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Eligibility:

  • Indian National who has secured admission to professional/ technical courses in India or Abroad

Courses Eligible:

Courses eligible for study in India:

  • Graduation Courses- B.A, B.Com., B.Sc. etc.
  • Post Graduation Courses: Masters Courses, Ph D, etc.
  • Professional Courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.
  • Computer Certificate Courses of reputed Institutes accredited to Department of Electronics or Institutes affiliated to University.
  • Courses like- ICWA, CA, CFA etc.
  • Courses conducted by IIM, IIT, IISc, XLRI, NIFT etc.
  • Regular Degree/ Diploma courses like Aeronautical, pilot training, shipping etc., approved by Director General of Civil Aviation/ Shipping, if the course pursued abroad, the Institute should be recognized by the competent local aviation/ shipping authority.
  • Courses offered in India by reputed foreign universities.
  • Evening Courses of approved Institutes.
  • Other Courses leading to diploma/degree etc conducted by the Colleges/ Universities approved by UGC/Govt/AICTE/AIBMS/ICMR etc.

Courses eligible for Study abroad:

  • Graduation: For Job oriented professional/technical courses offered by reputed Universities.
  • Post Graduation: MCA, MBA, MS etc.
  • Courses conducted by CIMA London, CPA in USA etc.
  • Regular Degree/ Diploma courses like Aeronautical, pilot training, shipping etc., the Institute should be recognized by the competent local aviation/ shipping authority.

Quantum of Loan:

Need based finance subject to repaying capacity of the parents / students with following ceilings:

  • Studies in India: Maximum Rs 10.00 lac
  • Studies abroad: Maximum Rs. 20.00 lac.

Expenses Considered for Loan

  • Fee payable to College / School /Hostel
  • Examination/Library/Laboratory Fee
  • Purchase of Books / Equipments/ Instruments/ Uniforms.
  • Caution Deposit/ Building Fund/ Refundable Deposit supported by Bills/Receipts of the Institution, subject to the conditions that amount does not exceed 10% of the total tuition fees for the entire course.
  • Travel Expenses/Passage Money for studies abroad.
  • Purchase of Computers essential for completion of the course.
  • Insurance premium for student borrower.
  • Any other expenses required to complete the course, such as- Study Tours, Project Work, and Thesis etc.

Margin

  • For loan upto Rs 4.00 lac: NIL
  • For loan above Rs 4.00 lac:
        (i) Studies in India: 5%
        (ii) Studies abroad: 15%
  • Scholarship / Assistantship to be included in Margin.
  • Margin Money to be brought on year-to-year basis

Click here for Rate of interest

Click here for Processing Fees, Prepayment Penalty, Documentation Charges, Mortgage and other charges

Application of Interest:

  • Simple interest during moratorium period.
  • Service interest during moratorium period regularly and avail a special discount of 1.00% in interest rate.

Repayment:

  • Repayment Holiday / Moratorium is Course Period + 1 year or 6 months after getting job, whichever is earlier.
  • Loan to be repaid within a maximum period of 7 years after commencement of repayment.

Security:

  • For IIT/IIM/ISB(Indian School of Business, Hyderabad ), for loan upto Rs 10.00 lac- NIL, Only co-obligation of Parent / Guardian
  • For others
    • For loan upto Rs 4.00 lacs: NIL, Only co-obligation of Parent / Guardian
    • For loan above Rs 4.00 lacs and upto Rs 7.50 lacs: Satisfactory third party guarantee & Co-obligation* of parent/ guardian.
    • For loan above Rs 7.50 lacs: Co-obligation * of parents/ guardian & tangible collateral security covering full loan amount.

Delivery Channel

  • From all our Branches, Retail Banking Boutiques and Centralized Retail Banking Boutiques
  • On-line approval facility for leading 250 institutions within 72 hours.

Value added Service

  • FREE Debit Card

Insurance:

  • Group Life Insurance Cover  to the extent of loan liability for entire repayment period is available .
  • Others
    • The parent / guardian would become co-borrower with the student
    • Education Loan would be sanctioned preferably through branches / RBBs/ CRBBs nearest to the place of residence of parents.
    • Second time education loan is available for higher studies / escalation of cost.
Online Application form for Students of IITs/ IIMs and other leading Institutions
Downloadable Application form for students of other institutions


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