Students of Indian nationality (whether minor or major)
Parents can also apply jointly with the student and facilitate repayment
through existing sources of income
b) Studies abroad
Indian National over 18 years of age
The applicant should produce a copy of the Result of Qualifying/ Mandatory
examination such as TOEFL, SAT, GRE, AGRE, GMAT etc. together with a copy
of valid passport, proof of Admission to the college or university and a copy
of the Visa / Form I-20
a) For Higher studies in India
Graduate and Post-graduate Degree/ Diploma Courses
in Computer Science/ Application
in Engineering discipline.
in Medical science, Dental science, Pharmacy
in Agricultural and Veterinary Sciences.
Post-graduate courses in Arts, General Science, Commerce, Management. (From
Recognized Colleges/ University)
P.G.Diploma in Computer application. (From reputed institutes such as NIIT,
APTECH, BITECH, SSI etc)
b) Studies abroad:
Under-graduate courses in Biological & Natural sciences, Computer sciences,
Post-graduate courses in the above Disciplines and Business Administration.
(Applicant should submit a Brief report on the prospects of the course.)
Duration of course
Courses within India - 5 years
Courses abroad -3 years
Coverage of expenses
Pay admission and tuition fee
Purchase books, study material, equipment and instruments
Pay hostel fees and boarding charges
For studies abroad, fund expenses of air travel, incidental charges, purchase
of outfits (clothing & other equipment)
Fund other education-related expenses such as examination, library and
laboratory fee, uniforms, caution deposit, building fund or refundable deposits
supported by Institution bills and receipts, up to 10% of the total tuition
fees for the entire course
Purchase computers needed for the course.
Insurance premium for student borrower
Any other expense in relation to the course - study tours, project work,
Upto Rs. 4 lakh : No security
Above Rs.4 lakh :
Collateral in the form of a satisfactory guarantee
Security of approved shares / insurance polices with Surrender value/ NSC/
IVP/ Bank deposits etc. And/or Collateral security of land/ Building property
equivalent to loan amount.
The applicant should furnish photocopies of all the Certificates of previous
examinations. (SSC onwards)
A certificate from the College/University authorities stating that the student
is continuing education, should be submitted every year.
Other conditions :
The Applicant/ Student should notify the bank the receipt of any form of
Scholarship/Partial or Full assistance from any source, for the course of
study and the same to be adjusted to the loan amount.
In case the student discontinues the studies, the loan amount till then
availed, must be repaid as per the original repayment schedule, without any
holiday period and from the date of discontinuance of the course.
The applicant student should not enter into a pecuniary obligation or financial
liability during the currency of the loan.
The borrower should not, without the Bank‚Äôs written prior permission, change
the course of studies or the place of study or the educational institution.
In case the applicant fails in a year, then the loan amount should be suspended,
and resumed only after he/she passes the exam. But if the College has provision
for continuing to the next academic year, even if the student has failed in
a subject, then the loan amount earmarked for the subsequent year may be disbursed.
Rate of Interest
As per bank rules
Repayment Holiday/Moratorium Period is duration of the course plus 6 months
or getting a job, whichever is earlier.
Note : Since the
rules, regulations, eligibility conditions, repayments and interests rates etc.
are revised by the banks from time to time in keeping pace with the changing
capital market conditions, students and parents are advised to thoroughly check
the terms and conditions of educational loan scheme on offer at the time of