OBC left Menu
Quick Info
Visitor No.:   51471521



Print Font :- Small Text Standard Text Large Text
Home >> Loan >> Retail Schemes >> Education Loan >> For study in India & abroad
For study in India & abroad
EDUCATION LOAN SCHEME
Categorization of Institutions
Particular
Category A
Category B
Other Institutions
Institutions Covered
All other institutions which are not covered under A & B category but eligible for education loan scheme as per education loan scheme
Loan Limit
Rs. 25.00 Lacs
Rs. 10.00 Lacs
Actual as per fee structure of institution
Rate of Interest
MCLR=
9.40%
MCLR+0.50% =9.90%
Normal terms & conditions of Education loan scheme(General)
Margin
NIL
NIL
Process Fee
NIL
NIL
Collateral
Security
NIL
NIL
Special Rider
In case higher loan limit is requested (from the above mentioned limit) for category A & B institutions, 100% tangible security with value equivalent to loan amount is required.
Not applicable
Sanctioning Authority
Education Loan can be sanctioned at place of domicile/nearest to residence/native place/Nodal Branch as per option of the student
Place of Domicile
Purpose
To provide financial support to meritorious students for pursuing higher studies in India & abroad with affordable terms & conditions.
Eligibility For Loan
Student who is / has: -
1. An Indian national.
2. Meritorious student
3. Secured admission to a higher education course in an institute recognized by a statutory body in India or abroad through entrance test/ merit based selection process
Eligible Courses
1. Studies in India
1. Approved courses leading to Graduate/ Post Graduate degree and Post Graduate diplomas conducted by recognized Colleges / Universities approved / accredited by Government of India/ State Government/ UGC / Government /AICTE /AIBMS / ICMR or Regulatory bodies.
2. Courses like I.C.W.A., C.A., C.F.A., etc.
3. Courses conducted by IIMs, IITs, IISc, XLRI, NIFT, NIDetc.
4. Approved courses offered in India by reputed foreign universities
5. Regular Degree/Diploma courses like Aeronautical, pilot training, shipping, degree/diploma in nursing or any other discipline approved by Director General of Civil Aviation/Shipping/Indian Nursing Council or any other regulatory body as the case may be, if the course is pursued in India.
7. All Regular courses conducted by Institutions categorized as A, B and others.
Note:
a) The above list is indicative in nature the other job oriented courses to technical/ professional degrees/ diplomas offered by recognized institution may be considered under this scheme.
Eligible Courses
a) Studies in Abroad
1. Graduation
For job-oriented professional/technical courses offered by reputed universities. (Diploma/ Certification courses are not permissible)
2. Post Graduation
Courses like MCA, MBA, MS etc.
3. Courses conducted by CIMA-London, CPA in USA etc
4. Degree/ Diploma
Courses like Aeronautical, Pilot training, and Shipping etc. provided these are recognized by competent regulatory bodies in India/ abroad for the purpose of employment in India and abroad.
Two / Dual Courses
Education loan for Diploma and degree courses simultaneously may also be considered for two / dual courses provided by the educational institutions.
Top-up/Second Loan
Top-up / Second Education Loan can be permitted for pursuing higher education in view of better placement prospects.
Components of Finance
1. Fee payable to college/ school/ hostel (lodging and boarding). Reasonable Lodging & Boarding charges will be considered in case the student chooses/ is required to opt for outside accommodation.
2. Examination/ Library/ Laboratory fee.
3. Insurance premium.
4. Caution deposit, Building fund/ refundable deposit supported by Institution bills/ receipts, subject to the condition that the amount does not exceed 10% of the total tuition fees for the entire course.
5. Travel expenses/ passage money for studies abroad / College Bus fare in case of study in India
6. Purchase of computers-essential for completion of the course*.
7. Purchase of books/ equipments/ instruments/ uniforms*.
8. Any other expenses required to complete the course-like study tours, project work, thesis, etc*.
*Terms & Conditions apply.
Amount of loan
Category A
Category B
Other Institutions
` 25.00 Lacs Without Collateral Security
` 10.00 Lacs Without Collateral Security
Actual as per fee structure of Institution
In case higher loan limit is requested (from the above mentioned limit) for category A & B institutions, 100% tangible security with value equivalent to loan amount is required.
Margin
Category A
Category B
Other Institutions
NIL
NIL
Up to ` 4.00 Lacs
NIL
Above ` 4.00 Lacs
5% For studies in India
15% For studies Abroad
Rate Of Interest (floating)
Penal Interest
2% over the normal rate of interest shall be charged on loan above Rs. 4.00 Lacs on overdue amount for the overdue period.
Process Fee
Prepayment Penalty
NIL
Security Clause
A) For category A & B institutions
Institutions
Loan Limit
Collateral Security
For Category A institutions
Upto ` 25.00 Lacs
NIL
For Category B institutions
Upto ` 10.00 Lacs
NIL
Note:
· In case higher loan limit is requested (apart from the above mentioned limit) for category A & B institutions, 100% tangible security with value equivalent to full loan amount is required.
· For “A” category institution either parent/guardian may be co-obligant (irrespective of his/her means and age of student).In case of married person, co-obligator can be either spouse or the either Parent/ either Parent-in-law. Parental co-obligation can also be substituted by a suitable third party guarantee.
B) For Other Institutions
· Loan upto ` 4.00 lacs: No collateral security but co-obligation of parents / guardian. In case of married person, co-obligator can be either spouse or the Parent(s) / Parent(s)-in-law.
· Loan above ` 4.00 lacs & upto ` 7.50 lacs: Collateral in the form of one satisfactory third party guarantee, co-obligation of parents / guardian. In case of married person, co-obligator can be either spouse or the Parent(s) / Parent(s)-in-law.
· Loan above ` 7.50 lacs: Mortgage of immovable property or any tangible security having value equivalent to 100% of loan amount. Co-obligation of parents / guardian. In case of married person, co-obligator can be either spouse or the Parent(s) / Parent(s)-in-law.
C) Assignment of future income in all cases.
Insurance
Life Insurance policy for the students is available.
Repayment

upto 15 years

Loan is repayable in EMI (Excluding moratorium period i.e. Study period + grace Period)
Disbursement
1. For studies in India:
Loan shall be disbursed in stages as per requirement / demand, directly to the institutions/vendors of books/ equipments/ instruments etc. to the extent possible.
2. For studies abroad:
In stages as per requirement/demand, directly to the institutions subject to obtention of certified copies of relevant pages of passport and visa of the student.



* For further details please contact the nearby branch or call at 1800-180-1235 & 0124-2340940