Offers need-based financing with applications available at bank branches near the student's school or their parents' residence.
In India: Covers graduation, post-graduation, technical/professional courses from recognized colleges/universities approved by UGC, Government,
AICTE, Department of Electronics, IMC, and autonomous institutions like IIM and IIT. Includes any courses leading to a degree/diploma from reputed institutes/colleges/universities.
Abroad: Covers courses leading to undergraduate, post-graduation/Ph.D., Post Graduate Diploma, etc.
– Up to Rs. 4.00 Lakhs: Nil – Above Rs. 4.00 Lakhs (India): 5% – Above Rs. 4.00 Lakhs (Abroad): 15%
– Up to Rs. 7.50 Lakhs: No collateral security, covered under Credit Guarantee Fund Scheme for Education Loans (CGFSEL) subject to conditions.
– Above Rs. 7.50 Lakhs: Tangible collateral security covering at least 100% of the loan amount.
– Up to Rs. 4.00 Lakhs: No collateral security. – Above Rs. 4.00 Lakhs: Tangible collateral security covering at least 100% of the loan amount.
Repayment in equated monthly installments up to a maximum of 15 years, excluding the moratorium period. No prepayment penalty during the repayment period.
Course payment to the college, school, or hostel. Examination, library, and lab fees. Travel and transit costs for studying overseas.
The moratorium period includes the course duration plus one year.
Students can apply at bank branches near their school or parents' residence, making the process convenient and accessible.
Loans up to Rs. 7.50 Lakhs under the merit quota are covered by the Credit Guarantee Fund Scheme for Education Loans (CGFSEL), subject to conditions.
Borrowers can repay the loan early without any penalty, providing flexibility in managing finances.