Student

• Any student, representing himself / herself if major, or a minor student represented by parent or guardian, of Indian nationality, who has secured admission to a professional / technical / other course, in India or abroad

Courses

Studies in India

1. Graduate Courses - B.A., B.Sc., B.Com., B.C.A., B.B.M.
2. Post Graduate Courses - Masters and Ph.D
3. Diploma in Engineering
4. Professional Courses - Engineering, Medical, Agriculture , Veterinary, Law, Dental , Management , Computer, Pharmacy, Physiotherapy, Hotel Management , ICWA, CA, CFA
5. Courses conducted by IIM, IIT, XLRI, NIFT
6. Courses offered in India by reputed foreign universities
7. Evening Courses of approved Institutes
8. Other Courses leading to Diploma / Degree conducted by Colleges / Universities approved by UGC / Govt. / AICTE / AIBMS / ICMR
9. Courses offered by National Institutes and other reputed private Institutions

Studies Abroad

1. Graduation - Only for job oriented professional / technical courses offered by the reputed Universities
2. Post Graduation - MCA, MBA, MS
3. Courses conducted by CIMAA in London, CPA in USA

Loan Details

Coverage of expenses 

1. Tuition Fees
2. Hostel Fees and Boarding and Lodging Fees if resident outside Hostel
3. Examination / Laboratory and Library Fees
4. Purchase of Books/ Study material / Equipment and Uniforms
5. Caution Deposit / Building Fund / Refundable Deposits (supported by Receipts issued by the Institution )
6. Travel expenses/passage money for study abroad
7. Purchase of Computer if certified as essential for completion of course
8. Other expenses like Project Work, Study Tour and Thesis, which are necessary for completion of course

Quantum

• For studies in India - a maximum of Rs.7.50 lakh
• For studies Abroad - a maximum of Rs.15.00 lakh

Margin

• Upto Rs.2 lakh - no margin required
• Above Rs.2 lakh - 25% for studies in India and abroad

Scholarship / Assistantship may be reckoned as part of margin. Margin may be brought in on year -to-year basis as and when disbursements aremadeon a pro-rata basis.

Security

1. For loans up to Rs.2 lakh - Loan shall be given jointly with Parent / Guardian. A Guarantor with networth not less than loan amount shall join the transaction in addition to Parent / Guardian.
2. For loans above Rs.2 lakh - Loan shall be given jointly with Parent / Guardian and collateral equal to 100% of the loan is required. In case land and buildings are already mortgaged, the same can be used as security on II charge basis provided adequate security cover of 100% of the loan amount is available. Computers purchased with the loan would have to be hypothecated to the Bank.

As per bank rules

The loan shall be repaid in 5 to 7 years after commencement of repayment. If the student secures employment during the gestation period, the repayment schedule should be advanced to commence immediately.

The completion of the course includes internship or apprenticeship if compulsory for award of Degree. If the student does not complete the course within the scheduled time, a maximum time limit of 2 years is permitted. If the student is unable to complete the course for reasons beyond his control then extension may be granted if deemed necessary to complete the course.

The accrued interest during the repayment holiday will be added to the principal and repayment in equated monthly installments (EMI) shall be fixed.

Loan Holiday

There is a holiday on repayment for the duration of the Course extending up to 6months or 1 year after getting a job, whichever is earlier. Simple interest will be charged during the loan repayment holiday. Compounded interest rates will apply after the loan holiday with monthly rests. Penal interest at 2% will be charged for loans above Rs.2 lakh for the overdue amount and overdue period.