Purpose – To provide financial support to deserving /meritorious students for pursuing higher education in India and abroad
Eligibility – The applicant should be regular member or nominal member of bank.
Applicant/parents should have banking relation with our bank. The student should be an Indian Resident and should have secured admission to professional or technical course in India or abroad through entrance test or merit based selection process. Courses through Educational Institutes / Organizations of repute & recognition will be eligible for the loan
Quantum of Loan – Maximum up to Rs. 10 lakhs for studies in India and up to Rs. 20 lakhs for studies abroad
Security – Loan Up to Rs. 2 lakhs- Co-obligation of parents is necessary.
For loans above Rs.2 lakhs- Co-obligation of parents together with tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments Security cover to the extent of 60 % to 70% is expected to be provided.
Period – 5-7 years
Rate of Interest – Rate of Interest
For Male Student: Study in India – 10.50%
Study in Abroad – 10.00 %
for Female Student: Study in India – 10.00%
Study in Abroad – 9.50%
Processing Fee – Processing fee @ 0.1% will be applicable
Guarantors – Two acceptable guarantors other than parents to be taken
Apart from the education loan the bank also offers home loan, personal loan, vehicle loan etc.