| Purpose : |
|
| For higher education(after schooling). |
| Items eligible for Finance:- |
| Admission fee/Monthly fee/Examination fee, Books, Stationery & equipments, |
| Air fare for joining the course abroad, Boarding & lodging expenses of hostel/boarding houses, where charges are standardised and paid to the Management of the Boarding House. Any other expenses required to complete the course like study tours, project work, thesis etc. |
|
| Eligibility: |
| Indian nationals not above 45 years of age those who secured admission in a recognized course of an approved university (AICTE approved institutions) OR institutes recognized by a statutory body. |
|
| Amount of Loan: |
| Education in India – Max. Rs.10.00 lacs. |
| Education Abroad – Max. Rs.20.00 lacs. |
|
| Security: |
For Loans upto Rs.4.00 lac
- No Collateral Security
- Co-obligation of parents/guardian is must.
|
|
For Loans above 4 lacs and upto Rs.7.50 lacs
- No Collateral Security required,
- Co-obligation of parents/guardian is must
- One satisfactory third party guarantee
|
|
Above Rs.7.50 lacs
- Co-obligation of parents/guardian is obligatory.
- Mortgage of immovable property or any other tangible security like pledge of NSC/UTI/LIC (Surrender Value)/Bonds/
Banks deposits (Except under tax saving scheme) etc. . having value at least equal to 100% of loan. Extension of charge on property already mortgaged with our Bank, subject to adequate residual value of security.
|
|
| Margin: |
| Upto 4 lacs – NIL |
| Above 4 lacs for education in India – 5% |
| Education Abroad – 15%
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