Education Loan System

Term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.


Repayment period of up to 15 years after Course Period + 12 months of repayment holiday*


No processing / upfront charges will be levied on Education loans.

 

A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured

 

Fees payable to college/school/hostel


Examination/Library/Laboratory fees


Purchase of Books/Equipment/Instruments/Uniforms, Purchase of computers- essential for completion of the course (maximum 20% of the total tuition fees payable for completion of the course)


Caution Deposit/Building Fund/Refundable Deposit (maximum 10% of tuition fees for the entire course)


Travel Expenses/Passage money for studies abroad


Cost of a Two-wheeler upto Rs. 50,000/-


Any other expenses required to complete the course like study tours, project work etc Security


Sr.NoParticularSecurity
1Upto Rs. 7.5 LacsOnly Parent/ Guardian as co-borrower. No Collateral Security or third party guarantee
2Above Rs. 7.5 LacsParent/ Guardian as co-borrower and tangible collateral security

 


In case of married person, co-obligator can be either spouse or the parent(s)/ parents-in-law

 

Repayment will commence one year after completion of course


Loan to be repaid in 15 years after the commencement of repayment


In case second loan is availed for higher studies later, to repay the combined loan amount in 15 years after completion of second course

 

The accrued interest during the moratorium period and course period is added to the principle and repayment is fixed in Equated Monthly Installments (EMI).


If full interest is serviced before the commencement of repayment; EMI is fixed based on principle amount only

 

Letter of admission


Completely filled in Loan Application Form


2 passport size photographs


Statement of cost of study


PAN Card of the student and Parent/ Guardian


AADHAR Card of the student and Parent/ Guardian


Proof of identity (Driving Licence/Passport/Aadhar/ any photo identity)


Proof of residence (Driving Licence/Passport/Electricity bill/Telephone bill)


Student/Co-borrower/ guarantor’s bank account statement for last 6 months


IT return/ IT assessment order, of previous 2 years of Parent/ Guardian/ other co-borrower (if IT Payee)


Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrower


Proof of income (i.e. salary slips/ Form 16) Parent/ Guardian/ other co-borrower

 

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