Education Loan

 

Particulars

Purpose

Higher Education course approved by AICTE,and Govt.,approved university/college

Eligible Course

For Approved Graduation, Post graduation,P.hd. ,Research courses in Engineering ,Pharmacy,Medical ,Management ,Computer

Loan Amount

Domestic Education Loan: Maximum Rs. 10.00 Lacs.
Foreign Education Loan: Maximum Rs. 20.00 Lacs. 

Margin

  • (i) For India -30% of fee, Hostel Fee, other eligible exp. Or 70% of valuation of mortgaged property whichever lower
  • For Foreign –25% of fee, Hostel Fee, other eligible exp. or 75 % of valuation of mortgaged property whichever lower

Repayment Period

Maximum 120 months (Including moratorium period up to course period)

Rate of interest

  • For India -- 9.75 %
  • For Foreign –9.60%

Share linking

1.5% of the loan amount sanctioned

Guarantee

Two guarantor possessing property and also Income tax-payer

Security

(i) Up to Rs.100000/- Nil
(ii)Above Rs.100000/- Mortgage of Immovable property or lien/assignment of Govt. securities

Processing Fees

Nil

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