Student

• Be an Indian National
• Has secured admission to professional or technical courses through an appropriate Entrance Test or selection process
• Has secured admission to a foreign University
• Has passed an appropriate qualifying examination

Courses

a) Studies in India

• School education up to +2
• Graduation/Post-Graduation
• Professional course
• Management course
• Special Education Loan Scheme for Students pursuing courses from approved institutions like IITs/ IIMs/ NIT / XLRI/ BITS/ VIT/ IISc/ S.P. Jain Institute Of Management/ Symbiosis Institute Of Management and T.S. Chanakya, Navi Mumbai- Nautical Science and MERI, Calcutta, Marine Engineering, MERI, Mumbai, Maritime Science.

a) Studies abroad

• Graduation: For job-oriented professional or technical courses offered by reputed universities
• Post-Graduation: MCA, MBA, MS and such other courses
• Courses conducted by CIMA, London, CPA, USA., and such other institution

Loan Details

Coverage of Expenses

• Hostel/Boarding Fees including caution deposit/building fund etc.
• Books, Stationery & Equipment required for the course, including Computers.
• Examination/Library/Laboratory fees.
• Travel Expenses/Passage for studies abroad.

Quantum

• Studies in India : Up to Rs. 10 lacs
• Studies Abroad : Up to Rs. 20 lacs

Margin

• Upto Rs. 4 Lac - Nil
• For loans above Rs. 4 lacs
  - Studies in India - 5%
  - Studies abroad - 15%

Service Charge : There is no processing fee /upfront /service charge

Scholarship/assistance to be included in margin.

Security

• Loans up to Rs. 7.50 lacs - No collateral security is needed
• For loans above Rs. 7.50 lacs - collateral security of suitable value, along with co-obligation of parents/ guardian/ third party, accompanied by an assignment of future income of the student for payment of installments is required.
  

For Male Student :

• For loans up to Rs. 4.00 lakhs - 11.75% (Fixed)
• For loans above Rs. 4.00 lakhs upto Rs.7.50 lakhs - 12.50% (Fixed)
• For loans Above Rs. 7.50 lakhs - 12.00% (Fixed)

For Female Student :

• For loans up to Rs. 4.00 lakhs - 11.25% (Fixed)
• For loans above Rs. 4.00 lakhs upto Rs.7.50 lakhs - 12.00% (Fixed)
• For loans Above Rs. 7.50 lakhs - 11.50% (Fixed)

Course period + 1 year OR 6 months after job placement, whichever is earlier.

Starting from this point, the loan is to be repaid in 5-7 years after completion of course period/moratorium.