Purpose of Loan For pursuing higher studies, in India & Abroad
Eligibility Student should be an Indian National having secured admission to Professional / Technical courses through entrance test / selection process.
Nature of FacilityTerm Loan
Calculation of Eligible Loan Amount For payment of Hostel fee caution deposit, refundable deposit, admission, examination, library, laboratory, cost of books, equipments, uniforms, computer (Hypothecated). One-way air passage in case of studies abroad. Reimbursement of admission fee books airfare etc., if already incurred, within 1 month for studies in India / 6 weeks for abroad.
Maximum loan amount - Rs. 10 lacs for studies in India
- Rs. 20 lacs for studies Abroad
Margin Upto Rs. 4 lacs : NIL, Above Rs. 4 lacs:In India - 5% ,Abroad - 15% Margin (scholarship may be included in margin.)
Rate of Interest Cent Vidyarthi - Education Loan
(Irrespective of Amount of Loan and Place of study i.e. India or Abroad) | Rate of Interest
| Processing Charges
|
Male
| BPLR - 2.00%
IIT -IIM
BPLR - 2.50%
| Nil
|
Female
| BPLR - 2.50%
IIT -IIM
BPLR - 3.00%
| Nil |
SC, ST, & Minority Community Student (Female & Male)
| BPLR - 2.50%
IIT -IIM
BPLR - 3.00%
| Nil |
Incentive 1% interest concession, if interest is serviced during study period when repayment holiday is specified for interest repayment. It should be given at the end of Financial Year i.e. 31st March.
Interest is calculated at simple basis during Repayment Holiday / Moratorium Period. Interest will be compounded on monthly rests from due date of first instalment.
Disbursement Payment directly to college / hostel / mess / airlines etc. In appropriate cases disbursement to be made to borrowers subject to satisfactory evidence. Original receipts to be submitted.
Repayment Repayment to commence 12 months after completion of studies or 6 months after securing jobs whichever is earlier. Maximum period 5 to 7 years. Repayment on EMI basis.
Security Upto Rs.4 Lakhs: Co-obligation of parents/ guardian/ parent-in-law/spouse
Above Rs. 4 lakhs and up to Rs.7.50 lakhs:
Co-obligation of parents/ guardian/ parent-in–law/spouse together with collateral security in the form of suitable third party guarantee.
Above Rs.7.50 lakhs: Co-obligation of parents / guardian / parent-in–law / spouse together with tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments.
Processing Charges No Processing Fees
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