratorium period may be capitalized on request of the customer on case to case basis depending upon customer’s profile
Others – Life cover of the student to be done; Student should clear the exam every year. Student should not be D.C.; Loans to be given jointly to student & his earning parent (Father / Mother).
Expenses include –
- Fees payable to College / School / Hostel as per written requisitions from the institution etc.
- Purchase of Computers if essential for completion of the course as per certification from the institute and quotation of the items etc.
- The other loans offered by the bank are home loan, personal loan, vehicle loans, educational loans etc.