| 1 |
Type of loan |
Term loan |
Term loan |
| 2 |
Purpose of loan |
For higher education |
For higher education |
| 3 |
Applicant |
For public: The student with earning member of the family, i.e. father or mother or brother (guardian), jointly. |
For public: The student with earning member of the family, i.e. father or mother or brother, jointly. |
| 3a |
Eligibility |
- Admission should have been secured for higher education.
- Course should be from a recognized institution in India.
- Education loan for higher education after HSC for graduation / post graduation etc.
Courses covered:
- Approved technical / professional course leading to graduate / post graduate / degree / diploma conducted by recognized colleges / universities recognized by UGC / Govt. / AICTE / AIBMS / ICMR etc.
- Courses like ICWA, CA, CFA, Medical etc.
- Courses conducted by IIM, IIT, IIS.
|
- Admission should have been secured for higher education.
- Course should be from a recognized institution abroad.
- Education loan for higher education after HSC for graduation / post graduation.
Courses covered:
- Technical / professional course leading to graduate / post graduate / degree / diploma conducted by universities abroad.
|
| 4 |
Age limit |
Age 18 years and above |
Age 18 years and above |
| 5 |
Loan amount |
- 75% of course fee + living expenses + books, periodicals and equipment.
- The premium of personal insurance for the entire tenor of the loan & mortgaged property insurance for the entire tenor of the loan may be considered in loan amount, in addition to the amount mentioned in para (1) above.
Maximum amount for education stream other than MBBS / M.D.: Rs. 10.00 lakh
Maximum amount for education stream of MBBS / M.D.: Rs. 30.00 lakh
|
- 75% of course fee + living expenses + books, periodicals and equipment.
- The premium of personal insurance for the entire tenor of the loan & mortgaged property insurance for the entire tenor of the loan may be considered in loan amount, in addition to the amount mentioned in para (1) above.
Maximum amount: Rs. 30.00 lakh
|
| 6 |
Margin |
25%. Scholarship / assistantship or any other concession available to the student can be treated as a part of margin. |
25%. Scholarship / assistantship or any other concession available to the student can be treated as a part of margin. |
| 7 |
Rate of interest |
For public: Base rate + 1%
If the interest during the moratorium period is paid regularly and the repayment is regular, 0.25% concession in interest will be provided at the time of closure of account. |
For public: Base rate + 0.75% p.a.
If the interest during the moratorium period is paid regularly and the repayment is regular, 0.25% concession in interest will be provided at the time of closure of account. |
| 8 |
Linking share |
For public: 2.5% of sanctioned limit by borrowers. |
| 9 |
Security |
For public: Tangible collateral security by way of 110% liquid security or 125% SARFAESI compliant immovable security. One guarantor good for amount involved and acceptable to Bank. |
For public: Tangible collateral security by way of 110% liquid security or 150% SARFAESI compliant immovable security. One guarantor good for amount involved and acceptable to Bank. |
| 10 |
Repayment period |
For public: Maximum 7 years excluding moratorium period for education stream other than MBBS / MD. For MBBS / M.D.: maximum 10 years excluding moratorium period. |
For public: Maximum 10 years excluding moratorium period. |
| 11 |
Moratorium period |
Course period + 1 year or six months after getting the job, whichever is earlier. Interest during the moratorium to be paid by guardian applicant. |
Course period + 1 year or six months after getting the job, whichever is earlier. Interest during the moratorium to be paid by guardian applicant. |
| 12 |
Insurance |
Student's (personal insurance) of 125% of loan amount, and insurance of tangible security mortgaged for the loan. |
Borrower's (personal insurance) of 125% of loan amount, and insurance of tangible security mortgaged for the loan. |
| 13 |
Disbursement |
Stage-wise payment should be released as per requirement of college. Payment directly paid to college / university / books, periodicals / equipment, with margin of borrower, through RTGS / drafts / pay order. |
Stage-wise payment should be released as per requirement of college. Payment directly paid to college / university / books, periodicals / equipment, with margin of borrower, through remittance by authorised channels. |
| 14 |
Processing fee |
For public: 0.50% + GST of the sanctioned loan. |
For public: 0.50% + GST of the sanctioned loan. |
| 15 |
Share |
Applicant and guarantor should hold the share of the Bank. |
Applicant and guarantor should hold the share of the Bank. |
| 16 |
Prepayment charges |
NIL, if paid from own funds; otherwise 3% of outstanding amount. (If the loan is taken over by another institution, prepayment charges will be applicable.) |
NIL, if paid from own funds; otherwise 3% of outstanding amount. (If the loan is taken over by another institution, prepayment charges will be applicable.) |
| 16a |
Other |
- The student applicant should submit his progress report to the Bank every year. The copies of receipts of the fees paid or purchase invoices should be submitted to the Bank immediately.
- He should immediately advise the Bank on his getting the job.
- For medical education or other specified courses where the fees are higher, and the requirement of loan amount is more than the maximum amount specified in col. 5, the request may be considered selectively on case to case basis, after evaluation of his future earnings after completion of education and the adequate value of security as specified in col. 9. The powers vested to consider such proposals are with Loan Credit Committee.
- If the student decides to opt for higher education in continuation of his present course, for which he availed loan, and not to join gainful employment, in such case the moratorium period may be increased to the extent of the tenor of the new course + 1 year or six months from the date of joining gainful employment immediately after completion of the present course for which he availed the loan.
|
- The student applicant should submit his progress report to the Bank every year. The copies of receipts of the fees paid or purchase invoices should be submitted to the Bank immediately.
- He should immediately advise the Bank on his getting the job.
- If the requirement of loan amount is more than the maximum amount specified in col. 5, the request may be considered selectively on case to case basis, after evaluation of his future earnings after completion of education and the adequate value of security as specified in col. 9. The powers vested to consider such proposals are with Loan Credit Committee.
- If the student decides to opt for higher education in continuation of his present course, for which he availed loan, and not to join gainful employment, in such case the moratorium period may be increased to the extent of the tenor of the new course + 1 year or six months from the date of joining gainful employment immediately after completion of the present course for which he availed the loan.
|
