Education Loan

Eligibility

• Indian National
• After completion of HSC
• Admissions on the basis of CET, GRE, G-MAT, CAT etc.
• Direct Admission without entrance test-60% is minimum

Scheme Code

• GA107

Eligible Course

• BA, B.Com, B.SC, Masters & PhD

Course not Eligible

• Air Craft maintenance engineer/pre sea training which are neither degree nor diploma for sanctioning Education Loans.
• Vocational and skill development study courses.
• Off campus courses

Quantum of Finance

• Studies in India-Maximum of Rs.10.00 lakh
• Studies abroad-Maximum of Rs.100.00 lakh

Margin

• Upto Rs. 4.00 lakh –Nil
• Above Rs. 4.00 lakh-Studies in India-5%
• Studies Abroad -15%
• Scholarship / assistantship to be included in Margin
• Margin may be brought in on year–to-year basis as and when the loan disbursements are to be made on a pro- rata basis

Security

• Up to Rs. 4.00 lakhs-No security & Loan jointly granted to the parent/guardian and the student
• Above Rs. 4.00 lakh and upto Rs.7.50 lakh : Loan jointly granted to the parent/guardian and the student & Suitable third party guarantee of an individual with sufficient net worth in the form of immovable property. He should be earning sufficient income.
• Above Rs.7.50 lakh upto Rs. 20.00 lakhs –

  i. Loan shall be given jointly with parent / guardian and assignment of future income of the student.

  ii. Collateral security equal to 100% of loan amount and coobligation of third party having required net worth not less than the loan amount.:

Security for Studies Abroad

Limit exceeds Rs.20.00 lakhs

• Loan shall be given jointly with parent / guardian and assignment of future income of the student.
• Marketable Collateral security equal to 150% of loan amount and coobligation of third party having required net worth not less than the loan amount.

Repayment

• For loans up to Rs.7.50 lakh- upto 10 years.
• For loans above Rs.7.50 lakh- upto 15 years.