Coverage of expenses
- Fee Payable to College/ School/ Hostel
- Exam/ Library /Lab fees
- Caution deposit / Refundable deposit asked
by the institution/ Building fund - supported
by Institution bills/ receipts
- Purchase of Books/ equipments/ instrument/
uniforms
- Travel expenses/ passage money for studies
abroad
- Purchase of computers - essential for completion
of the course
Any other expense required to
complete the course - like study tours, project
work, thesis, etc.
Quantum
For loans with Moratorium :
- Studies in India - Max Rs. 10 Lakhs
- Studies in Abroad - Max Rs. 20 Lakhs
For Loans without Moratorium
:
- Studies in India - Max Rs. 7.50 Lakhs
- Studies in Abroad - Max Rs. 10 Lakhs
Margin
- Upto Rs.4 lakhs - Nil
- Above Rs.4 lakhs
- Studies in India 5%
- Studies abroad 15%
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 .
Security
Collaterals are required only
for educational Loans above Rs.7.5 lakhs. The
acceptable collaterals are:
- Fixed deposits
- Property (Residential)
Documents Required
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 are not available
while processing the fresh disbursement tranch.
The following documents have to be submitted
post the sanction of the loan
- Education Loan Agreement
- SI/ECS Mandate as applicable
- Post Dated Security Cheques as per Policy
- Any other documents which might be required
as per policy.
Declaration/Affidavit confirming that no loan
has been availed from other Bank/Institution
- Completely filled Application Form with Photographs.
- Letter of admission from the Institute
- Letter from the Institute stating cost break
up of the program (term-wise, year-wise)
- Marksheets from SSC onwards till the latest
examination passed
- KYC Documents for the Applicant & Co-applicant
(Residence Proof , ID Proof , Signature Verfication
Proof , Age proof )
- Income Documents of the Co-applicant ( Pay
Slips / ITR copy etc )
- Declaration/Affidavit confirming that no loan
has been availed from other Bank/Institution
For studies abroad - In addition to the above
list of documents – Pls Provide :
- Letter from the Head Of Department ( University)
- Visa approval papers
- Travel papers
- GMAT/GRE/SAT score
- I-20 in case of applicant going to the USA
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