The scheme extends a helping hand to meritorious students desirous of pursuing higher study either in India or abroad.
Studies in India
Approved courses leading to graduate/post graduate (Masters & PhD. degree and PG Diplomas conducted by recognized colleges/universities, Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc.).
Computer Certificate courses of reputed institutes accredited to DoE.
Courses like ICWA, CA, CFA, etc.
: Job oriented professional / technical courses offered by reputed Universities.
: MCA, MBA, MS, etc.
Courses conducted by CIMA - London, CPA in U.S.A., etc.
28 years for general candidates
30 years for SC/ST candidates
For Post Graduation:
30 years for general candidates
33 years for SC/ST candidates
The main conditions for eligibility include
Quantum of loan
- Student must be an Indian National
- Secured admission to a higher education course in India or entrance test or selection process after completion of HSC (10 plus 2 or equivalent),
Studies in India : Maximum Rs. 10.00 Lac
Studies Abroad : Maximum Rs. 20.00 Lac
Upto Rs. 4.00 lacs & No security, co-obligation of parents
Above Rs. 4.00 lacs & upto Rs. 7.50 lacs: Co-obligation of parents, collateral in the form of a suitable 3rd party guarantee
Above Rs. 7.50 lacs : Co-obligation of parents, tangible collateral security equivalent to full value of loan
Upto Rs. 4 Lac - Nil
Above Rs. 4 Lac Studies in India - 5%
Studies Abroad - 15%
There are no processing charges
Disbursement in stages as per the requirement directly to institutions.
- Upto Rs 7.50 lacs :- Base rate + 2.50%
- Above Rs.7.50 lacs :- Base Rate + 2.25%
- Upto Rs 7.50 lacs :- Upto 10 years
- Above Rs.7.50 lacs :- Upto 15 years
Course period+ 1year or 6 months after getting job whichever is earlier.
1% interest concession is available during moratorium period, if interest is serviced regularly during the moratorium period.
Since the rules, regulations, eligibility conditions, repayments and interests rates etc are revised by the banks from time to time
in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions
of educational loan scheme on offer at the time of application.