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Benefits

Objective

To provide financial support to meritorious students for pursuing higher education in India.

Students Who Secure Admission In Institutes As Under

  • 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 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.
  • Approved courses offered in India by reputed foreign universities.
  • Courses as defined under various Government Subsidy Schemes.

Purpose

  • Fee payable to college/ school/ hostel
  • Examination/ Library/ Laboratory fee.
  • Insurance premium for student borrower, if applicable.
  • Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts.
  • Purchase of books/ equipments/ instruments/ uniforms.
  • Purchase of computer at reasonable cost, if required for completion of the course.
  • Any other expense required to complete the course - like study tours, project work, thesis, etc.

Eligibility

  • Should be a resident Indian.
  • Should have secured admission to a higher education course in recognized institutions in India through Entrance Test/ Merit Based Selection process after completion of HSC(10 plus 2 or equivalent).
  • Cases of Management Quota may be considered on merit basis;

Quantum Of Finance

  • Need based Finance subject to margin as per guidelines.
  • Reimbursement of fees paid within six months may be permitted on individual merits of the case.

Margin

  • Up to Rs. 4 lac - NIL
  • Above Rs. 4 lac - 5%
  • Scholarship/ assistantship may be considered in margin.
  • Margin may be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis.

Security

  • Upto Rs. 7.50 lacs: Parent(s)/guardian be made joint borrower (s). No tangible Security and /or 3rd party guarantee is required.
  • Above Rs.7.50 lacs: Parent(s)/guardian be joint borrower(s).Tangible collateral security of suitable value acceptable to bank.

Repayment (Maximum)

  • Maximum upto 15 years

Repayment Holiday/ Moratorium

Course period + 1 year

Prepayment Charges

NIL

Rate Of Interest

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Processing Charges/ Upfront Fee

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Documentation Charges

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