Permanent Salaried Persons for themselves/dependents. Professionals for themselves/dependents.
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.
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.
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 :
Unsecured: Max. ₹ 5.00 lakhs (if Salary undertaking / Sec.49 / ECS Mandate through Salary account of Parent / Guardian) is available. Secured: i) Course in India-Max. Rs.10.00 lakhs
ii) Course Abroad – Max. ₹ 20.00 lakhs for Foreign studies.
Min. 5% on entire Study cost.
Minimum two Sureties out of which one should be an income tax payer. The Borrower and all the sureties should be Regular/Nominal members of the Bank. Collateral security if any of parents.
Documents Required :
Loan application. Residential proof of Applicant and sureties. Income proof of Applicant and surety. Proof of further studies. Any other document required by bank.