Benefits

• Repayment period up to 15 years (after completion of moratorium period ( i.e Course Period + 12 Months).
• The loan is repayable in maximum 10-15 years after the completion of the moratorium period as mentioned above.
• For loans up to Rs. 7.5 Lakhs: Moratorium period + Maximum 120 instalments
• For loans above Rs. 7.5 Lakhs: Moratorium period + Maximum 180 instalments
• Rs. 150.00 lakh for Institutions specified in List of Premier Institutions
• Rs. 60.00 lakh for Institutions not specified in List of Premier Institutions
• Repayment interest might be eligible for tax deductions under Section 80E of the Income Tax Act.
• Parents or guardians can be co-borrowers to enhance eligibility.
• No Margin on loans up to Rs. 4 lacs.

Courses Eligible

• Graduation: for job oriented professional/technical courses offered by reputed universities.
• Post-Graduation: MCA, MBA, MS, etc.
• Courses conducted by CIMA-London, CPA in USA, etc.
• Regular degree/diploma courses like aeronautical, pilot training, shipping, etc. Provided these are recognized by local Aviation/Shipping authority and Director General of Civil Aviation/shipping in India or the competent regulatory bodies in India/abroad for the purpose of employment in India/abroad.
• Certificate Course
• List of premier institutes for management course
• List of premier institutes for STEM courses (Science, Technology, Engineering and Mathematics) (after 10+2 course & above)
• List of premier institutes for medical course.
• List of premier institutes for other education (law, economics, econometrics, art, performing arts and design courses).

(All the above Institutions are to be treated at par)

• Operating units may also consider loans for any other courses, other than the management course, STEM Courses, medical and other education courses offered by institutes/universities featured in above lists, under our normal education loan scheme for study abroad without any preferential treatment.
• Education Loans for courses offered by universities/institutes for study abroad other than specified in the above mentioned lists can also be considered without any preferential treatment.

Student Eligibility

• Should be an Indian national
• Secured admission to professional/technical courses abroad through entrance test/merit based selection process.

Documents Needed

• KYC of applicant and co-applicants
• Academic Records
• Proof of admission
• Entrance Exam Result(if applicable)
• Statement of cost of study/ Schedule of expenses
• Income Proof for Salaried Co-applicant/ Guarantor (if applicable)
• Bank account statement for last 6 months etc
• Property Documents (if applicable)

Margin

Other Terms & Conditions

Repayment Holiday/ Moratorium Period

Course period + 1 year.

Coverage of expenses for

• • Fee payable to College / Institution / University / Hostel / Mess charges
  • Examination / Library / Laboratory fee
  • Purchase of books / equipments / instruments / uniforms
  • Personal Computers / Laptops wherever required
  • Caution deposit, Building fund / Refundable deposit supported by institution bills / receipts, subject to condition that the amount does not exceed 10% of the total tuition fees for the entire course.
  • Purchase of computers, if essential for completion of the course.
  • Insurance premium for student borrower
  • Any other expenses required to complete the course – like study tours, project works, thesis, etc.
  • Travel expenses / passage money (to and fro)
  • Cost of external coaching / tution is NOT to be considered.

Repayment Period

• The loan is repayable in maximum 10-15 years after the completion of the moratorium period as mentioned above.
• For loans up to Rs. 7.5 Lakhs: Moratorium period + Maximum 120 instalments
• For loans above Rs. 7.5 Lakhs: Moratorium period + Maximum 180 instalments

Fees and Charges

EMI Calculator