Education Loan

Name of Institute: State Bank of Indore
Eligibility:

  • Should be an Indian National.
  • Secured admission to professional/technical courses in India or abroad through Entrance Test/Selection process.
  • Secured admission to foreign university / institutions.

Loan Amount: Need based finance subject to repaying capacity of parents / students. Studies in India: Max. Rs. 10.00 lacs. Studies Abroad: Max. Rs.20.00 lacs. Margin: Up to Rs. 4 lacs : Nil Above Rs.4 lacs : Studies in India : 5% Studies Abroad : 15% Name of Scheme:

EDUCATIONAL LOAN SCHEME: (Including Loans for Vocational Training) FOR EXISTING LOAN i.e. SANCTIONED BEFORE 16.08.2008Upto Rs.4 lacs Above Rs.4 lacs and unto Rs. 7.50 lacs Above Rs. 7.50 lacs FOR LOAN. SANCTIONED ON OR AFTER 16.08.2008 Upto Rs.4 lacs Above Rs.4 lacs and unto Rs. 7.50 lacs Above Rs. 7.50 lacs

1.50% below BPLR i.e. 12.25% p.a.

At par with BPLR i.e. 13.75% p.a.

1.00% below BPLR i.e. 12.75% p.a.

1.50% below BPLR i.e. 12.25% p.a.

At par with BPLR i.e. 13.75% p.a. 1.00% below BPLR i.e. 12.75% p.a.

2.00% below BPLR i.e. 12.25% p.a.

0.50% below BPLR i.e. 13.75% p.a.

1.50% below BPLR i.e. 12.75% p.a.

1.50% below BPLR i.e. 12.75% p.a.

At par with BPLR i.e. 14.25% p.a. 1.00% below BPLR i.e. 13.25% p.a.

INDORE BANK SCHOLAR: (Existing interest rates w.e.f. 04.07.2008 vide circular P&SB/No/ 08/2008 dated 03.07.08 ) FOR EXISTING LOAN i.e. SANCTIONED BEFORE 16.08.2008 Loans up to Rs. 15 lacs- FOR LOAN. SANCTIONED ON OR AFTER 16.08.2008 Loans up to Rs. 15 lacs-

2.50% below BPLR i.e. 11.25% p.a.

2.50% below BPLR i.e. 11.25% p.a.

3.00% below BPLR i.e. 11.25% p.a. 2.50% below BPLR i.e. 11.75% p.a.

Name of Institute: Allahabad Bank

Name of Scheme: Not specified

Students Eligibility: Student should be:

  1. An Indian National
  2. Have secured admission to professional/technical courses through Entrance Test/ Selection process
  3. Have secured admission to foreign university/Institutions
  4. No minimum qualifying marks insisted upon

Courses Eligibility: For studies in India:

  1. School education including plus 2 stage
  2. Graduation courses: BA, B.Com., B.Sc., etc.
  3. Post Graduation courses: Masters and Ph.D.
  4. Professional Courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management (including Hotel Management), Computer/ Information Technology, Journalism & Mass Communication, etc.
  5. Computer Certificate Courses of reputed Institutes accredited to Department of Electronics or Institutes affiliated to University
  6. Courses like ICWA, CA,CFA, etc.
  7. Courses conducted by IIM, IIT, IISc, XLRI, NIFT, etc.
  8. Courses offered in India by reputed foreign universities
  9. Evening courses of approved institutes
  10. Other courses leading to diploma/degree etc. conducted by colleges/universities approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc.

For Studies 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. Expenses Covered:

  1. Fee payable to college/ school/ hostel
  2. Examination/ Library/ Laboratory fee
  3. Purchase of books/ equipment’s / instruments/ uniforms. Caution deposit/ building fund/ refundable deposit supported by Institution bills/ receipt
  4. Travel expenses/ passage money for studies abroad
  5. Purchase of computers-essential for completion of the course
  6. Any other expenses required to complete the course- like study tours, project work, thesis etc.

Limit: Need based finance subject to repaying capacity of the parents/students with following margin and ceilings. For Studies in India Maximum upto Rs.7.50 lacs For Studies abroad maximum upto Rs.15.00 lacs

Margin: Upto Rs.4.00 lacs Nil Above Rs.4.00 lacs Studies in India 5% Studies Abroad 15% ( Note: Scholarship/assistantship is to be included in margin. Margin may be brought-in on year to year basis as and when disbursements are made on a pro-rata basis.)

Security: Upto Rs.4.00 lacs No collateral security is required Above Rs.4.00 lacs and upto Rs 7.50 lacs Satisfactory third party guarantee is required. Above Rs. 7.50 lacs Collateral security of suitable value. OR Co-obligation of parents / guardian / third party alongwith assignment of future income of the student for payment of installments

In case of loan upto 4 lacs, the documents should be executed by the student. No additional security may be insisted upon. However, in case of minor students , the documents are to be executed by the guardian on behalf of the minor and also on his own behalf. The Pronote and the money consideration receipt are to be signed by the guardian in two capacities i.e. (I) For self and (ii) On behalf of the minor

The following documents should be obtained from the minor students.

  1. Pronote
  2. Money Consideration
  3. Agreement of Term Loan
  4. Guarantee by the guardian
  5. Deed of ratification to be executed by a minor on attaining majority
  6. Letter of waiving presentment of Pronote
  7. Acknowledgement of debt.

(Note: In case of loan above 4 lacs, the documents should be executed by the both the student and parent/guardian)

The security can be in the form of land/ building/ Govt. Securities/ Public Sector Bonds/ Units of UTI , NSC, KVP, LIC policy, gold shares/ debentures , bank deposit in the name of student/ parent/ guardian or any other third party. In case the loan is given for purchase of computer the same to be hypothecated to the Bank. The assignment of future income of the student for payment of installments may also be obtained irrespective of loan amount. Rate of Interest: Loans Upto Rs.4.00 lacs For students of IIT / IIM PLR (Prime Lending Rate) – 1.00% Other Professional Courses PLR – 0.50% For Others PLR Above Rs.4.00 lacs For Students of IIT / IIM PLR Other Professional Courses PLR For Others PLR

Girls students may be provided a special relief of 1.00% in all cases as above

Simple rate of interest will be applied during course / moratorium period and thereafter the entire outstanding interest (if servicing of interest not done during moratorium period) will be added back to the principal account and compound interest (with monthly rest) will be applied in the account till liquidation of the entire loan.

0.5% rebate will be allowed during moratorium period in case interest is serviced regularly.

Repayment: Repayment holiday/Moratorium is Course period +1 year (in case job is not obtained) or 6 months after getting job, whichever is earlier.

The loan to be repaid within a maximum period of 7 years after commencement of repayment . If the student is not able to complete the course within the scheduled time extension of time for completion of course may be permitted for a maximum period of 2 years. If the student is not able to complete the course for reasons beyond his control, sanctioning authority may at his discretion consider such extensions as may be deemed necessary to complete the course.

Loan together with accrued interest charged during the repayment holiday period will be repaid in maximum 84 Equated Monthly Installments (EMI). Concession of 1.5% of the loan amount may be provided to the loanees if the interest is serviced during the study period when repayment holiday is specified for interest/repayment under the scheme. Such concessions will be adjusted from the last installment/s. Processing Charges

No processing/upfront charges may be collected on educational loans. The parent / guardian would become co-borrower with the students and application for education loan will also be signed by the parent / guardian along with the student while availing loan under Educational Loan Scheme. Education Loan should be sanctioned through the branch situated close to the permanent residence / place of domicile of the borrower student.

Capability Certificate:

Some of the foreign universities require the students to submit a certificate from their bankers about the sponsors’ solvency/financial capability , with a view to ensure that the sponsors of the students going abroad for higher studies are capable of meeting the expenses till completion of studies. Accordingly branches can also issue the capability certificate for students going abroad for higher studies. For this financial and other supporting documents may be obtained from applicant, if required

Name of Institute: Axis Bank

Name of Scheme: Not specified

Eligibility: Axis Bank’s Study Power aims to provide financial support to deserving students for pursuing higher professional or technical education in India and abroad. The loan is provided to students who have obtained admission to career-oriented courses eg, medicine, engineering, management etc., either at the graduate or post-graduate level. Limit: For studies in India Maximum upto Rs 7.5 lacs For studies abroad maximum upto Rs 15 lacs Minimum amount of loan Rs 50,000

Expenses Covered: Tuition fees, hostel charges (if any), cost of books, etc. The

Margin: No margin for loans upto Rs 4 lacs For loans above Rs 4 lacs 5% margin for studies within India 15% for higher studies overseas

Documents Required: The following papers/documents are required alongwith application Form: Documents Required from both the student / co-applicant:

  1. Identity Proof : Copy of Passport / Driving Licence / Voters Identity Card / Income Tax Pan Card
  2. Residence Proof: Copy of Passport / Driving Licence / Voters Identity Card / Utility Bills
  3. Age Proof: Copy of Passport / Driving Licence / Income Tax Pan Card / Birth Certificate
  4. Signature Verification
  5. One Singed Photograph (On the face)

Documents required from students for studies abroad

  1. Offer / Admission / Bonafide student letter from the university / college in India or Abroad
  2. Cost of the Course ( including living)
  3. Copy of last examination passed result
  4. Copy of Passport in case of study abroad

Documents required from the co-applicant

  1. Income Proof: Form 16 or Income tax returns for the last two years.
  2. Collateral Security Papers (if any)
  3. Any other document / information as needed by Bank, depending upon the case and purpose of loan

Security: Third party guarantee and/or collateral security may be asked for in appropriate cases.

Additional Security: Assignment of LIC policy in favour of the Bank for the sum assured being at least 100% of the loan amount. The policy is kept alive during the currency of the loan. To ensure this, the annual premium may be included in the computation of the loan requirement, along with the tuition fees and other recurring charges. Further, the future income of the student needs to be assigned in favour of the Bank for meeting the installment obligations.

Rate of Interest: Interest rates linked to PLR
Institution’s Name: Bank of Baroda

Loan Scheme for Educational Institutes: Baroda Vidyasthali Loan Eligibility: Educational institutions, Schools, Colleges and other education bodies running education activities Note : HUF are not eligible. Limit: Minimum Rs.15 lacs, Maximum Rs.500 lacs Security: Equitable mortgage of Land and Building (not agricultural land). Hypothecation of Instruments and Equipment acquired out of the loan and other assets of the Educational Institution. Personal guarantees of the Promoters of the Institution. Margin: 25% of the cost of the project. Rate of Interest: 0.50% below Bank’s BPLR from time to time. Repayment Period: Maximum 84 months including moratorium period of 1 year, depending upon the cash flow Educational Loan Scheme for Students Name of scheme: Baroda Vidya The scheme is for parents of students pursuing school education. These loans are available for studies from Nursery to Senior Secondary School with no processing and documentation charges, no margin and no security required. Eligibility: Student should be an Indian national residing in India who has secured admission to a recognized school / Highschool / Junior College (including CBSE / ICSE / State Board) for any of the following courses:

  1. Stage I: Nursery to fifth standard
  • Stage II: Sixth to eighth standard
  • stage III: Ninth to tenth standard

Expenses covered:

  1. Fee payable to college / school.
  2. Examination / Library / Laboratory Fee.
  3. Fee and other charges payable to hostel.
  4. Purchase of books / equipments / instruments / uniforms.
  5. Personal Computers / Laptops wherever required.
  6. Caution deposit / building fund / refundable deposit supported by instituion bills / receipts.

Limit: Maximum upto Rs.4.00 Lacs

Repayment Period : Loan for each yearly sub limit is repayable in 12 equal monthly installments. First installment to be due 12 months after first disbursement of each year’s loan component. The parents must be residing in the place for a minimum period of -3- years, except in the case of transferable job. Security: In case the loan is given for purchase of computer the same is to be hypothecated to the bank. Rate of Interest: 1.1% concession in rate of interest to loans for girl students. 2. Interest to be serviced as and when applied during moratorium period. 3. Penal Interest @ 2% on overdue amount if the loan amount exceeds Rs. 2/- lacs.

Name of Scheme: Baroda Gyan The scheme is available for students pursuing Graduation, Post – Graduation, Professional and Other courses in India with no processing charges, no Margin on loans upto 4 lacs and Free Debit Card. Courses Eligible:

  1. All Graduation courses
  2. All Post Graduation courses and Doctorate courses
  3. Professional Courses viz. Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, Ayurved, Homeopathy, Physiotherapy, Hotel Management, Hospital Management, Interior Designing, Architecture, Event Management, Mass Communication, Fashion Technology, etc.
  4. Computer certificate courses of reputed institutes accredited to Department of Electronics or institutes affiliated to Universities
  5. Courses like C.A, ICWA, CFA, CS, etc.
  6. Courses offered in India by reputed foreign Universities
  7. Evening courses of institutes approved by State/Central/Govt./UGC/AICTE/AIBMS/ICMR/ICAR
  8. Courses offered by National Institutes and other reputed private institutions. The College/Institute must have been approved by the State/Central Govt./UGC/AICTE, etc.

Student Eligibility:

  1. Should be Resident Indian
  2. Secured admission to either of above courses

Expenses Covered:

  • Fee payable to college / Institution / University
  • Examination / Library / Laboratory Fee
  • Fee and other charges payable to hostel
  • Purchase of books / equipments / instruments
  • Personal Computers / Laptops wherever required
  • Caution deposit / building fund / refundable deposit supported by institution bills / receipts
  • Any other expenses required to complete the course – like study tours, project works, thesis, etc.

Limit: Maximum upto Rs.7.50 Lacs. Margin : Upto Rs. 4.00 lacs :- NIL, Above Rs. 4.00 lacs :- 5%. Margin is to be contributed on pro rata basis on year to year basis as and when disbursements are availed. Repayment Holiday / Moratorium Period: Course period + 1 year or 6 months after getting job, whichever is earlier. Repayment Period: The loan is repayable in 5-7 years after the above period. Security:

  1. Upto Rs.4 lacs: No security
  2. Above Rs. 4 lacs: Collateral in the form of a suitable third party guarantee alongwith assignment of future income

Rate of Interest:

  1. Simple interest to be charged at monthly rests during the repayment holiday / moratorium period.
  2. 1% interest concession is provided if interest debited during repayment holiday is serviced.
  3. 1% Concession in rate of interest to loans for girl student.
  4. Penal interest @ 2% p.a. on overdue amount, if the loan amount exceeds Rs.4.00 lacs.
  5. FOR PRESENT RATE OF INTEREST:

Name of Scheme: Name not specified Financial assistance to students going abroad for Professional / Technical studies Eligiblity of Courses : Graduate/Post Graduate / Doctorate / Job Oriented Professional / Technical Courses offered by reputed Universities overseas.

Student Eligibility: Student should be

  1. An Indian National.
  2. Have secured admission to Professional/Technical Courses at foreign Universities/Institutions.

Expenses Covered:

  1. Admission/Tuition fees to College/University
  2. Hostel/Mess charges
  3. Examination/Library/Laboratory fee
  4. Purchase of books/equipments/instruments
  5. Caution deposit/building fund/refundable deposit supported by institution bills/reciepts
  6. One way travel expenses/Passage money
  7. Purchase of computers if essential for completion of the course
  8. Any other expense required to complete the course e.g. study tour, project work, thesis etc

Limit: Maximum upto Rs 10 lacs for graduation and other courses up to 3 years duration, Rs 15 lacs for post graduation and other advanced studies

Margin: 15% Repayment Period: Repayment Holiday/Moratorium Period: Course period + 1 year or 6 months after getting job, whichever is earlier. The loan is repayable in 5-7 years after the above period. Security:

  1. Upto Rs.4.00/- lacs : No security
  2. Above Rs. 4.00/- lacs upto Rs. 7.5 lacs : Collateral in the form of a suitable third party guarantee.
  3. Above Rs. 7.5 lacs : Collateral security equal to 100% of loan amount.

Rate of Interest:

  1. Simple interest during repayment holiday/moratorium period
  2. 1% interest concession, if interest debited during the repayment holiday is serviced
  3. 1% Concession in rate of interest to loans for girl student
  4. Penal interest @ 2% p.a. on overdue amount if loan exceeds Rs.4/- lacs
  5. PRESENT RATE OF INTEREST

Name of Scheme: Baroda Career Development The scheme is for employed persons intending to pursue higher education, vocational courses, trainings, pilot trainings, skill up gradation, diploma or degree courses offered in aviation, hospitality and travel management, executive development etc. in India / abroad Eligibility of Courses:

  1. Graduate, Post Graduate, Diploma, Professional Courses, Specialization courses offered by reputed Universities/ Institutions (Indian or Overseas), having assured employment prospects
  2. Skill up gradation courses offered by various institutes (Indian/Overseas), having assured employment prospects
  3. Courses offered by Hospitality Management Institutes for Skill upgrade/Short course/ Training etc.
  4. Pilot Training Courses, offered by reputed Institutions (Indian or Overseas), approved by Director General of Civil Aviation (DGCA) /International Civil Aviation Organization (ICAO)

Student Eligibility:

  1. Should be an Indian National
  2. Have secured admission to the course through entrance test / merit based selection process

Limit:

  1. Need based finance subject to repaying capacity of applicant, based on present / expected income after completion of the course
  2. In India: Rs. 10.00 Lacs
  3. Abroad : Rs. 20 Lacs

Expenses Covered:

  1. Tuition Fees, Examination/ Library fee etc. charged by the Institution
  2. Hostel fees
  3. Cost of Books, equipments, instruments, etc.
  4. Personal Computers/ Laptops, wherever required
  5. Any other expenses required to complete the Course viz: Study Tours, Project works, thesis, etc.

Margin: 15% (Any scholarship / assistantship, if received, would not be included in margin). Repayment Period: Maximum 60 EMIs. Repayment Holiday: Course period + 6 months or 3 months after getting a job, whichever is earlier. Security:

  1. 100% tangible collateral security by way of mortgage of property or assignment of ecurities NSC, KVP, LIC policy, FDR etc.
  2. Personal guarantee of Father / mother of the applicant or any other person having sufficient worth

Name of Institute: Bank of India

Name of Scheme: Star Educational Loans

Student Eligibility: Student should be:

  1. An Indian National
  2. Have secured admission to professional/technical courses in India or Abroad through Entrance Test/Merit based selection process

Courses Eligibility: A) Studies in India

  1. Graduation courses: BA, B.Com., B.Sc., etc.
  2. Post Graduation courses: Masters and Phd.
  3. Professional courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc
  4. Computer certificate courses of reputed institutes accredited to Department of Electronics or institutes affiliated to university.Courses like ICWA, CA, CFA, etc.
  5. Courses conducted by IIM, IIT, IISc, XLRI, NIFT, etc.
  6. Courses offered in India by reputed foreign universities with prior approval of Head Office
  7. Evening courses of approved institutes
  8. Other courses leading to diploma/degree, etc. conducted by colleges/ universities approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR, etc.
  9. Courses offered by National Institutes and other reputed private institutions with prior approval of Head Office

B) Studies 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. Expenses Covered:

  1. Fee payable to college/school/hostel
  2. Examination/Library/Laboratory fee
  3. Purchase of books/equipments/instruments/uniforms
  4. Caution deposit/ building fund/ refundable deposit supported by Institution bills/ receipts
  5. Travel expenses/passage money for studies abroad
  6. Purchase of computers – essential for completion of the course
  7. Any other expense required to complete the course – like study tours, project work, thesis, etc.

Limit: Need based finance subject to repaying capacity of the parents/students with margin and the following ceilings : Studies in India – Maximum Rs.7.50 lakh Studies abroad – Maximum Rs.15.00 lakh

Margin: Upto Rs.4 lakh : Nil Above Rs.4 lakh – Studies in India : 5% Studies Abroad : 15%

Security: Upto Rs. 4 lakh: No security Above Rs.4 lakh and upto Rs.7.5 lakh : Collateral security in the form of a suitable third party guarantee Above Rs.7.5 lakh: Collateral security of suitable value or suitable third party guarantee alongwith the assignment of future income of the student for payment of instalments

Rate of Interest: Upto Rs.15 lakh: 0.75% below BPLR, presently applicable Rate 12.50% p.a. Simple interest during the repayment holiday/moratorium period Penal interest 2% for loans above Rs.4 lakh for the overdue amount and overdue period Int. Concession of 0.50%p.a. for woman beneficiaries 1% int. concession if interest is serviced during moratorium period, where repayment holiday is specified for interest/repayment under the scheme (concession available for moratorium period) Repayment: Repayment Holiday/Moratorium Period is course period + 1 year or 6 months after getting job, whichever is earlier.

The loan is to be repaid in 5-7 years after commencement of repayment
Name of Institute: Central Bank of India

Name of Scheme: Cent Vidyarthi Scheme

Student Eligibility: Student should be:

  1. An Indian National

  2. In the age group of 16 to 40 yrs

  3. Have secured admission to Professional/Technical courses through Entrance Test/Selection Process

  4. Have secured admission to Foreign University/Institutions.

  5. Courses

Eligible Courses: a) Studies in India

  1. School education including plus 2 stages

  2. Graduation courses – B.A., B.Com., B.Sc. etc

  3. Post Graduation courses – Masters and Ph.D.

  4. Professional courses – Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.

  5. Computer Certificate course of reputed institutions accredited to Department of Electronics or Institutions affiliated to University

  6. Courses like ICWA, CA, CFA, etc.

  7. Courses conducted by IIM, IIT, IISc, XLRI, NIFT etc.

  8. Courses offered in India by reputed Foreign Universities

  9. Evening courses of approved institutions

  10. Other courses leading to Diploma/ Degree etc. conducted by Colleges/Universities approved by UGC/ Govt./ AICTE/ ICMR etc.

  11. Courses offered by National Institutes and other reputed private institutions

  12. Any other institution courses depending on future prospects/recognition by user institutions deemed proper by the Bank

b) Studies abroad: Graduation: For job oriented professional/technical courses offered by reputed Universities Post Graduation: MCA, MBA, MS. etc. Courses conducted by Chartered Institute of Management Accountants (CIMA) – London, Chartered Public Accountant (CPA) – USA etc. Expenses Covered:

  1. Fee payable to College/School/Hostel

  2. Examination/Library/Laboratory fee

  3. Purchase of books/equipments/instruments/uniforms

  4. Caution deposit/building fund/ refundable deposit

  5. Travel expenses/passage money for studies abroad

  6. Purchase of computers – essential for completion of the course

  7. Any other expenses required to complete the course – like study tours, project work thesis etc.

  8. To meet insurance premium for the policy on the life of the student

  9. Reimbursement of these expenses already incurred/loan taken from identified sources (to meet the contingencies) by the applicant on merits is allowed, subject to production of original receipts within one month if applicant has secured admission in India and within six weeks if the applicant is going abroad

Limit: Need based finance subject to repaying capacity of the parents/students with margin and the following ceilings: For studies in India: Max. Rs.7.50 lacs For studies abroad: Max Rs.15.00 lacs

Margin: Upto to Rs.4.00 lacs – No margin Above Rs.4.00 lacs For studies in India: 5% Studies abroad: 15%

(Note: Scholarship assistance to be included in margin. Margin may be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis)

Security: Upto Rs.4 Lakhs: No security .Only to take co-obligation of either or both parents/guardian Above Rs.4 Lakhs and upto Rs 7.50 Lakhs: Collateral in the form of satisfactory third party guarantee Above Rs.7.50 Lakhs: Collateral security of suitable value or co-obligation of parents/ guardians/ third party along with the assignment of future income of the student for payment of installments Rate of Interest: As per bank rules

Concessions: 1% interest concession, if the interest is serviced during study period. The interest is charged quarterly/monthly on a simple interest basis during Repayment /Moratorium period. Repayment:

Commences one year after completion of the course or six months after getting employment, whichever is earlier.

Institute’s Name: HDFC Bank

Eligibility: Student should be

  • An Indian national residing in India

  1. Must have secured admission in any of the bank’s list of approved course or universities.

Courses Eligible:

  1. PostGraduate Management Courses (Full Time as well as Part Time )

  2. Graduate Engineering Courses (Government + Private)

  3. Graduate and Post Graduate Courses of Medicine

  4. Masters in Computer Application (MCA/MCM)

  5. Commercial Pilot License courses from Flying Schools approved by DGCA in India or an Equivalent approving body abroad.

  6. Online / Distance Learning courses

(Wherever it is a private institution, the same has to be recongized by the relevant/competent government body)

  1. Graduate and Post Graduate Courses of Fine Arts and Designing

  2. Graduate Course of Architecture

  3. Graduate and Post Graduate Courses of Hotel and Hospitality

  4. Post Graduation in Agriculture

  5. Graduate and Post Graduate Courses of Pure Science

  6. BA/BCom/MA/MCom

  7. Courses such as SAP, ERP, GNIIT, Air Hostess Training programmes, etc.

Besides the above mentioned, other Institute to be rated on the basis of their listing with the AICTE etc.

Student Eligibility: An India National Student residing in the age group of 16-35 years who have secured admission to any of the above mentioned courses

Limit: For loans with Moratorium: Studying in India – Max Rs. 10 Lakhs Studying abroad – Max Rs. 20 Lakhs For Loans without Moratorium: Studying in India – Max Rs. 7.50 Lakhs Studying abroad – Max Rs. 10 Lakhs

Expenses Covered:

  1. Fee Payable to College/School/Hostel

  2. Exam/Library/Lab fees

  3. Caution deposit / Refundable deposit asked by the institution/Building fund – supported by Institution bills/receipts

  4. Purchase of Books/equipments/instrument/uniforms

  5. Travel expenses/passage money for studies abroad

  6. Purchase of computers – essential for completion of the course

  1. Any other expense required to complete the course – like study tours, project work, thesis, etc.

Note: Tuition and hostel fee will be disbursed directly to the educational Institute as per the schedule of fee given by the Institute/college (semester – wise/yearly).

Margin: 100% loan is available for select courses. Margin ranges from 5-15 % for courses in India and Abroad

Security:

  1. A co-applicant is required for all Full-Time courses. The co-applicant can be your parents, siblings, spouse or Family Relative. Loan eligibility would be calculated on the basis of the co-applicant’s income. In case of Part Time courses, No Co-applicant required. However in order to increase the eligibility a co-applicant may be added.

  2. Collaterals are required only for educational Loans above Rs.7.5 lakhs. The acceptable collaterals are: Fixed deposits and Residential Property

Interest Rate: The interest servicing would be of simple interest calculated on the loan amount disbursed payable monthly

Moratorium/Repayment Holiday: A moratorium/repayment holiday is available for select courses for the period of 1 year or 6 months after the student gets a job/start earning whichever is earlier and interest would have to be paid during the moratorium . Repayment: Customer has the option of paying through Standing instructions/ ECS/Post dated cheques

Tenure: Maximum tenure of the loan can be 7 years including moratarium period

  1. Documents Required: Declaration/Affidavit confirming that no loan has been availed from other Bank/Institution

  2. Completely filled Application Form with Photographs

  3. Letter of admission from the Institute

  4. Letter from the Institute stating cost break up of the program (term-wise, year-wise)

  5. Marksheets from SSC onwards till the latest examination passed

  6. KYC Documents for the Applicant and Co-applicant (Residence Proof , ID Proof , Signature Verification Proof , Age proof )

  7. Income Documents of the Co-applicant (Pay Slips / ITR copy etc)

  8. Declaration/Affidavit confirming that no loan has been availed from other Bank/Institution

For studies abroad – in addition to the above list of documents – following documents are required:

  1. Letter from the Head of Department (University)

  2. Visa approval papers

  3. Travel papers

  4. GMAT/GRE/SAT score

  5. I-20 in case of applicant going to the USA

The following documents have to be submitted post the sanction of the loan:

  1. Progress reports to be provided at the time of every disbursement tranch. Progress report includes mark sheets or a letter from the Institute, in case the mark sheet is not available while processing the fresh disbursement tranch

  2. Education Loan Agreement

  3. SI/ECS Mandate as applicable

  4. Post Dated Security Cheques as per Policy

Any other documents which might be required as per policy.

Institute’s Name: Punjab National Bank
Scheme: Vidhyalakshyapurti Eligibility: Student should be

  1. An Indian National
  2. Have secured admission to Professional / Technical courses through Entrance Test / Selection process
  3. Have secured admission to foreign University / Institutions
  4. Have secured pass marks in the qualifying Examination for admission to Graduation Courses

Expenses Covered:

  1. Fee payable to College / School / Hostel
  2. Examination / Library / Laboratory fee.
  3. Purchase of books / equipments / instruments / uniforms.Secured admission to foreign University / Institutions
  4. Caution Deposit / Building Fund / Refundable Deposit supported by Institution Bills / Receipts
  5. Travel Expenses / Passage money for studies abroad
  6. Purchase of computers – essential for completion of the Course
  7. Boarding and lodging expenses in recognised Boarding Houses / private accommodations
  8. Any other expense required to complete the course – like study tours, project work, thesis, etc.

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

  1. For studies in India: Maximum Rs.7.50 lacs
  2. For studies abroad: Maximum Rs.15.00 lacs

Margin: Upto Rs.4.00 lacs: Nil Above Rs.4.00 lacs: Studies in India 5%, Studies Abroad 15% Security: Upto Rs.4.00 lacs: No Security Above Rs4 lacs and Upto Rs 7.5 lacs: 3rd party guarantee acceptable to the Bank Above Rs 7.5 lacs: Collateral Security of Suitable value or suitable 3rd party guarantee (Note: The security can be in the form of land / building / Govt. Securities / Public Sector Bonds / Units of UTI, NSC, KVP, LIC Policy, Gold, Shares / Debentures, Bank Deposit in the name of the student parent / guardian or any other third party with suitable Margin and the document should be executed by both the student and the parent/guardian) Rate of Interest: Upto Rs. 4 lacs BPLR+TERM PREMIA minus 1.25 Above Rs.4 lacs BPLR + TERM PREMIA+1% Note:

  1. Term premia of 0.50% p.a. shall be added for repayment period of 3 years and above
  2. The interest shall be debited monthly on simple basis during the Repayment holiday/ Moratorium period
  3. Penal Interest at the rate of 2% be charged for above Rs.4.00 lacs for the overdue amount and overdue period
  4. 1% Interest concession for servicing of interest during the study period regularly is allowed at the time of start of repayment period of loan

Repayment: Repayment Holiday / Moratorium Coursee period + 1 year OR 6 months after getting job, whichever is earlier. The Principal and interest is to be repaid in 5-7 years after commencement of repayment. If the student is not able to complete the course within the scheduled time, extension of time for completion of course may be permitted for a maximum period of 2 years. Other Benefits provided to the students:

  • Reimbursement of related expenses such as admission fee, monthly fee, Boarding and lodging expenses in recognized Boarding Houses etc. already incurred by way of loan taken from own sources (to meet the contingency) by the applicant, if claimed within 3 (three) months of such payment and before consideration of the loan by the Bank
  • Second time Education Loan can be sanctioned to the same student borrower for completion of next higher course

Documents Required: Following documents and papers are needed with application:

  • Passport size photograph
  • Proof of Address (Permanent) / ID Proof
  • Proof of Age
  • Proof of having secured pass marks in last qualifying examination
  • Letter of admission in professional, technical or vocational courses
  • Prospectus of the course wherein charges like Admission Fee, Examination Fee, Hostel Charges etc. are mentioned
  • Details of Assets & Liabilities of parents
  • In case loan amount is above Rs.4.00 lacs, Particulars of Guarantors and details of their Assets and Liabilities*
  • If immovable property offered as Collateral Security, copy of Title Deed, Valuation Certificate and Non-encumbrance Certificate from approved Lawyer of the Bank
  • Photocopy of Passport and Visa, in case of study abroad

Any other document/information, depending upon the case and purpose of the loan

Institution’s Name: State Bank of India
Name of the Scheme: SBI Career Loan Eligibility: Students willing to undertake a course for joining Commercial Pilot training courses and Airhostess Training courses in India and abroad from institutes recognized by the Ministry of Civil Aviation/DGCA Age: Applicant – Minimum 18 years, Co-borrower – Maximum 60 years Limit: Maximum upto Rs.20.00 lacs Nature of facility:Term Loans with the applicant and parent/guardian/spouse as co-borrowers Repayment: In 36 months by Equated Monthly Installments with maximum moratorium one year after completion of the course for start of repayment. No penal charges levied in case of early repayment of loan Processing fee: 0.50% of the loan amount Margin: 20 % against security of Land/Building, 10% on Face Value of Government Securities/ Public Bonds, NSCs, KVPs, Bank’s Deposits, RBI Relief Bonds etc., 10% on Surrender Value of LIC Policies Interest: 0.25 % against security of Land/Building, 1.00% above the rate of interest payable on deposits against security of Bank’s TDRs/STD Rs, 0.75 % below SBAR – 11.50% p.a. against Government Securities/ Public Bonds, NSCs, KVPs, Bank’s Deposits, RBI Relief Bonds and LIC Policies Institute’s Name: Syndicate Bank Name of Scheme: Syndvidya The Scheme covers the entire spectrum of educational needs from the school education to super speciality courses including overseas courses Eligibility:

  • Any student, a major or a minor, representing himself or represented by parent or guardian of Indian nationality
  1. Must have secured admission on the basis of merit to professional/ technical/other courses through entrance test/selection process
  2. Must have secured admission to foreign university/institution (for studies abroad)

Courses Eligible: A) In India.

  1. School education including plus-2 stage
  2. Graduation: B.A., B.Com, B.Sc., etc.
  3. Post graduation: Masters & Phd
  4. Professional courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental Management, Computer etc. in respect of Management studies, apart from university affiliation course should also be approved by All India Council for Technical Education. For Computer education, the recognised training institute should have accreditation of DOE, Govt of India to conduct the course under Department of Electronics
  5. Computer certificate courses of reputed institutes accredited to Department of Electronics or Institutes affiliated to Universities
  6. Courses like ICWA, CA, CFA etc.
  7. Courses conducted by IIM, IIT, IISc, XLRI, NIFT etc.
  8. Courses offered in India by reputed foreign universities
  9. Evening courses of approved institutes
  10. Other courses leading to diploma / degree etc. conducted by colleges / universities approved by UGC / Govt AICTE / AIBMS / ICMR etc.
  11. Courses offered by National Institutes and other reputed private institutions acceptable to the Bank

B) Abroad.

  1. Graduation : For job oriented professional/technical courses offered by reputed universities
  2. Post Graduation: MCA, MBA, MS. Etc.
  3. Courses conducted by CIMA-London, CPA in USA etc.
  4. Foreign Diploma courses are not eligible

Student Eligibility: Student should:

  • Be an Indian National
  • Have secured admission on the basis of merit to professional/technical courses through Entrance Test/Selection process
  • Have secured admission to foreigh university / institutions
  • Who is a major representing himself or a minor student represented by parent or guardian

Limit: Maximum upto Rs.7.50 lacs for studies in India and Rs.15 lac for studies abroad Expenses Covered: Fee payable to college / school / hostel, examination fee, cost of books, travel / passage fare for studies abroad etc. Capitation fee / donation / external coaching fee are not eligible for finance Margin:

  1. For loans upto Rs.4 lac – No Margin required
  2. For loans above Rs.4 lac – 5% for study in India and 15% for study abroad

Security

  1. For loans upto Rs.4 lac – Nil
  2. For loans above Rs.4 lac and upto Rs.7.50 lac – Collateral in the form of satisfactory third party guarantee acceptable to the Bank
  3. For loans above Rs.7.50 lac – Collateral security equal to 100% of the loan amount with suitable margin and a third party guarantee acceptable to the Bank

NOTE: In all the above cases, the parent / guardian shall join the transaction as surety Interest Rate: 1. For loans upto Rs.7.50 lakhs – 10.00 %.

  1. For loans above Rs.7.50 lakhs – 9.50 %.

Repayment: In 5 to 7 years commencing one year after completion of the course or 6 months after securing the job whichever is earlier. Capability Certificate: Capability certificate for students going abroad for higher studies are also issued on production of financial and other supporting documents.


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