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Education Loan
Who can apply? :
- Permanent Salaried Persons for themselves/dependents.
- Professionals for themselves/dependents.
Purpose :
- To meet the expenses for pursuing eligible education courses, which include – Tuition fee, Books and other Study materials / Stationery, Hostel charges and other related expenses, Airfare in case of Foreign study.
Repayment :
- In case of loan amount up to ₹ 2.00 lakhs [Clean], loan repayment will start immediately after one month from the date of 1st disbursement. Maximum 5 years or considering the Age & remaining Service period of Guardian / Parent.educationloan_banner
- Maximum 5 years. Repayment of loan (EMI) will start immediately after one month from the date of first disbursement. Maximum 5 years (60 EMIs), to start from 6 months after completion of the course or securing a job, whichever is earlier or considering the Age & remaining Service period / Business of Guardian / Parent.
- During the period before repayment starts (i.e. moratorium period), interest is payable every month as and when applied to the loan a/c.
Eligibility :
- Individual Student Jointly with Parent / Guardian.
Other Eligibility:
- Should have passed all previous examinations in one attempt.
- Must have secured admission for the desired Course / Diploma / Degree / Post-Graduation at the approved University / Institute.
- Courses include – Graduation, Post-graduation Medical courses i.e. Medical / Dental / Veterinary, etc. Engineering / Marine engineer. / Architecture etc. Agriculture, Management, Law, Pilot / Air-hostess training, IATA courses, Hospitality courses of an established / reputed Foreign University / Institute.
- Courses conducted by reputed / well established Coaching classes. (Maximum Limit ₹. 2.00 lakh).
Maximum Limit :
- Min. 5% on entire Study cost.
Securities :
- Loan application.
- Residential proof of Applicant and sureties.
- Income proof of Applicant and surety.
- Proof of further studies.
- Any other document required by bank.
Sr. No | Type of loans | Unsecured/ Secured | Maximum Amt (In lakh) | General Int rate % | Int rate for woman % | Max period in months | Security Margin % |
1 | Unsecured | 5.00 | 11.50% | 11.50% | 60 months after completion of education (Till Moratorium Period) | 0% | |
Education Loan (For Domestic Education) Priority | Secured | 20.00 | 10.00% | 10.00% | 50% | ||
Education Loan (For Domestic Education) Non-Priority | 25.00 | 10.50% | 10.50% | ||||
Education Loan (For Foreign Education)Priority | 50.00 | 11.00% | 11.00% | 60 months after completion of education (Till Moratorium Period) | |||
Education Loan (For Foreign Education) Non-Priority | 50.00 | 11.00% | 11.00% | 84 months after completion of education (Till Moratorium Period) | |||