Education Loan

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Education Loan (Under Priority Sector ) :

  1. Purpose of the Loan : For Educational Purpose , For Higher Study including vocational Course , for study of Professional and Technical education .
  2. Target Groups : Meritorious Student of any disciplines for pursuing higher education in India and abroad .
  3. Meritorious Student: Minimum 60% marks in HSLC and HSSLC ( Both SEBA and CBSE).
  4. Age of Borrower : 18 years and above .
  5. Type of Advance : Term Loan.
  6. Quantum of Advance : ₹10.00 Lakhs within India ₹20.00 Lakh in Abroad.
  7. Margin of the Loan : Minimum 40% of the Projected Course Fees .
  8. Rate of Interest : @12.50% P.A.
  9. Repayment : Repayment will start after 6 months of completion of the course or next month of the engagement of the Job whichever is earlier with 48 no’s of EMI . However interest of the loans must be paid from the income of the Parents / Guardian from the next month of the disbursement.
  10. Up to ₹10.00 Lakhs without any mortgage with 30% to 40% liquid security and above ₹10.00 Lakhs equitable mortgage of land to be offered by Parents / Guardian with value of @125% of the loan amount as well as @5% of liquid security.
  11. Two personal Guarantee having sufficient net worth.
  12. Linking Share : @2.50% of the loan amount.
  13. Process Fees : @ 1% of the loan amount.
  14. Disbursement : Phase wise disbursement through RTGS/NEFT in the name of the institution as per Project Cost/ Course Fees.
  15. I T Return (last 2 to 3 years) / Salary Slip / Form 16 (Last 3 months) of the Parents / Guardian will be required .
  16. The institution selected for education must be Govt. Recognised institution .

Document to be Need :

  • Application in prescribed format
  • Identity Card of the Student
  • Pan Card of guardian
  • Admission fees and expenditure for the period of the course from particular institution.
  • Address proof of guardian
View Rate of Interest
  • Notification