This loan is given to the Indian citizens who look forward to pursue higher education in India or abroad where admission has been ensured.
Approved Courses:
Professional courses or courses at graduation or post-graduation level.
Other courses (including evening courses) sanctioned by UGC, Government, AICTE, AIBMS, ICMR, etc.
Computer Certificate Courses offered by reputed institutes accredited to Department of Electronics or affiliated to University.
Courses offered in India by foreign universities of repute.
Amount of loan:
For studies in India, maximum Rs. 10 lacs.
Studies abroad, maximum Rs. 20 lacs.
Interest Rate:
For loans up to Rs. 4 lacs, 9.50% p.a.
For loans above Rs. 4 lacs, 12.50% p.a.
Margin:
No margin for loans up to Rs. 4 lacs.
5 percent and 15 percent margin for studies in India and abroad, respectively for loan amount exceeding Rs. 4 lacs.
Repayment Tenure:
Repayment will begin after one year of completion of course or after six months of securing a job, whichever is earlier. The loan is to be repaid in 7 years after commencement of repayment.
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