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Eligibility Criteria
Courses recognized by AICTE (All India Council for Technical Education) and competent authority.
a) Student Eligibility:
- Student be an Indian National.
- Secured admission to professional/ technical courses in India or Abroad through Entrance Test/ Merit based Selection process.
b) Courses Eligible:Studies in India
- Graduation courses – B.A., B.Com. B.Sc. etc.
- Post Graduation courses – Master courses, Ph.D., etc.
- Professional Courses – Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc.
- Computer Certificate Courses of reputed Institutes accredited to Department of Electronics or Institutes affiliated to University.
- Courses like – ICWA, CA, CFA etc.
- Courses conducted by IIM, IIT, IISc, XLRI, NIFT etc.
- Regular Degree/ Diploma courses like Aeronautical, pilot training, shipping etc., approved by Director General of Civil Aviation/ Shipping, if the course pursued abroad, the Institute should be recognized by the competent local aviation / shipping authority.
- Courses offered in India by reputed foreign universities.
- Evening Courses of approved institutes.
- Other courses leading to diploma/ degree etc conducted by the Colleges/ Universities approved by UGC/Govt/AICTE/AIBMS/ICMR etc.
Studies Abroad:
- Graduation :For Job oriented professional/technical courses offered by reputed Universities.
- Post Graduation : MCA, MBA, MS etc.
- Courses conducted by CIMA London, CPA in USA etc.
- Regular Degree/ Diploma courses like Aeronautical, pilot training, shipping etc., the Institute should be recognized by the competent local aviation/ shipping authority.
Quantum of Loan:
- Need based finance subject to repaying capacity of the parents / students with following ceilings:
- Studies in India: Maximum Rs. 10.00 Lacs
- Studies abroad : Maximum Rs. 20.00 Lacs
Expenses Considered for Loan
- Fee payable to college / school / hostel
- Examination / Library / Laboratory Fee
- Purchase of Books / Equipments / Instruments / Uniforms.
- Caution Deposit/ Building Fund/ Refundable Deposit supported by Bills/Receipts of the Institution, subject to the conditions that amount does not exceed 10% of the total tuition fees for the entire course.
- Travel Expenses/ Passage Money for studies abroad.
- Purchase of Computers essential for completion of the course.
- Insurance premium for student borrower.
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Margin
25% of the Loan amount.
Repayment
Repayment Holiday / Moratorium is Course Period + 6 months after getting job, whichever is earlier.
Loan to be repaid within a maximum period of 7 years after commencement of repayment. Interest should be servet in monthly basis.
Security
Collateral / Tangible security.
Guarantors
Two (2)
Processing Fee
0.50% of the sanctioned loan amount.
Others
1) The loan documents would be executed by both the student and the parent / guardian as joint-borrower i.e. obligator. The co-obligation should be parent / guardian of the student borrower. In case of married person, co-obligator can be either spouse or the parent(s)/ parents-in-law.
2) The parent / guardian would become co-borrower with the student and application for education loan will also be signed by the parent / guardian along with the student while availing loan under Educational Loan Scheme.
3) Education Loan would preferably be sanctioned through branches / RBBs nearest to the place of residence of parents.
4) Second time education loan is available for higher studies / escalation of cost.
Mortgage charges
Actual expenses, if any, will be borne by the student/ Parent or Guardian.
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