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.
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, 0.50% below SBAR i.e. 11.75% p.a.
For loans above Rs. 4 lacs and up to Rs. 7.50 lacs, 1.00% above SBAR i.e. 11.75% p.a.
For loans above Rs. 7.50 lacs, at SBAR i.e. 11.75% 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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