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Eligibility
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Studies in India: (Indicative list)
- Approved courses leading to graduate/ post graduate degree and P G diplomas conducted by recognized colleges/ universities recognized by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc.
- Courses like ICWA, CA, CFA etc.
- Courses conducted by IIMs, IITs, IISc, XLRI. NIFT,NID etc.
- Regular Degree/Diploma courses like Aeronautical, pilot training, shipping, nursing or any other discipline, approved by Director General of Civil Aviation/Shipping/Indian Nursing Council or any other regulatory body as the case may be, if the course is pursued in India.
- Approved courses offered in India by reputed foreign universities.
Note :The above list is indicative in nature. Courses other than the above offered by reputed institutions may also be considered on the basis of employability.
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.
- Degree/diploma courses like aeronautical, pilot training, shipping etc provided these are recognized by competent regulatory bodies in India/abroad for the purpose of employment in India/abroad.
Note : Diploma Courses and Certificate Courses have not been included as eligible courses for the scheme. Post graduate studies leading to PG degrees and PG diplomas offered by reputed institutes/universities only will be covered by the scheme. Assessment of employment potential or future prospects is very important criterion considering the higher cost of studies involved.
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Quantum of Finance
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Need based finance.
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Margin
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Upto Rs. 4 lakhs
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Nil
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Above Rs. 4 lakhs
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Studies in India 5%
Studies in Abroad 15%
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Rate of Interest
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Please click here For rate of interest
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Processing fee
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No processing / upfront charges may be levied on loans sanctioned under the scheme. Borrower to deposit Rs. 2000/- (for studies abroad) in lieu of Processing fee, in Saving Account to be kept under reserve (no GST to be levied), withdrawal thereof may be allowed to the borrower only after full availment of the loan. Otherwise the same be recovered as processing fee.
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Security
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Upto Rs. 4 lakhs
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- No security
- Parent(s)/guardian(s) to be joint borrower(s).
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Above Rs. 4 lakhs and upto Rs. 7.5 lakhs
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- Parent(s)/guardian(s) to be joints borrowers.
- No security required.
Note:
- No collateral security/third party guarantee to be obtained in case of loans that are eligible for CSIS/Credit Gaurantee coverage.
- BMs to ensure that this part of the loan is covered for credit guarantee under Credit Gaurantee Fund Scheme for Education Loan (CGFSEL).
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Above Rs.7.5 lakhs
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- Tangible collateral security (SARFAESI enforceable) of suitable value acceptable to bank to cover not less than 100% of the exposure, along with the assignment of future income of the student for payment of instalments.
- Parent(s) /guardian(s) to be joint borrower(s)
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Repayment Period
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Repayment of the loan will be in equated monthly instalments for a maximum period of 15 years for all categories.
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Prepayment
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No pre-payment penalty is to be levied for prepayment of loan any time after the commencement of repayment.
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