Education Loan Scheme

Eligibility :
	Student A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured. Courses Graduation courses/ Post graduation courses/ Professional courses Other courses approved by UGC/Government/AICTE etc.
Loan Details
	Coverage of Expenses Fees payable to college/school/hostel Examination/Library/Laboratory fees Purchase of Books/Equipment/Instruments/Uniforms Caution Deposit/Building Fund/Refundable Deposit (maximum 10% tution fees for the entire course)  Travel Expenses/Passage money for studies abroad Purchase of computers considered necessary for completion of course Cost of a Two-wheeler upto Rs. 50,000/- Any other expenses required to complete the course like study tours, project work etc. Quantum For studies in India - maximum Rs. 10 lacs For studies Abroad - maximum Rs. 20 lacs Margin For loans up to Rs.4.0 lacs - No Margin For loans above Rs. 4 lacs - Studies in India - 5% - Studies abroad - 15% Security Upto Rs. 4 lacs - No Security Above Rs. 4 lacs to Rs. 7.50 lacs - Collateral security in the form of suitable third party guarantee. The bank may, at its discretion, in exceptional cases, weive third party guarantee if satisfied with the net-worth/means of parent/s who would be executing the documents as "joint borrower". Above Rs. 7.50 lacs. - Tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments. All loans should be secured by parent(s)/guardian of the student borrower. In case of married person, co-obligator can be either spouse or the parent(s)/ parents-in-law
Rate of Interest
	Upto Rs.4 lacs - 11.75 % p.a. Floating Above Rs. 4 lacs and upto Rs.7.50 lacs - 13.25 % Floating Above Rs.7.50 lacs - 12.25% p.a. Floating Processing Fees No processing fee/ upfront charges Deposit of Rs. 5000/- for education loan for studies abroad which will be adjusted in the margin money
Repayment
	Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier.