|Name of Institute: State Bank of Indore|
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:
|Name of Institute: Allahabad Bank|
Name of Scheme: Not specified
Students Eligibility: Student should be:
Courses Eligibility: For studies in India:
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:
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.
(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.
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:
Documents required from students for studies abroad
Documents required from the co-applicant
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:
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:
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:
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
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:
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:
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:
|Name of Institute: Bank of India|
Name of Scheme: Star Educational Loans
Student Eligibility: Student should be:
Courses Eligibility: A) Studies in India
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:
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:
Eligible Courses: a) Studies in India
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:
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
(Wherever it is a private institution, the same has to be recongized by the relevant/competent government body)
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
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
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
For studies abroad – in addition to the above list of documents – following documents are required:
The following documents have to be submitted post the sanction of the loan:
Any other documents which might be required as per policy.
|Institute’s Name: Punjab National Bank|
|Scheme: Vidhyalakshyapurti Eligibility: Student should be
Limit: Need based finance, subject to repaying capacity of the parents / students with margin and the following ceilings:
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:
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:
Documents Required: Following documents and papers are needed with application:
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:
Courses Eligible: A) In India.
Student Eligibility: Student should:
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:
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 %.
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.