Benefits

• Free debit card
• 100% Finance
• Collateral Free Loan up to Rs.40.00 Lakhs
• Repayment period up to 15 years (after completion of moratorium period ( i.e Course Period + 12 Months).
• Digital Education Loan Facility
• Special offer for students of Army Personnel
• Income Tax Benefit under section 80E.
• Institutions under List AA – without collateral 40 lakhs – with collateral 80 lakhs
• Institutions under List A – without collateral 30 lakhs – with collateral 80 lakhs
• Institutions under List B – without collateral 15 lakhs – with collateral 80 lakhs
• Institutions under List C – without collateral 10 lakhs – with collateral 80 lakhs

Courses Eligible

• Full time regular courses conducted by the premier educational institutions:

  List of the institutions (List-AA, A, B & List-C)

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/school/hostel.
• • • Examination/library/laboratory fee.
    • Hostel fees/charges.
    • Purchase of books//instruments/uniforms.
    • 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 Personal computer/laptop – essential for completion of the course.
    • Insurance premium for student/borrower, if any opted by the student. Presently the bank has a tie up arrangement with M/s. IndiaFirst Life Insurance Co. & M/s. Kotak Life Insurance.co for Group Credit Life insurance cover to education loan borrowers.
    • Any other expenses required to complete the course like study tours, project works, thesis, etc.
    • Cost of external coaching/tuition is not to be considered.
• Note The details of expenses for the entire course period to be obtained from college/institution.

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

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