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Education Loans

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Education Loans


Purpose

  • To help students pursue higher education in recognized institutions who secured admission through a merit based selection process.

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.

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%

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

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)

Interest Rates & Charges

  •   For Loan interest rates click here

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