Purpose

• Studies in India or abroad for recognized courses.

Who can borrow

• Indian national who has completed 10+2 or equivalent and secured admission to professional/ technical courses in recognized institutions in India or abroad.
• Applicant will be parent with student as co-applicant.

Loan Amount

• Studies in India – maximum upto Rs.10 lacs.
• Studies abroad – maximum upto Rs.20 lacs.

Repayment

• Maximum 144 months (inclusive of moratorium period)

Rate of Interest

• The rate of interest as decided by the bank from time to time would be applicable.

Security

• Up to Rs.2 lacs – NIL
• Above Rs.2 lacs and upto Rs.5 lacs – Hypothecation of household articles worth minimum Rs.4 lacs
• Above Rs.5 lacs – Mortgage of property

Guarantee

• Two guarantors acceptable to the bank

Processing Charges

• For studies in India – Nil.
• For studies abroad - 0.5% of the loan amount + GST

Share holding

• 1.5% of the loan amount.

Documents required

• Photograph , PAN and KYC documents of borrower and guarantor
• Income Proof (a) In case of salaried persons, salary slip for last three months, bank statement for last six months, ITR for three years and a certificate from the employer that no disciplinary action is pending against the employee. (b) In case of businessman, Balance Sheet of last three years, ITR of last three years, Bank statement of business a/c for last six months
• Offer letter from University/college/institution stating details of the course and admission procedures
• Covering letters addressed to the BM mentioning details of course, college, details of total expenses to be incurred on course
• In case of students going to USA – I-20/Admit letter to be submitted along with statement of asset.
• Passport (in case of studies abroad)
• Latest academic mark-sheets.
• Work experience proof, if any.
• Solvency certificate from the applicant.

Courses eligible

Courses eligible for studies in India.

• Approved courses leading to graduate / Post GraduateDegree and PG Diplomas conducted by recognized colleges.
• Courses like ICWA, CA, CFA etc.
• Courses conducted by IIMs, IITs, NIFT, NID etc.
• Regular degree/ diploma courses like aeronautical/pilot training/ shipping etc. approved by Director General of India or shipping authorities as applicable .
• Approved courses offered in India by reputed foreign universities.

Courses eligible for studies abroad

• Graduation- For job oriented professional/technical courses offered by reputed universities
• Post Graduation – MBA, MCA, MS etc.
• Courses conducted by CIMA London, CPA in USA etc.
• Regular Degree/Diploma courses like Aeronautical, pilot Training, Shipping etc., institute duly recognized by the regulatory authority.

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 / Travel expenses/ passage money for studies abroad/ Insurance premium for student borrower etc.