Education Loan

Purpose: To meet the expenses for pursuing eligible education courses, which include Tuition fee, Books and other Study materials / Stationery, Hostel charges and other related expenses.

Upto Rs. 5 Lakh 12%

Above Rs. 5 Lakh 12.5%

Loan Limit

Course in India – Max. Rs.10.00 lakhs
Course Abroad – Max. Rs. 20.00 lakhs for Foreign studies.

Loan tenure

For loans up to Rs. 5 lakhs up to 60 EMI ( after moratorium)
For loans above Rs. 5 lakhs up to 84 EMI ( after moratorium)

Moratorium:- Course period + 6 months,or after getting the Job, whichever is earlier. Till Moratorium Interest to be served regularly.

Eligibility

Individual Student Jointly with Parent / Guardian
Other Eligibility:

Should have passed all previous examinations in one attempt.
Must have secured admission for the desired Course / Diploma / Degree / Post-Graduation at the approved University / Institute.
Courses include “Graduation, Post-graduation Medical courses i.e. Medical / Dental / Veterinary, etc. Engineering / Marine engineer. / Architecture etc. Agriculture, Management, Law, Pilot / Air-hostess training, IATA courses, Hospitality courses of an established/reputed Foreign University / Institute.

Security

Equitable/Registered Mortgage of Immovable property

Processing Charges

0.25 % of sanctioned amount + GST for loan above Rs. 5 Lakh

Other Details

Margin: 25% to 50% of the Valuation of the Property to be mortgaged
Guarantors: Two Guarantors with adequate means and income acceptable to the Bank
Pre-Payment Charges: NIL