Purpose: To provide financial assistance for Graduate/Post Graduate professional course in private professional colleges and universities (medical, engineering, management, computer science etc.)
Eligibility: Students having consistently good academic record, who have secured admission in College/University against merit or payment seat can avail this loan. The college and the course must be affiliated to the university or Institute having central/state government recognition. Computer course with placement assurance by the company/institute/agency will also be financed.
Quantum of loan: The expenditurefor books, necessary equipments, stationery, fees, hostels fees, college fees, etc. will be covered by the loan.
Margin: 80% to 90% of the total expenses will be granted as loan depending on the credit of the student.
Rate of Interest: The rate of interest is 10.5%. Interest is actually charged on reducing balance.
Repayment: This personal loan is a long term loan of up to 2 years. Repayment of loan should commence after 6 months of completion of the course or after 6 months of employment whichever is earlier. Interest has to be paid during the period of education.
Security: Property or liquid assets have to be submitted as security.
Other features: Nominal processing charges. No prepayment penalty.