Eligibility Criteria for Education Loan:
- Any student, representing himself / herself if major, or a minor student represented by parent or guardian, of Indian nationality, who has secured admission to a professional / technical / other course, in India or abroad.
- Studies in India:
Graduate Courses: B.A.,B.Sc., B.Com., B.C.A., B.B.M., Diploma in Engineering.
Post Graduate Courses : Masters and Ph.D.
Professional Courses : Engineering, Medical, Agriculture, Nursing, Veterinary, Law, Dental, Management, Computer, Pharmacy, Physiotherapy, Hotel Management, ICWA, CA, CFA.
Courses conducted by IIM, IIT, XLRI, NIFT
Courses offered in India by reputed foreign universities; Evening Courses of approved Institutes.
Other Courses leading to Diploma / Degree conducted by Colleges / Universities approved by UGC / GOVT. / AICTE /AIBMS / ICMR; Courses offered by National Institutes and other reputed private Institutions.
- Studies Abroad:
Graduation : Only for job oriented professional / technical courses offered by the reputed Universities
Post Graduation : MCA, MBA, MS; Courses conducted by CIMA-London, CPA in USA etc.
Amount of Education Loan :
- In India - a maximum of ₹10 lakh.
- Abroad - a maximum of ₹20 lakh.
Expenses Eligible to Cover Under the Scheme :
- In India:
Tuition Fees, Hostel Fees and Boarding and Lodging Fees if resident outside Hostel; Examination / Laboratory and Library Fees; Purchase of Books / Study material / Equipment and Uniforms; Caution Deposit / Building Fund / Refundable Deposits (supported by Receipts issued by the Institution); Travel expenses / passage money .
- For study abroad:
Purchase of Computer if certified as essential for completion of course.
other expenses like Project Work, Study Tour and Thesis, which are necessary for completion of course.
Margin of Loan
- Up to ₹4 lakh: No margin required.
- Above ₹4 lakh:
5% for studies in India.
15% for studies abroad. Scholarship / Assistantship may be reckoned as part of margin. Margin may be brought in on year-to-year basis as and when disbursements are made, on a pro-rata basis.
Security for Education Loan:
- Up to ₹7.5 lakh(covered under CGFSEL): No security
- Above ₹4 lakh and upto ₹7.50 lakh: Collateral in the form of a suitable third party guarantee.
- Above ₹7.50 lakh: Collateral security of suitable value /suitable third party guarantee along with the assignment of future income of the student for payment of installments.
- Repayment of the loan (after study period and subsequent moratorium period) will be in equated monthly installments for period up to 15 years.
- The completion of the course includes internship or apprenticeship if compulsory for award of Degree.
- If the student does not complete the course within the scheduled period, a maximum period of 2 years is permitted for completion.
- If the student is unable to complete the course for reasons beyond his control then extension may be granted if deemed necessary to complete the course.
- The accrued interest during the repayment holiday will be added to the principal and repayment in equated monthly installments (EMI) shall be fixed.
Apply Education Loan online:
- Bank has integrated its education loan scheme with Vidya Lakshmi Portal of the Government and has made available to public for facilitating timely credit to youth in realising their educational aspirations.
- Vidya Lakshmi portal is an initiative of Department of Financial Services, (Ministry of Finance), Department of Higher Education (Ministry of Human Resource Development) and Indian Banks Association (IBA) for students seeking Education Loan wherein students can apply, view and track the status of their education loan application anytime, anywhere by accessing the portal. The portal has been developed and being maintained by NSDL e-Governance Infrastructure Limited.
Central Sector Interest Subsidy Scheme [CSIS]:
- Interest subsidy available under the Scheme on Education Loans availed for Professional & Technical courses after 10+2 education during the moratorium period of the loan.
- Under the scheme interest subsidy is provided to the students having annual family income up to Rs. 4.5 lakhs, for educational loan amount up to Rs. 7.5 lakhs. Know More
The above information is subject to terms and conditions.For more details, please contact the nearest Branch