Purpose – Financial assistance to pursue higher education in both India and Abroad.
Eligibility - Graduate courses, Post -graduate courses, Professional courses and other courses approved by recognised authority.
Quantum of loan – Maximum of 10 lakhs and 15 lakhs for studies in India and Abroad respectively.
Interest rate – 11.25% p.a for loans upto 4 lakhs, 12.75% p.a for loans between 4 and 7.5 lakhs and 11.75% for loans greater than 7.5 lakhs.
Repayment - loan becomes due one year after course completion or 6 months after employment. Time duration of 5 to 7 years.
Paperwork – The following documents must be submitted in order to avail the loan – Completed Education Loan Application Form, Mark sheets of last qualifying examination , Proof of admission scholarship, studentship, Schedule of expenses for the specified course, 2 passport size photographs, Borrower’s Bank account statement for the last six months, Income tax assessment order, of last 2 years, Brief statement of assets and liabilities, of the Co-borrower, Proof of Income (i.e. Salary slips/ Form 16 etc).
Other features - Interest Rate concession of 0.50% to Girl Student availing Loan.
