VIJAYA BANK EDUCATION LOAN INTEREST RATES

VIJAYA BANK EDUCATION LOAN INTEREST RATES

Vijaya Bank today is a PAN India Institution, serving diverse sectors of the society. The bank has built a network of 1331 branches, 48 Extension Counters and 754 ATMs as at  30.11.2012, that span all 28 states and 4 union territories in the country. The Bank has the highest number of branches in its home state Karnataka.

Vijaya Bank offers a bouquet of innovative and attractive products and services to the customers. Vijaya Bank also incorporated the latest technology to provide the best services to our customers. The Bank offers several technology products, such as, ATMs, cash deposit machines, Debit and Credit cards, internet banking, Mobile Banking, Phone Banking, Funds transfer through RTGS and NEFT etc. All Branches / offices are under RTGS / NEFT. The Bank also offers RuPay cards to its customers.

Purpose

  • Loans for Indian nationals- meritorious students for pursuing higher education in India or abroad.

Eligible courses

  • Studies in India
    • Graduation, Post-graduation including regular technical and professional Degree/Diploma courses conducted by colleges/universities approved by UGC/ AICTE/IMC/Govt./AIBMS/ICMR. Etc
    • Regular Degree/ Diploma Courses conducted by autonomous institutions like IIT, IIM, NIFT, IISc etc
    • Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. approved by Director General of Civil Aviation/Shipping.
    • Courses like ICWA, CA, CFA etc.
    • Studies abroad
    • Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities and Courses conducted by CIMA-London, CPA in USA etc.

Expenses considered for loan

  • 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% tuition fees for the entire course).
  • Travel Expenses/Passage money for studies abroad.
  • Fee payable to college for Indian School of Business.

Quantum of loan (maximum)

ForAmount
Studies in IndiaRs. 10 lakhs
Studies AbroadRs. 20 lakhs
Education Loan to Indian School of Business studentRs. 20 lakhs
Education Loan to the students of Premier Central Institutions such as IIMs, IITs etcRs. 20 lakhs

Repayment

ForAmountTenureMoratorium
IBA SchemeUp to Rs. 7.50 lakhsUp to 10Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier. 
Rs. 7.50 lakhs & aboveUp to 15 years
Management Quota (Non IBA)Irrespective of loan amountUp to 10 years
Education Loan to the students of Premier Central Institutions such as IIMs, IITs etcIrrespective of loan amountUp to 7 years
Education Loan to Indian School of Business studentIrrespective of loan amountUp to 7 yearsRepayment will commence after completion of 18 months or soon after the placement, whichever is earlier.

Margin

ForLoan AmountMargin
IBA SchemeUp to Rs.4 lakhsNil
Above Rs. 4 lakhs5% (studies in India)15% (Studies abroad)
Management Quota (Non IBA)Irrespective of loan amount15%
Education Loan to Indian School of Business studentIrrespective of loan amount5%
Education Loan to the students of Premier Central Institutions such as IIMs, IITs etcUp to Rs.4 lakhsNil
Above Rs. 4 lakhs15%

 Rate of interest

ForLoan AmountRate of interest(BR-10.25%)
IBA SchemeFor loans up to Rs.4 lakhsBase Rate + 1.80 = 12.00%
For loans Rs. 4 lakhs & aboveBase Rate + 2.25 = 12.45%
Management Quota (Non IBA)Irrespective of loan amountBase Rate + 2.55 = 12.75%
Education Loan to Indian School of Business studentIrrespective of loan amount11.75% ( Fixed)
Education Loan to the students of Premier Central Institutions such as IIMs, IITs etcIrrespective of loan amount11.75% ( Fixed)

Processing charges

  • No processing / upfront charges

Security

ForLoan AmountSecurity
IBA SchemeUp to Rs.4 lakhsNo Security
Above Rs. 4 lakhs & up to Rs. 7.5 lakhsCollateral security in the form of suitable third party guarantee. The bank may, at its discretion, in exceptional cases, waive third party guarantee if satisfied with the net-worth / means of parent/s who would be executing the document as joint borrower(s).
Above Rs. 7.5 lakhsTangible collateral security of suitable value acceptable to bank, along with the assignment of future income of the student for payment of installments.
Management Quota (Non IBA)Irrespective of loan amountTangible collateral security, acceptable to bank, to the extent of 150% of loan amount, along with assignment of future income of the student for payment of installments.
Education Loan to Indian School of Business studentIrrespective of loan amountAssignment of future income of the student for payment of installments.
Education Loan to the students of Premier Central InstitutionsUp to Rs. 10 lakhsAssignment of future income of the student for payment of installments.
Above Rs. 10 lakhs100% tangible collateral security, along with the assignment of future income of the student for payment of installments.

 

 

 

UNITED BANK EDUCATION LOAN INTEREST RATES

UNITED BANK EDUCATION LOAN INTEREST RATES

United Bank of India (UBI) is one of the 14 major banks which were nationalized on July 19, 1969. Its predecessor the United Bank of India Ltd., was formed in 1950 with the amalgamation of four banks viz. Comilla Banking Corporation Ltd. (1914), Bengal Central Bank Ltd. (1918), Comilla Union Bank Ltd. (1922) and Hooghly Bank Ltd. (1932) (which were established in the years indicated in brackets after the names). The origin of the Bank thus goes as far back as to 1914. As against 174 branches, Rs. 147 crores of deposits and Rs. 112 crores of advances at the time of nationalisation in July, 1969, today the Bank is 100% CBS enabled with more than 1700 branches and offices and is having a Total business of more than Rs 1.5 lac crore. Presently the Bank is having a Three-tier organisational set-up consisting of the Head Office, 33 Regional Offices and the Branches.

After nationalisation, the Bank expanded its branch network in a big way and actively participated in the developmental activities, particularly in the rural and semi-urban areas in conformity with the objectives of nationalisation. In recognition of the role played by the Bank, it was designated as Lead Bank in several districts and at present it is the Lead Bank in 30 districts in the States of West Bengal, Assam, Manipur and Tripura. The Bank is also the Convener of the State Level Bankers’ Committees (SLBC) for the States of West Bengal and Tripura.

UBI played a significant role in the spread of banking services in different parts of the country, more particularly in Eastern and North-Eastern India. UBI has sponsored 4 Regional Rural Banks (RRB) one each in West Bengal, Assam, Manipur and Tripura. These four RRBs together have over 1000 branches. United Bank of India has contributed 35% of the share capital/ additional capital to all the four RRBs in four different states. In its efforts to provide banking services to the people living in the not easily accessible areas of the Sunderbans in West Bengal, UBI had established two floating mobile branches on motor launches which moved from island to island on different days of the week. The floating mobile branches were discontinued with the opening of full-fledged branches at the centers which were being served by the floating mobile branches. UBI is also known as the ‘Tea Bank’ because of its age-old association with the financing of tea gardens. It has been the largest lender to the tea industry.

The Bank has three full fledged Overseas Branches one each at Kolkata, New Delhi and Mumbai with fully equipped dealing room and SWIFT terminal . Operations of all the branches have since been computerized and Electronic Fund Transfer System came to be implemented in the Bank’s branches across the country. The Bank has ATMs all over the country and customers can use United International Debit Card at all VISA ATMs across the globe.

 

UNITED EDUCATION LOAN SCHEME
 
We are now at your doorstep to support your pursuit for excellence. Our Educational Loan Scheme has been designed to meet your expenses for higher studies in India and abroad.
If you are an Indian National and secured an admission to any of the following academic/ professional/ technical courses through Entrance Test/ Selection process in a Board/ Institution/ University.

Courses Eligible for Study in India:

  • Post Graduation Courses : Masters and Ph.D.
  • Professional Courses : Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc.
  • Computer Certificate Courses of reputed Institutes accredited to Dept. of Electronics or Institutes affiliated to University.
  • Courses like ICWA, CA, CFA, etc.
  • Courses conducted by IIM, IIT, IISC, XLRI, NIFT, etc.
  • Courses offered in India by reputed foreign Universities.
  • Evening Courses of approved Institutes.
  • Other Courses leading to Diploma/ Degree, etc. conducted by Colleges/ Universities approves by UGC/ Govt./ AICTE/ AIBMS/ ICMS, etc.

Courses Eligible for Study 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.

Quantum of Loan:

  • For study in India : Max. Rs. 10 lac
  • For study abroad : Max. Rs. 20 lac

Other Rules :
Expenses covered by the Loan :

  • Fees payable to College/ School/ Hostel.
  • Examination/ Library/ Laboratory Fee.
  • Purchase of Books/ Equipments/ Instruments/ Uniforms.
  • Caution Deposit/ Building Fund/ Refundable Deposit supported by Institution Bills/ Receipts.
  • Travel Expenses/ Passage Money for studies abroad.
  • Purchase of Computers : Essential for completion of the Course.
  • Any other expenses required to complete the Course like study tours, project work, thesis, etc.

Rate of Interest : Click here to view 

Base Rate (BR): 10.25% w.e.f: 25 February 2013

(a)   United Education Loan Scheme (Floating Rate)

Quantum of Loan
Upto 4.00 lacBR +2.00% i.e. 12.25% p.a.
Above Rs. 4.00 lacBR + 2.75% i.e. 13.00% p.a.
Above Rs 7.5 LacBR +2.00% i.e. 12.25% p.a.

 

*Concession in rate of interest available(Conditions Apply)

(b)   United Superb Education Loan Scheme (Floating rate)

Quantum of Loan
For List A Institutes10.25% p.a.
For List B Institues10.75% p.a. (for female student 0.25 % concession)

*Concession in rate of interest available(Conditions Apply)

Repayment of Loan:
For loans upto Rs.7.5 lakhs- not exceeding 10 years.

For loans above Rs. 7.5 lakhs- not exceeding 15 years.

If loan size is less than Rs.4 lacs and student’s income is sufficient enough to service EMI, the repayment period may be fixed up within a period upto 7 Years in consultation with the borrowers.

Life Insurance Coverage:

To ensure security to student’s and borrower’s life and against their loan liability and additional loan component for payment of one-time premium for such credit life insurance coverage may be sanctioned by bank on request from the customer.
Note:

  • The accrued interest during repayment holiday period is to be added to the principal and EMI for repayment of loan is fixed.

Security :

  • Upto Rs. 4.00 Lacs : No Security (only co-obligation of parents)
  • Above Rs. 4.00 Lacs and upto Rs. 7.50 lakh: Third party guarantee along with co-obligation of parents. 
  • Above Rs. 7.50 lacs: Co-obligation of parents together with tangible collateral security of suitable value along with the assignment of future income of student for payment of installments.

Note:

  • Assignment of future income of student for repayment of loan to be done in all cases.
  • The document should be executed by both the student and the parent/ guardian.
  • The security may be of mortgage of land/ building/ paper securities or unencumbered portion of already mortgaged land/ building on 2nd charge basis provided the value of the same covers the required loan amount.
  • In case the loan is given for purchase of Computer, the same is to be hypothecated to the Bank.

For further details contact your nearest branch.

Eligibility
The student of Indian national to pursue  admission to a professional/technical course through entrance test / merit based selection process either inland or abroad.
Courses
Courses conducted by reputed Indian/foreign institutions.
Concession
1.00% interest concession is allowed during morotorium peirod only if the interest is serviced  monthly & regularly during the moratorium period.
Margin 

1. For loan upto Rs. 4.00 lac – Nil

2. For loan above Rs. 4.00 lac

a) For study in India –  5%

b) For study abroad -15%

Processing Charge
a) For study in India: Nil
b) For Abroad: 0.20% of loan amount.
Security
a) Up to Rs. 4 lac: No Security (only co-obligation of parents)
b) Above Rs.4 Lac & upto Rs.7.50 lac: Third party guarantee along with co-obligation of parents.
c) Above Rs. 7.50 lac: Tangible collateral security along with co-obligation of parents.

 

‘In all cases there would be undertaking for attachment of future income’
Interest Subsidy:

  • for the eligible students (parental family income less than Rs. 4.50 lac p.a.)only
  • for the academic session 2009-10 (i.e. loan sanctioned & disbursed on and after 01.04.2009 and thereafter)
  • for Interest paid during moratorium period only
  • subject to fulfillment of terms and conditions of the scheme

Repayment
The loan is to be repaid in 10 to 15 years after moratorium period depending on courses.

 

 

UNION BANK EDUCATION LOAN INTEREST RATES

UNION BANK EDUCATION LOAN INTEREST RATES

Union Bank of India was established on 11th November 1919 with its headquarters in the city of Bombay now known as Mumbai.

The Head Office building of the Bank in Mumbai was inaugurated by Mahatma Gandhi, the Father of the nation in the year 1921, and he said on the occasion:

“We should have the ability to carry on a big bank, to manage efficiently crore of rupees in the course of our national activities. Though we have not many banks amongst us, it does not follow that we are not capable of efficiently managing crore and tens of crore of rupees.”

 PURPOSE

  • Basic education
  • To pursue graduation / higher education
  • To pursue technical / professional / management courses
ELIGIBILITY
  • Indian citizen
  • Secured admission to the concerned institute in India or abroad through appropriate selection process and cleared the qualifying examination, if any
  • Courses covered in India
    • Graduation / post-graduation / diploma courses from recongnized universities
    • Technical / professional / management courses
  • Courses covered outside India
    • Graduation / post-graduation degrees offered by recongnized universities
    • Certified degree courses conducted by CIMA, London, CPA, USA and other such institutes
    • Diploma courses are not covered under Union Education
QUANTUM OF LOAN
  • For studies in India – maximum upto Rs. 10 Lakhs. The quantum of loan is higher for the institutes covered under Special Education Loan schemes. Please check the Special Offers Tab above for further details.
  • For studies outside India- maximum Up to Rs. 20 Lakhs
MARGIN, I.E. YOUR SHARE
  • For loans upto Rs. 4 Lakhs, the margin is nil
  • For loans above Rs. 4 Lakhs, margin is 5% for studies in India and 15% for studies outside India
  • Scholarship / assistantship will be included in the margin
MORATORIUM PERIOD
  • The moratorium period is minimum of the following two.
    • Course period + 1 year
    • Course period + 6 months after commencement of job
REPAYMENT
Quantum of loanMaximum repayment tenure (after the course & moratorium period)
Upto ` 7.50 Lakh10 years
Above ` 7.50 Lakh15 years
RATE OF INTEREST AND PROCESSING CHARGESFLOATING RATE (For upto 30 years)

Quantum of loan Rate of Interest 
For male studentFor girl student 
Up to ` 7.50 Lakh12.25% (fixed)11.75% (fixed) 
Above ` 7.50 Lakh12.00% (fixed)11.50% (fixed)

 

  • Please click here to know our latest rate of interest
  • If interest is regularly serviced during the course and moratorium period, i.e. prior to the commencement of repayment, then the student is eligible for interest rebate. Please contact the nearest branch for details.
  • No processing charges.
  • Wherever applicable, Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actuals
SECURITY
  • The security required is as mentioned below.
Quantum of loanSecurity
Upto ` 4 LakhNo security is required.
Above ` 4 Lakh & upto ` 7.50 LakhSuitable third party guarantee acceptable to the bank to be taken.
Above ` 7.50 LakhTangible collateral security of minimum value equivalent to the loan amount and interest accumulation during course & moratorium period, acceptable to the bank.
In all the above cases, parent/spouse have to necessarily join in as co-applicant.
INSURANCE
  • Life insurance of the student is recommended to the tune of the loan amount
OTHER CONDITIONS
  • The loan shall be sanctioned / disbursed from the branch nearest to the place of domicile of the student
  • Loan would be disbursed directly to the institute
  • Loan can be availed during subsequent years of the course
  • Legal  and valuation charges  have to be borne by the borrowers.
  • If the loan is take-over by other bank/FI, then a charge of 2% on the average loan outstanding for the past 12 months will be levied.
CENTRAL GOVERMENT INTEREST SUBSIDY SCHEME
The Ministry of HRD has launched Central Government scheme of Interest Subsidy on educational loans for economically weaker sections of the society.The students who satisfy all the following parameters would be eligible for the interest subsidy.

§     The student has secured admission to any of the approved courses after Class XII in Technical and Professional streams from recognized institutes in India only and availed educational loan from any of the scheduled banks, including Union Bank of India, to pursue the course.
§     The student belongs to Economically Weaker Section (EWS) with an annual gross parental / family income from all sources not exceeding ` 4.50 Lakhs.

The other features of the scheme are as follow :

  1. Subsidy for loan amount upto ` 10 Lakhs (even if loan is more than ` 10 Lakhs).
  2. Student to submit proof of income from the competent authority appointed by the state government.
  3. Scheme applicable for disbursements from the academic year 2009 (even if the loan was sanctioned earlier).
  4. Subsidy for the course and moratorium period only.
  5. Student will be eligible for interest subsidy only once either for the first undergraduate degree course or the post graduate degree / diploma course in India.

The eligible students should contact our branches from where they have availed / availing educational loans for further details.

 

UCO BANK EDUCATION LOAN INTEREST RATES

UCO BANK EDUCATION LOAN INTEREST RATES

Founded in 1943, UCO Bank is a commercial bank and a Government of India Undertaking. Its Board of Directors consists of government representatives from the Government of India and Reserve Bank of India as well as eminent professionals like accountants, management experts, economists, businessmen, etc. Our Vision Statement To emerge as the most trusted, admired and sought-after world class financial institution and to be the most preferred destination for every customer and investor and a place of pride for its employees. Our Mission Statement To be a Top-class Bank to achieve sustained growth of business and profitability, fulfilling socio-economic obligations, excellence in customer service; through upgradation of skills of staff and their effective participation making use of state-of-the-art technology. Global banking has changed rapidly and UCO Bank has worked hard to adapt to these changes. The Bank looks forward to the future with excitement and a commitment to bring greater benefits to you. UCO Bank, with years of dedicated service to the Nation through active financial participation in all segments of the economy – Agriculture, Industry, Trade & Commerce, Service Sector, Infrastructure Sector etc., is keeping pace with the changing environment. With a countrywide network of more than 2500 service units which includes specialised and computerised branches in India and overseas, UCO Bank has marched into the 21st Century matched with dynamism and growth.   Scope: The scheme extends a helping hand to meritorious students desirous of pursuing higher study either in India or abroad. Eligibility Studies in India Approved courses leading to graduate/post graduate (Masters & PhD. degree and PG Diplomas conducted by recognized colleges/universities, Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc.). Computer Certificate courses of reputed institutes accredited to DoE. Courses like ICWA, CA, CFA, etc. Studies Abroad Graduation : Job oriented professional / technical courses offered by reputed Universities. Post Graduation : MCA, MBA, MS, etc. Courses conducted by CIMA – London, CPA in U.S.A., etc. Studies Abroad Graduation : Job oriented professional / technical courses offered by reputed Universities. Post Graduation : MCA, MBA, MS, etc. Courses conducted by CIMA – London, CPA in U.S.A., etc. Age limit For Graduation:  28 years for general candidates 30 years for SC/ST candidates For Post Graduation:  30 years for general candidates 33 years for SC/ST candidates Eligibility The main conditions for eligibility include

  • Student must be an Indian National
  • Secured admission to a higher education course in India or entrance test or selection process after completion of HSC (10 plus 2 or equivalent)

Quantum of loan Studies in India : Maximum Rs. 10.00 Lac Studies Abroad : Maximum Rs. 20.00 Lac Security Upto Rs. 4.00 lacs– No security, co-obligation of parents Above Rs. 4.00 lacs & upto Rs. 7.50 lacs: Co-obligation of parents, collateral in the form of a suitable 3rd party guarantee Above Rs. 7.50 lacs : Co-obligation of parents, tangible collateral security equivalent to full value of loan Margin Upto Rs. 4 Lac – Nil Above Rs. 4 Lac Studies in India – 5% Studies Abroad – 15% Processing Charge There are no processing charges Disbursement Disbursement in stages as per the requirement directly to institutions. Click here for Interest Rates

  • Upto Rs 7.50 lacs :- Base rate + 2.50%
  • Above Rs.7.50 lacs :- Base Rate + 2.25%

Repayment Period

  • Upto Rs 7.50 lacs :- Upto 10 years
  • Above Rs.7.50 lacs :- Upto 15 years

Repayment Holiday Course period+ 1year or 6 months after getting job whichever is earlier. 1% interest concession is available during moratorium period, if interest is serviced regularly during the moratorium period.

TAMILNAD MERCANTILE BANK LIMITED EDUCATION LOAN BANK INTEREST RATES

TAMILNAD MERCANTILE BANK LIMITED  EDUCATION LOAN BANK INTEREST RATES

The history of Tamilnad Mercantile Bank Ltd., the then Nadar Bank Ltd., dates back to 1921. The thought of establishing a bank under the guidance of the able Nadar business community was mooted out in the Anniversary of Nadar Mahajana Sangam held at Tuticorin in 1920. The proposal was effected soon. The bank was registered on May 11, 1921 as “The Nadar Bank Ltd”.

A group of dedicated men with shrewd acumen and sound integrity had been constituted as Board of Directors and they elected Shri M.V. Shanmugavel Nadar as Chairman on Nov 04, 1921. The bank was opened by Shri T.V. Balagurusamy Nadar, the then President of the Nadar Mahajana Sangam and the bank threw open its door to the public on Nov 11, 1921 at 9am in Ana Mavanna Building at South Raja Street, Tuticorin.

 

Education Loan

get loans for higher education in India / abroad

Learn more about our Education Loan Scheme under TMB Retail Loan Products.

This is scheme of choice for parents who wish to educate their children in professional courses in India / Abroad and help them get graduation / post graduation in any field of choice of the student. The cost of the education can be born by the loan from our bank.

Student Eligibility

  • Should be an Indian National.
  • Secured first class and wish for admissions in Professional / Technical / Other Courses of various studies.
  • Secured admission to foreign University Institutions.
  • Any Student who has attained the age of 18 years or Parent of the Student can avail the loan.

Eligible course of study

Studies in India

  • School education / Graduation / Post Graduation Courses.**
  • Professional courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.
    Courses like ICWA, CA, CFA etc
    Courses conducted by IIM, IIT, IISc, XLR1, NIFT etc.
  • Courses offered in India by Reputed Foreign universities.

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.

**When the age of the student is below 18, Loan may be sanctioned to his parents by complying the relevant condition mentioned further below.

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 Institution Bills / Receipts.
  • Travel expenses / passage money for studies abroad.
  • Purchase of computers – essential for completion of the course.
  • Any other expense required to complete the course – like study tours , project work, thesis etc.

Quantum of Finance

Need based finance subject to repaying capacity of the parents / students with margin and the following ceilings: For Studies in India – Max. Rs. 10 Lakhs, For Studies Abroad – Max. Rs. 20 Lakhs.

Margin

  • Upto Rs. 4 Lakhs – Nil.
  • Above Rs. 4 Lakhs – Study in India – 5%.
  • Above Rs. 4 Lakhs – Study Abroad – 15%.

Security

  • Upto Rs. 4 Lakhs – No Security
  • Above Rs. 4 Lakhs upto Rs. 7.50 Lakhs Suitable Third Party Guarantee
  • Above Rs. 7.50 Lakhs and upto Rs. 20 Lakhs – 100% collateral in any of the form of Immovable property / NSC / Units of UTI / LIC policy / RBI Bonds or any transferable Government securities.

Capability Certificate

Foreign Universities require the students to submit a certificate from their bankers about the sponsor’s solvency and financial capability, with a view to ensure that the sponsors of the students going abroad for higher studies are capable of meeting the expenses till completion of studies. Charges: Rs. 100.00 per Lakh or part there of. Minimum Rs. 100.00, Maximum Rs. 500.00

Rate of Interest

  • Upto Rs. 4 Lakhs – BR + 3.50% (14.25% p.a.).
  • Above Rs. 4 Lakhs upto Rs. 7.50 Lakhs – BR + 3.50% (14.25% p.a.) *.
  • Above Rs. 7.50 Lakhs upto Rs. 20 Lakhs (With 100% Collateral Only) – BR + 3.00% (13.75% p.a.).
  • * Interest Rate Concession by 0.50% if covered by 100% and above collateral security.
  • Additional Incentive of 1% in R.O.I for servicing the interest during study and moratorium period.
  • Current Base Rate for Lending (BR) is 10.75% p.a.

Penal Interest

Any irregularity or default in repayment will attract penal interest of 2.00% p.a. over and above the above rate of interest or at such rates prescribed by the bank from time to time on the balance outstanding.

Disbursement

The loan will be disbursed in staged as per the requirement / Demand directly to the institutions / Vendors of books / Equipments / Instruments.

Sanction/Disbursement

All usual documents as per Bank’s Rule should be obtained. The Loan to be disbursed in stages as per the requirement / demand directly to the institutions / vendors of books / equipments / instruments to the extent possible.

Repayment

  • Holiday / Moratorium Period: Course period + 1 year after completing the course. If the student got employed within 1 year after completion of the course, the repayment should start immediately after the expiry of one month from the date of employment.
  • Maximum Repayment period of Loan: The loan to be repaid in 5-7 years after commencement of repayment. If the student is not able to complete the course within the scheduled time extension of time for completion of course may be permitted for a maximum period of 2 years. If the student is not able to complete the course for reasons beyond his control, sanctioning authority may at his discretion consider such extensions as may be deemed necessary to complete the course

Follow Up

Branch to contact college / university authorities to send the progress report at regular intervals in respect of students who have availed loans.

Guarantee / Co-obligant

  • Guarantee of Parents.
  • In case, the loan is sanctioned to Parents suitable third party guarantee is to be obtained.
  • Wherever loan is sanctioned to Parents, guarantee is to be obtained from the student on attaining his majority.

Interest Payment

Payable at monthly rests from the date of availment of loan. A separate Letter of undertaking is to be obtained from the Parent / Guarantor that the monthly interest will be paid from the income of the Parent / Guarantor.

Processing Charges

1.00% of Limit sanctioned without any maximum cap for studies abroad. No processing / upfront charges may be collected on educational loans for studies in India.

All the above Terms and Conditions are subject to change and sanctioning of the loans is at the sole discretion of the Bank. Service Tax on All Service Charges extra wherever applicable.

SYNDICATE BANK EDUCATION LOAN INTEREST RATE

SYNDICATE BANK EDUCATION LOAN INTEREST RATE

SyndVidya A SyndicateBank’s Education Loan Scheme

SyndicateBank’s involvement in education dates back to the decades prior to the Nationalisation of Banks. The Bank was also the first to set up a string of Rural Training Institutes aimed at empowering the young India in rural areas through entrepreneurial education and training.

Continuing this commitment to education, the Bank has introduced a comprehensive Education Loan Scheme-SyndVidya, which is more student responsive and parent friendly. The Scheme covers the entire spectrum of educational needs from the school education to super speciality courses including overseas courses. The scheme makes available need based finance to cover expenses related to education such as fees payable to College, Hostel, Examination, Library, Laboratory fees, caution deposit/building fund/refundable deposit upto 10% of tuition fee, Cost of Books, Equipments, Travel expenses for studies abroad etc. Only capitation fees, donation or external coaching fee are not covered. The loan scheme carries liberal limits of Rs.10.00 lac for courses within the country and Rs.20.00 lac for overseas courses. The scheme which is attractively priced at the Bank’s prime lending rate and other details are furnished below :

Eligibility Criteria

  • Any student who is a major representing himself or a minor student represented by parent or guardian of Indian nationality.
  • Must have secured admission on the basis of merit to professional/ technical/other courses through entrance test/selection process. Deviation/relaxation is also permitted under special circumstances.
  • Must have secured admission to Foreign universities/Institution (for studies abroad).

Courses Eligible

a) Studies in India.

  • Graduation: B.A., B.Com, B.Sc., etc.
  • Post graduation: Masters & Phd.
  • Professional courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental Management, Computer etc. In respect of Management studies, apart from University affiliation, course should also be approved by All India Council for Technical Education. For Computer education, the recognised training Institute should have accreditation of DOE, Govt of India to conduct the course under Department of Electronics Accreditation of Computer Course (DOEACC) Scheme.
  • Computer certificate courses of reputed institutes accredited to Department of Electronics or Institutes affiliated to Universities.
  • Courses like ICWA, CA, CFA etc.
  • Courses conducted by IIM, IIT, IISc, XLRI, NIFT etc.
  • Courses offered in India by reputed foreign universities.
  • Evening courses of approved institutes.
  • Other courses leading to Diploma / Degree etc. conducted by colleges / universities approved by UGC / Govt./ AICTE / AIBMS / ICMR etc.
  • Courses offered by National Institutes and other reputed private institutions acceptable to the Bank.

b) 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.
  • Other Foreign Diploma courses are not eligible.

Student Eligibility

  • Should be an Indian National.
  • Secured admission on the basis of merit to professional/technical courses through Entrance Test/Selection process. Deviations/relaxations are also permitted under special circumstances.
  • Secured admission to foreigh university / institutions.
  • The student who is a major representing himself or a minor student represented by parent or guardian.

Quantum of Loan

  • Need based finance to meet expenses such as fee payable to college / school / hostel, examination fee, cost of books, travel / passage fare for studies abroad etc.
  • Capitation fee / donation / external coaching fee are not eligible for finance.
  • Maximum of Rs.10.00 lac for studies in India and Rs.20 lac for studies abroad.

Margin

  • For loans upto Rs.4 lac – No Margin required.
  • For loans above Rs.4 lac – 5% for study in India and 15% for study abroad.

Security

  • For loans upto Rs.4.00 lac – NIL.
  • For loans above Rs.4.00 lac and upto Rs.7.50 lac – Collateral in the form of satisfactory third party guarantee acceptable to the Bank.
  • For loans above Rs.7.50 lac – Collateral security with 25% margin covering the loan amount and assignment of future income of the student for payment of loan instalments.

NOTE: In all the above cases, the parent / guardian shall join the transaction as co-borrower

Interest (PLR presently 13.25%)

  • For loans upto Rs.4.00 lakhs – PLR minus 1.50%
  • For loans above Rs.4.00 lakhs – PLR minus 1.00%
  • Girl students and students belonging to SC/ST category  are eligible for concession of 0.50% on the above rates.
  • Girl students under SC/ST category are eligible for a further  concession of 0.25% on the above rates.
    (Total concession of 0.75%)
  • Simple interest to be charged during the Repayment holiday/Moratorium period.
  • Penal interest to be charged as applicable
  • No processing charges/service charges are levied for educational loans

Repayment

  • In 5 to 7 years commencing one year after completion of the course or 6 months after securing the job whichever is earlier.

Capability Certificate

  • Capability certificate for students going abroad for higher studies are also issued on production of financial and other supporting documents.

 

STATE BANK OF TRAVANCORE EDUCATION LOAN INTEREST RATE

STATE BANK OF TRAVANCORE EDUCATION LOAN INTEREST RATE

State Bank of Travancore (SBT) was originally established as Travancore

Bank Ltd. in 1945 sponsored by the erstwhile Princely State of Travancore.

Under a special statute of the Indian Parliament (SBI subsidiary Banks Act

1959) it has been made an Associate of the State Bank of India and a

member of the State Bank Group, the largest banking group in India.

Regd. office/Head Office at: Poojapura, Trivandrum 695 012, Kerala state,

India

Gyan Jyothi  Education Loan     

The scheme provides financial assistance to deserving meritorious students to pursue higher education in India and abroad

PURPOSE

To meet the tuition and other feesExaminationLibraryLaboratory fee, cost of bookspurchase of Computersequipmentsinstrumentsuniforms and the cost of passage for studies abroad. Caution Deposit, Building Fund, Refundable deposit subject to 10% of the Tuition Fee. Any other expenses required to complete the course like study, tours, project work, thesis etc. also be financed.

ELIGIBLE COURSES

Studies in India

  • Approved courses leading to graduate/post graduate degree and PG 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, degree/diploma in
    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.

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, shipping etc provided these are recognized by
    competent regulatory bodies in India/abroad for the purpose of employment in India/abroad.

ELIGIBILITY

The student should be an Indian National (NRIs not eligible)

i) have secured admission to professionaltechnical courses through entrance test merit based selection process conducted by a Govt Agency / University

ii) have secured admission to foreign university institution.

List of accredited institutes for :-

Hotel Management, Catering Technology, Food Craft, Tourism & Travel Management

BORROWER : Student and parent/guardian/spouse/parent-in-law/grand parents  jointly.

In the case of employed studentsprofessionals, loans can be granted in individual names, with suitable guarantee.

 LOAN Amount:

For studies in India Rs. 10 lacs

For studies abroad Rs. 20 lacs

MARGIN

Upto Rs. 4 lacs – Nil

Above Rs.4 lacs –  i) Studies in India – 5%

                               ii) Studies abroad -15%

INTEREST click here for interest rates

Educational Loans (Gyan Jyothi)

 Loan AmountExisting loans linked to PLR

New loans sanctioned from 01.07.10 linked to SBT Base Rate

1. Upto Rs.4 lacs0.75% below PLR

3.75% above Base Rate

2. Above Rs.4 lacsAt PLR

4.50% above Base Rate

·        ·        0.5 % concession for Girl student

·        ·        All Loans sanctioned on or after 01.07.2010 are linked to SBT Base Rate. Existing loans Sanctioned prior to 01.07.2010 are linked to SBT PLR

 (Interest Rebate :  1 % Interest concession if interest debited during a financial year is remitted within one month of its debit in account)

0.5% concession for Girl Students.

PENAL INTEREST : 2% FOR LOAN ABOVE RS.2 LAKHS

REPAYMENT

To commence 1 year after completion of course or 6 months after getting job, whichever is earlier. The loan is to be repaid in 10-15 years after commencement of repayment.

SECURITY

Loans upto Rs.4 lacs : Co-obligation of parent/guardian/spouse/parent-in-law/grand parents as the case may be. No security

Above Rs.4 lacs and upto Rs.7.5 lacs Co-obligation of parent/guardian/spouse/parent-in-law/grand parents as the case may be along with collateral  in the form of a satisfactory third party guarantee required.

For loans above Rs7.5 lacs Co-obligation of parent/guardian/spouse/parent-in-law/grand parents along together with tangible collateral security of suitable value preferably not less than 200% of the loan limit, along with assignment of future income of the student for payment of instalments and tangible security of suitable value

Security can be in the form of landbuilding Govt. securitiespublic sector bondsunits of UTI, KVP, LIC Policy, gold, sharesdebentures, bank deposit in the name of studentparentguardian or any other third party with suitable margin.

PROCESSING FEE  

No processing fee for studies in India.

For studies Abroad

Upto Rs.4 lacs – 0.5%

Above Rs.4 lacs – 0.4%

(Refundable on availment of 1st instalment)

PAPERS TO BE SUBMITTED TO THE BANK

Two copies of passport size photographs.

Testimonials in original form from the head of the institution where the student studied last and from one or two other respectable persons not related to the student.

Proof of admission to the course.

Proof of selection in an approved merit based selection process.

Schedule of expenses for the course.

Documents required for KYC Compliance (ID and address proof)

Copies of foreign exchange permit (if applicable)

Copy of salary slip statement of income of parent guardian.

FOR MORTGAGE OF PROPERTY

Original and prior title deeds.

Latest tax receipts.

Possession certificate.

Encumbrance certificate for the last 15 years from the Sub Registrar.

Title clear certificate from the banks approved advocate.

Valuation report from the banks approved valuator.

 

STATE BANK OF PATIALA EDUCATION LOAN INTEREST RATES

STATE BANK OF PATIALA EDUCATION LOAN INTEREST RATES
The rich heritage of State Bank of Patiala dates back to the year 1917, when it was founded by Late His Highness Bhupinder Singh, Maharaja of erstwhile Patiala state, with one branch by the name of ‘Chowk Fort, Patiala’ to begin with. The Bank, then known as the ‘Patiala State Bank’ was state owned and setup for the explicit purpose of fostering growth of agriculture, trade and industry. The constitution, scope and operations of the Bank underwent a sea change with the formation of the Patiala and east Punjab States Union (PEPSU) in 1948.The Bank was then reorganized and brought under the control of Reserve Bank of India.

It was christened as the Bank of Patiala. Another milestone in history of the Bank was its becoming a subsidiary of the State Bank of India on 1st April,1960 when it was named as the State Bank of Patiala and since then it has grown significantly both in size and volume of business. During these glorious years, the Bank has been playing an important role in Banking sphere.

Our Bank has now added a golden chapter to its history by fully networking all its brances on Core Banking Solutions on 08.08.2005 and become the first fully networked Public Sector Bank in the country.

EDUCATION LOAN SCHEME

Base Rate 10.00% w.e.f. 22.07.2013

SBP Education Loan Scheme (SBP Gyan Jyoti)

Loan Amount                                   Rate of Interest

(w.e.f. 22.07.2013)

For Loans up to Rs. 7.50 lacs        2.75% above Base Rate, currently 12.75% p.a.

For Loans  above Rs. 7.50 lacs     1.75% above Base Rate, currently 11.75% p.a.

(CONCESSION  IN ROI OF 0.50%  FOR LOAN UP TO RS.7.50 LACS & 0.25% FOR LOAN

ABOVE RS.7.50 LACS DURING EDUCATION LOAN CAMPAIGN PERIOD FROM 01.07.2013
TO  30.09.2013  .HENCE   EFFECTIVE  RATE  12.25%  FOR  LOAN  UP  TO  RS.7.50 LACS  &

11.50% FOR LOAN ABOVE RS.7.50 LACS)

(further 0.50% concession in interest rate for girl students)

SBP Education Loan Scheme for Vocational Courses

2.75% above Base Rate, currently 12.75% p.a.

(CONCESSION  IN ROI OF 0.50% DURING EDUCATION LOAN CAMPAIGN PERIOD FROM

01.07.2013 TO 30.09.2013  EFFECTIVE RATE 12.00% )

(further 0.50% concession in interest rate  for girl students)

SBP Scholar Loan Scheme

Rate of Interest (w.e.f. 22/07/2013)

List ‘A’ : for all 53 institutes

0.50% above Base rate i.e. 10.50% p.a. at present.

List ‘B’: for all 61 institutes

1.25% above Base rate i.e 11.25% p.a.

(further 0.50% concession in interest rate for girl students)

SBP Career Loan

Loan Amount                                   Rate of Interest

(w.e.f. 22/07/2013)

For Loans up to Rs. 4 lacs              3.50% above Base Rate, currently 13.50 % p.a.

For Loans  above Rs. 4 lacs           5.50% above Base Rate, currently 15.50% p.a.

(further 0.50% concession in interest rate for girl students)

NOTE: ALL INTEREST RATES RE SUBJECT TO CHANGE, WITHOUT NOTICE.

STATE BANK OF INDIA EDUCATION LOAN INTEREST RATES

STATE BANK OF INDIA EDUCATION LOAN INTEREST RATES

State Bank of India welcomes you to explore the world of premier bank in India. 

In this section, you can access detailed information on Overview of the Bank, Technology Upgradation in the Bank,Board of Directors, Financial Results and Shareholder Info.

The Bank is actively involved since 1973 in non-profit activity called Community Services Banking. All our branches and administrative offices throughout the country sponsor and participate in large number of welfare activities and social causes. Our business is more than banking because we touch the lives of people anywhere in many ways.

Our commitment to nation-building is complete & comprehensive.

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

Eligible Courses

a. Studies in India:  

·       Graduation, Post-graduation including regular technical and professional Degree/Diploma courses conducted by colleges/universities approved by UGC/ AICTE/IMC/Govt. etc

·      Regular Degree/ Diploma Courses conducted by autonomous institutions like IIT, IIM etc

·       Teacher training/ Nursing courses approved by Central government or the State Government

·      Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. approved by Director General of Civil Aviation/Shipping

·       Vocational Training and Skill Development Study Courses will not be covered under the regular Education Loan Schemes. A separate scheme for ‘Loans for Vocational Education and Training’ has been launched which covers financing for such Vocational courses

b. Studies abroad:

·        Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities

Expenses considered for loan

  • 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% 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.

Amount of Loan

  • For studies in India, maximum Rs. 10 lacs
  • Studies abroad, maximum Rs. 30 lacs

 

Interest Rates           Click Here For Interest Rates

SBI Base Rate 9.70 % w.e.f. 04.02.2013

 

EDUCATION LOANS

SBI Student Loan Scheme 

Loan Amount Rate of Interest*
For loans upto Rs.4 lacs3.50% above Base Rate, currently 13.20% p.a.
Above Rs.4 lacs and upto Rs.7.50 lacs3.75% above Base Rate, currently 13.45% p.a.
Above Rs.7.50 lacs1.75% above Base Rate, currently 11.45% p.a.

*(0.50% concession in interest for girl students)

* (1% concession for full tenure of the loan, if interest is serviced promptly as and when applied during the moratorium period, including course duration#)

SBI Scholar Loan Scheme

 

ROI

List A100bps above base rate i.e., 10.70% p.a. at present

Further concessions:

  • 25 bps – work experience of more than 2 years
  • 50 bps – with parent/ spouse/ guardian as co-borrowers
  • 75 bps – collateral security >= the loan amount

 

(effective rate of interest with all 3 concessions above not to be lower than 25 bps above base rate, presently 9.95 % p.a.)List B175bps above Base rate i.e. 11.45% p.a.

 

  • 1% concession for full tenure of the loan, if interest is serviced promptly as and when applied during the moratorium period, including course duration#

 

 

IT exemption under Section 80(E) in respect of interest paid in all Education Loans

 

 

 

SBI Loan Scheme for Vocational Education And Training      

3.50% above Base Rate, currently 13.20% p.a.
  • 1% concession for full tenure of the loan, if interest is serviced promptly as and when applied during the moratorium period, including course duration#

# Note: 1% interest concession for servicing interest is available if interest is serviced promptly soon after application but not later than the following month.

Processing Fees

  • No processing fee/ upfront charges
  • Deposit of Rs. 5000/- for education loan for studies abroad which will be adjusted in the margin money

Repayment Tenure

Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier.

Maximum Loan LimitRepayment Period
Upto Rs. 4 Lacs5-7 years
Above Rs. 4 Lacs and upto Rs. 7.5 Lacs5-7 years
Above Rs. 7.5 LacsUpto 12 years

Security

ParticularSecurity
Upto Rs. 4 lacs loan amountOnly Parent/ Guardian as co-borrower
Above Rs. 4 lacs to Rs. 7.50 lacs loan amountParent/ Guardian as co-borrower and Collateral security in the form of suitable third party guarantee*.

 

*Third Party Guarantee can be replaced with Parent/Guardian as co-borrower provided the Gross Annual Income of Parent/Guardian (co-borrower) as given in latest Income Tax Return is 3 times of the loan amount.Above Rs. 7.50 lacs loan amountParent/ 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

Margin

  • For loans up to Rs.4.0 lacs : No Margin
  • For loans above Rs.4.0 lacs:
    • Studies in India: 5%
    • Studies Abroad: 15%

Documentation Required

  • Completed Education Loan Application Form.
  • Mark sheets of last qualifying examination
  • Proof of admission scholarship, studentship etc
  • Schedule of expenses for the specified course
  • 2 passport size photographs
  • PAN Card of the student and the Parent/ Guardian
  • Borrower’s Bank account statement for the last six months
  • Income tax Returns/ IT assessment order, of last 2 yrs (If IT Payee)
  • Brief statement of assets and liabilities, of the Co-borrower
  • Proof of Income (i.e. Salary slips/ Form 16 etc. if applicable)

STATE BANK OF HYDERABAD EDUCATION LOAN INTEREST RATES

STATE BANK OF HYDERABAD EDUCATION LOAN INTEREST RATES

State Bank of Hyderabad was constituted as Hyderabad State Bank on 8.8.1941 under Hyderabad State Bank Act, 1941. The Bank started with the unique distinction of being the central bank of the erstwhile State of Hyderabad, covering present-day Telangana region of Andhra Pradesh, Hyderabad-Karnataka of Karnataka and Marathwada of Maharashtra, to manage its currency – Osmania Sikka and public debt apart from the functions of commercial banking. The first branch of the Bank was opened at Gunfoundry, Hyderabad on 5th April, 1942.

In 1953, the Bank took over the assets and liabilities of the Hyderabad Mercantile Bank Ltd. In the same year, the Bank started conducting Government and Treasury business as agent of Reserve Bank of India. In 1956, the Bank was taken over by Reserve Bank of India as its first subsidiary and its name was changed from Hyderabad State Bank to State Bank of Hyderabad. The Bank became a subsidiary of the State Bank of India on the 1st October 1959 and is now the largest Associate Bank of State Bank of India

Purpose

:

To extend financial assistance to all eligible/ deserving/ meritorious students for pursuing higher education in India & Abroad.

Amount of Loan

:

For studies in India, maximum `10 lacs
Studies abroad, maximum `20 lacs

Margin

:

For loans up to `4 lacs: No Margin

For loans above `4 lacs:

  • Studies in India: 5%
  • Studies Abroad: 15%

Security

:

  • Amount: For loans upto `10 lacs for Studies in India and upto 20 lacs for studies abroad
  • Upto `4 lacs: No Security
  • Above `4 lacs to `7.50 lacs: Collateral security in the form of suitable third party guarantee.
  • Above `7.50 lacs.: Tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments.

Rate of Interest

:

CLICK HERE to view interest rates

BASE RATE: 10.20%
INTEREST RATES ADVANCES SEGMENT WISE AS ON 11.02.2013

 

Upto `4.00 Lakhs

:

12.70% p.a. (2.50% above BR)

Above `4.00 Lakhs

:

13.20% p.a. (3.00% above BR)

Advances against Govt. Securities NSC, IVPs etc

:

13.45% p.a. (3.25% above BR)

Advances against shares and debentures/ Bonds/ Units/ Mutual Funds

:

14.70% p.a. (4.50% above BR)

RBI Relief Bonds

:

13.70% (3.50% above BR)

Advances against surrender value of of Life Insurance policy

:

13.70% (3.50% above BR)

Advances against Bank’s Term Deposit

:

1.50 % above the interest rate allowed on the deposit

Advances against balances in the Janata Deposit Account a) For Public b) For Staff

:

a) 14.20 % (4.00% above BR)b) 12.20 % (2.00% above BR

ELIGIBILITY

  • Student Should be an Indian National.
  • Secured admission to professional/ technical courses through Entrance Test / Selection process.
  • Secured admission to foreign University / Institution.

 

FEATURES

  • Fees payable to college/school/hostel
  • Examination/Library/Laboratory fees
  • Purchase of Books/Equipment/Instruments/Uniforms
  • Caution Deposit/Building Fund/Refundable Deposit (maximum 10% tuition fees for the entire course)
  • Travel Expenses/Passage money for studies abroad
  • Purchase of computers considered necessary for completion of course
  • Any other expenses required to co mplete the course like study tours, project work etc.

 

DOCUMANTATION

  • Completed Education Loan Application Form.
  • Mark sheets of last qualifying examination
  • Proof of admission scholarship, studentship etc
  • Schedule of expenses for the specified course
  • 2 passport size photographs
  • Borrower’s Bank account statement for the last six months
  • Income tax assessment order, of last 2 years
  • Brief statement of assets and liabilities, of the Co-borrower
  • Proof of Income (i.e. Salary slips/ Form 16 etc)

 

ELIGIBLE COURSES

Studies in India:

  • Graduation, Post-graduation including regular technical and professional Degree/Diploma courses conducted by colleges/ universities approved by UGC/ AICTE/ IMC/Govt. etc
  • Regular Degree/ Diploma Courses conducted by autonomous institutions like IIT, IIM etc
  • Teacher training/ Nursing courses approved by Central government or the State Government
  • Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. approved by Director General of Civil Aviation/Shipping
  • Vocational Training and skill development study courses will not be covered under the Education Loan Scheme, as the scheme is framed to provide bank loans for higher studies

Studies abroad:

  • Graduation/ Post-graduation for job oriented professional/ technical courses offered by reputed universities