Varied loan limits cater to different educational pursuits
Loan Limits
Maximum loan amount up to Rs. 50 lakh for studies in IndiaUp to Rs. 1.50 crore under the Global Ed-Vantage scheme for studies abroad.
Interest rates range from 8.15% to 11.75% depending on the specific loan scheme and the category of institution (IITs, NITs, etc.).
Interest Rates
No penalty for prepayment at any point during the loan term.
Prepayment Options
Some loan schemes offer interest rate reductions for female students.
Interest Rate Concessions
Nil for loans up to Rs. 20 lakh; Rs. 10,000 plus tax for loans above Rs. 20 lakh.
Processing Charges
Up to 15 years post course period, including a repayment holiday of up to 12 months.
Repayment Period
Varies with loan amount; may include co-borrower (parent or guardian) and tangible collateral security for higher loan amounts.
Security Requirements
No margin required for loans up to Rs. 4 lakh; 5% margin for studies in India and 15% for studies abroad on amounts exceeding Rs. 4 lakh.
Margin Requirements
Covers a wide range of courses approved by UGC/AICTE/IMC/Government, including specialized programs at institutions like IITs, IIMs, etc., both in India and abroad.