Eligibility

• The student should be an Indian National
• Should have secured admission to a higher education course in a recognized Institution in India or abroad

Sanction Limit

Studies in India- Maximum upto Rs. 10 lakhs

Studies abroad- Maximum upto Rs. 50 lakhs (higher limit can be considered on a case to case basis).

Repayment Period

UPTO RS. 4 LAKHS:
Maximum 60 months (after moratorium)

ABOVE RS. 4 LAKHS:
Maximum 120 months (inclusive of the moratorium)

MORATORIUM
Course duration + 1 year OR 6 months after getting a job, whichever occurs earlier.

PREPAYMENT PENALTY: None

Please note that GST is payable @18% on interest charged on delayed installments (Penal Interest). Kindly pay your installment in time to avoid additional charge.

Security

• UPTO RS. 4 LAKHS:
  No Security
• ABOVE RS. 4 LAKHS:
  15% Collateral Security.
  15% Margin.
  Parents/ guardian/ close relative to be a joint borrower(s).
  Collateral security of minimum equivalent to loan amount along with the assignment of future income of the student for payment of Installments.
  Life Insurance Policy of the life of the student and assigned in favour of the Bank for the entire loan amount prior to disbursement of the loan.
  Surety of one individual acceptable to the bank.
• Parents/ guardian/ close relative to be a joint borrower(s)
• Collateral security of minimum equivalent to loan amount along with the assignment of future income of the student for payment of Installments
• Life Insurance Policy of the life of the student and assigned in favor of the Bank for the entire loan amount prior to disbursement of the loan
• Surety of one individual acceptable to the bank