PURPOSE | Pursue higher education in India or Abroad.
Courses covered: Graduation or Post Graduation/Degree Course as under: (1) Commerce, Science, Engineering and Management. (2)Medicines-Allopathic, Homeopathy, Ayurveda. (3)Other Professional Courses: CS, CA, ICWA. (4) Any other professional courses not covered above, but recognized by University shall be covered. (4) Equipment’s required for completion of courses shall also be covered. Diploma courses recognized by Universities |
ELIGIBILITY | Admission letter from a recognized University. |
MAX.LOAN AMT. | Rs.10.00 Lacs for studies in India |
Rs.20.00 lacs for studies abroad |
TENURE | 6 months after completion of course or the date of gaining employment, whichever is earlier |
MODE OF REPAYMENT | PDCS/ECS/THRU ACCOUNTS |
COST ELIGIBILITY | Tuition Fees/Lodging & Boarding/travelling (one time to & fro)/Books/equipment’s & tools required for the course/insurance fees/library fees |
MARGIN | 10%-India & 15%-abroad |
AMT.ELIGIBILITY | As per the admission letter from the University |
INCOME ELIGIBILITY | Satisfactory level of income of the parents & the guarantors |
Income Tax Returns for the last three years of the co-borrowers & the guarantors |
DURATION OF SERVICE/ BUSINESS | N.A. |
PRIMARY SECURITY | Upto Rs.3.00 lacs-No security |
GUARANTORS | 1) Father/mother to execute the loan documents as co-obligant (2) Two guarantors of good means acceptable to the bank |
REQUIREMENTS | 1.Loan application form |
2.Borrowers and two guarantors-3 years I.T. returns for business |
3. Account to be opened fulfilling the KYC norms/ KYC norms for guarantors to be complied with. |
4.Guarantors- Bank statement for last 6 months of the existing bankers |
5.Letter from the University confirming admission |
OTHER CONDITIONS | Borrowers/Guarantors should have satisfactory track record and should not be an NPA with any other banks/FI. |
