Students

• Should be an Indian National
• Secured admission to professional/technical courses through Entrance Test/ Selection process.
• Secured admission to foreign university/Institutions.
• No minimum qualifying marks be insisted upon.

Courses

For studying in India

• School education including plus 2 stage.
• Graduation courses: BA, B.Com., B.Sc., etc.
• Post Graduation courses: Masters & Ph.D.
• Professional Courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management (including Hotel Management), Computer/ Information Technology, Journalism & Mass Communication, 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.
• Courses offered in India by reputed foreign universities.
• Evening courses of approved institutes.
• Other courses leading to diploma/degree etc. conducted by colleges/universities approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc.

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.

Loan Details

Coverage of expenses 

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

Quantum 
Need based finance subject to repaying capacity of the parents/students with following margin and ceilings.
Maximum

• Rs.7.50 lacs for Studies in India
• Rs.15.00 lacs for Studies abroad

Margin 
Scholarship/assistantship 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 : 

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.

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

1. 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.
2. In case the loan is given for purchase of computer the same to be hypothecated to the Bank.
3. The assignment of future income of the student for payment of installments may also be obtained irrespective of loan amount.

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 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.