Eligibility

• The student should be Indian National.
• Minor student should be represented by parent/guardian.
• Loan shall be in the joint names of student and parent/guardian.
• Student should have secured admission for higher education in recognised institutions in India or abroad through a merit based selection process.
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Limit & Margin

• Limit
• In India - Upto 10 lakhs; subject to Course wise cap
• Abroad - Upto 20 lakhs; subject to Course wise cap
• Margin
• Upto 4 lakhs - Nil
• Above Rs.4 lakh for Studies in India -5%
• Abroad -15%
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Security

• Loans upto Rs. 4 lakh
• No security, Parent to be joint borrower.
• Assignment of future income of the student, for payment of installments
• Loan above Rs.4 lakh and upto Rs. 7.5 lakh
• Parent to be joint borrower
• Third party guarantee having net worth to cover the loan amount or equitable mortgage of landed property with sufficient value
• Assignment of future income of the student, for payment of installments
• Loan above 7.5 lakh
• Parent to be joint borrower
• EM of landed property with sufficient value, covering atleast 150% of the loan amount.
• Assignment of future income of the student, for payment of installments
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Repayment

• For loans above 7.5 lakh, maximum repayment period is 15 years
• For loans above 5 lakh, maximum repayment period is 10 years
• Moratorium period (Course period + one year or 6 months after getting job whichever is earlier)
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Interest Rates & Charges

•   For Loan interest rates click here
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