Student

1. Should be an Indian Resident.
2. Secured admission to Professional/Technical courses through Entrance Test/Selection Process and should produce proof.
3. Secured admission to Foreign University/Institutions and should produce proof.
4. Age: Minimum 18 - Maximum 30
5. Also to those students who have qualified themselves for higher education from +2 standard level at the age of 17 years, by sanctioning the loan in the name of the student's Father or Guardian.
   Under these circumstances the documents are to be got executed by the Student's Father or Guardian. However when the student attains majority his guarantee should be obtained.
   the repayment may also be fixed from the income of the parents/guardian repayable in monthly or quarterly installments as the case may be instead of fixing repayment only from the income of the student after getting employment.

Courses

a) For Study in India

1. Professional Courses like Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, IT etc., and such other courses approved by the bank from time to time.
2. Computer Certificate Courses of reputed Institutes affiliated to Department of Electronics or Institutes affiliated to recognised universities.
3. Courses like ICWA, CA, CFA, etc.
4. Other courses leading to Diploma/Degree etc. conducted by Colleges/Universities approved by UGC/Government and recognised institutions approved by UGC/Government.
5. A minimum mark/grade of 75% and above/excellent respectively in the pre-qualifying examination in the case of under graduate courses. In the case of post graduate cources an average aggregate mark/grade of all the years should be not less than 55% and number of attempt for the whole course should not be mere than once in a year. The minimum mark/grade will be 60% and 50% for UG & PG courses respectively for SC/ST students. For BC category the minimum marks may be fixed at 65%

b) Studies abroad:

• Post-Graduation - MCA, MBA, MS, PhD, etc.

Duration of course

The duration of the course should be not more than 5 years in case of courses in India and not more than 3 years in case of courses Abroad.

Loan Details

Coverage of expenses 

1. For payment of College/School/Hostel Fees
2. For payment of Examination/Library/Laboratory Fees.
3. For purchase of books/equipments/instruments.
4. For payment of Caution Deposits/Building; Funds/Refundable Deposits supported by Institution; Bills/Receipts.
5. For making Travel Expenses/Passage Money for studies - abroad.
6. For purchasing inputs essential for completion of the ..course.
7. Any other expense required to complete the course like ..study tours, project work, theses, etc.

Quantum : 

Need based finance subject to the repayment capacity of parents/students subject to a maximum of -

1. Rs.5.00 Lakhs for studies in India
2. Rs.10.00 Lakhs for studying abroad.

Scale if Finance:

1. Under Graduation - Rs. 10,000.00 P.a
2. Post Graduation - Rs. 20,000.00 P.a
3. Technical Courses/Diploma Courses (from recognised institutions) - Rs. 20,000.00 P.a  

Professional Courses

Margin :

1. For Studies in India - 15%
2. For Studies abroad - 20%

- Scholarship/Assistantship to be included in Margin.
- Margin may be brought in on a year to year basis as and when disbursements are made on a pro-rata basis.

Security :

1. Upto Rs. 4 lakh : no security is needed
2. Above Rs.4 lakh and upto Rs 7.50 lakhs : Satisfactory Third party Guarantee on behalf of the student. However where the parent/s are the party to the loan as the co-obligant/s and if we satisfied about the net worth of the parent/s, the bank may waive the condition of obtaining third party guarantee
3. Above Rs 7 lakhs : third Party Guarantee and immovable security equal to ..100% of the loan amount.

The document should be executed by both the student/and the parent/ guardian.

The security can be in the form of land / building/ Govt. Securities/Public Sector Bonds/NSCs/ KVPs /LIC, Policies, etc.

In case, the loan is given for purchase of computers, the same to be hypothecated to the bank.

No processing fees to be charged.

Capability Certificate:

The bank can also issue the Capability Certificate for students going abroad for higher studies after obtaining the relevant supporting documents from the applicant.

Other Conditions:

1.Life of student should be insured.
2.Life insurance policy should be assigned in favour of the bank.
Relaxation of Conditions : In the case of exceptionally deserving students, any condition of this scheme may be waived/relaxed by the Chairman of the bank

1. Upto Rs. 4.00 lakhs :11.00% Per annum
2. Above Rs.4.00 lakhs : 11.50% Per annum

The repayment should commence from the 7th month after the completion of the course or after getting the job whichever is earlier.