Scholar Loan Scheme

Education Loans to students securing admissions in:
	The country’s best engineering colleges The nation’s elite medical colleges India’s top B-Schools India’s best Law colleges & other reputed institutes Eligibility A term loan granted to Indian Nationals for pursuing higher education in India in selected institutions. Salient Features Option to avail loan at Campus or branch nearer to permanent residence Option to transfer loan account to a branch convenient to student for repayment. Student can avail a second education loan for higher studies provided the institution and fees fall within criteria.
Loan Details
	Coverage of Expenses Fees payable to college/school/hostel Purchase of books/equipments/instruments Travel expenses/expenses on exchange programme Purchase of computer/laptop Any other expenses related to education Quantum Maximum loan amount upto Rs.15 lacs Margin For loans up to Rs.4.0 lacs - No Margin For loans above Rs. 4 lacs - 5% Security No security. Co-borrower (Parent/guardian as co-borrower at Bank’s discretion)
Rate of Interest
	1.5% below SBAR effective rate 10.25% p.a. An Interest Rate concession of 0.50% to Girl Student availing Scholar Loans Documentation Required Letter of admission 2 passport size photographs Proof of identity (driving licence/passport/PAN/any photo identity) Proof of residence (driving licence/passport/electricity bill/phone bill) Statement of expenses Student/Co-borrower/ guarantor’s bank account statement for last 6 months IT return/ IT assessment order, of last 2 years Brief statement of assets & liabilities of the co-borrower Proof of income (i.e. salary slips/ Form 16)
Repayment
	Moratorium upto course duration plus six months Flexible repayment period upto 7 years.