Education Loan Scheme

Eligibility :
	Student Should be an Indian National Should have secured admission to professional/ technical courses through entrance test/ selection process. Should have secured admission to foreign universities/ institutions Should have passed the qualifying examination for admission to the courses. Employed person intending to improve their educational qualification and/ or receive training in modern technology in India or abroad can also be assisted under this scheme provided training offers prospects of better placement. Courses In India: Graduate / Courses in :BA, B.Com., B.Sc., etc. Medicine, Surgery, Engineering, Hotel Management, Design, Architecture, Bio-chemistry, Agriculture, Veterinary etc. P.G Courses in : Business Management, Chartered or Cost Accounting , Company Secretaryship, Masters & PhD. Professional Courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc. Computer Certificate Courses: of reputed institutes accredited to Dept. of Electronics or institutes affiliated to university. Courses like ICWA, CA, CFA etc. Courses Conducted by IIM, IIT, IISc, XLRI. NIFT etc. Regular Degree/Diploma courses like Aeronautical, pilot training, shipping etc., approved by Director General of Civil Aviation/Shipping, if the course is pursued in India. In case the course is pursued abroad, the Institute should be recognized by the competent local aviation/shipping authority. Courses offered in India by reputed foreign universities. Evening courses of approved institutes. Other courses leading to diploma/ degree etc. conducted by colleges/ universities approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc. Courses offered by National Institutes and other reputed private institutions.. Courses under Distance Education/ learning leading to professional/ technical certificates/ degree/ diploma courses etc offered/ conducted by reputed colleges/ universities/ institutions recognized/ approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc. Teacher Training Courses/ Nursing Courses/ B.Ed. conducted by institutions that are approved by Central Government/ State Government provided the said courses lead to degree or diploma and not to certification course. . Abroad: Graduation: For job oriented professional/ technical courses offered by reputed universities. P.G Courses: MCA, MBA, MS, etc. Courses conducted by CIMA- London, CPA in USA etc.
Loan Details
	Quantum For studies in India - Rs.10.00 Lacs For studies Abroad - Rs.20.00 Lacs Margin For loans upto Rs. 4 lacs - nil For loans above Rs. 4 lacs - Studies in India - 5% - Studies abroad - 15% Security Personal guarantee of borrower/ 's Collateral security equal to amount of loan.
Rate of Interest
	Upto Rs.25,000 - 9.50% p.a Above Rs.25,000 to Rs.5.00 Lacs - 10.50% p.a Above Rs.5.00 Lacs to Rs. 10.00 Lacs- 11.50% p.a Above Rs. 10.00 Lacs to Rs. 20.00 Lacs- 12.50% p.a
Repayment
	Repayment Holiday/ Moratorium: Course period + 1 year or 6 months after getting job, whichever is earlier The loan to be repaid in 5 to 7 years after commencement of repayment. If the student is not able to complete the course within the scheduled time, extension of time for completion of course may be permitted for a maximum of two years.