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EDUCATION LOAN UPTO 30 LACS AT PREFERENTIAL TERMS TO STUDENTS WHO HAVE SECURED ADMISSION IN 8 PREMIER EDUCATIONAL INSTITUTES IN THE COUNTRY
Interest
Rate
Loan limit Interest Rate
Max Upto 30 Lacs 8.45%
Above 7.5 Lacs 10.85%
Loan Amount &
Security
Secured Unsecured
- Upto 30 Lacs
Charges &
Repayment
Processing fees Nil
Pre-payment charges Nil
Late Payment 2% p.a
Repayment period Upto 15 Years
Moratorium period Course period + 1 year after completion of studies for all courses.
Repayment types Simple interest to be charged during the Moratorium period.Servicing of interest during moratorium period is optional. Accrued interest will be added to the principal amount borrowed while fixing EMI for repayment.
Eligibility
Criteria
  • Indian resident/citizen
  • Confirmed admission in the colleges before disbursement.
  • Age Limit:38 years for General Candidates
  • Age Limit:40 years for SC/ST Candidates
Key Benefits &
Coverage
Margin
  • Nil
Course covered
  • Regular full-time Degree/ Diploma courses and Part-time courses offered by Institutes eligible under the scheme, admission in which is obtained through an Entrance Test/Selection Process/ Percentage of marks as prescribed by the Institute would be allowed.
Expenses covered
  • College fees, hostel charge, books and education related expenses
Required
Documents
Student Co-Borrower
KYC
  • Photo ID
  • Residence Proof
  • 2 passport size photograph
  • Aadhaar
  • Pan card
  • 2 passport size photograph
  • residence proof(elctricitybill/telephone bill/house lease agreement/bank statement)
EDUCATION
  • Admit letter from the college which comes under this scheme
  • College fee-breakup
  • GRE/GMAT/TOEFL/IELTS, etc. Marksheets (If applicable)
  • X, XII and Graduation mark sheet
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INCOME
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  • 6 month bank account statement
  • ITR/Form 16 of last 2 years
  • Income proof( Latest 3 salary slips)