PURPOSE OF THE LOAN
- To meet educational expenses such as tuition fees, hostel fees, cost of books, exam fees, and airfare (for studies abroad) for pursuing any Graduation / Post-Graduation / Diploma course in an Institution recognized by the State / Central Government / University.
- For job oriented professional / technical courses from reputed universities in abroad.
- To finance individuals who undertake training programme to acquire skills needed to join as pilots.
ELIGIBLE PERSONS
- Should be an Indian National, NRI, PIO, OCI
- Should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test/ Merit-Based Selection process after completion of HSC (10 plus 2 or equivalent).
Meritorious
a. If the admission to an eligible course is through a merit-based selection process, he/ she could be considered a meritorious student.
b. If the admission to professional and technical courses is through common entrance test and those who get admission through this process could be considered a meritorious student.
c. Management Seat may also be considered subject to funding shall be restricted to the fee as approved by the State Government/ Government approved regulatory body for payment seats will be taken, subject to viability of repayment.
Employment:
Student should not be in gainful employment during study.
Quantum of Loan
| Particulars |
Maximum Amount Rs. In Lakhs |
|
For study in India |
For Colleges/Universities in Top 100 Ranking of NIRF (National Institutional Ranking Framework-Ministry of Education- GOI (overall or streamwise)
|
150 |
|
For Colleges/Universities above 100 but within Top 200 Ranking of NIRF (overall or streamwise).
For Medical studies i.e. MBBS/MS/MD or equivalent recognized by respective authority.
|
100 |
For Other Colleges/Institutions |
75 |
For Study Abroad |
Universities/ Colleges/Institute in Top 50 as per following website:
1. www.topuniversities.com
2. www.qs.com
3. www.webometrics.com
|
300 |
Ranked above 50 but within 200 |
200 |
Ranked above 200 but within 300 |
150 |
Ranked above 300 |
100 |
Margin:
| Minimum Margin Requirements |
Study in India |
Study Abroad |
Up to Rs. 4.00 lakhs |
Nil |
Nil |
Above Rs.4.00 lakhs and up to Rs. 30 lakhs |
5% |
15% |
Above Rs. 30 Lakhs to Rs. 100 Lakhs |
10% |
20% |
Above Rs. 100 Lakhs to Rs. 150 Lakhs |
15% |
25% |
Above Rs 150 Lakhs to Rs. 300 Lakhs |
N/A |
25% |
Scholarship / assistantship to be included in margin
Margin to be bought-in on a pro rata basis as and when disbursements are made.
Repayment period: Repayment of the loan will be in equated monthly instalments for a period of 15 years for all categories (excluding course and moratorium period). Repayment Holiday / Moratorium will be Course period + 1 year.
Rate of Interest:
|
|
| ROI for Public |
RLLR + 0.40% (SP)+ 1.25% (RP) = 11.00% |
| ROI for wards of staff & retired staff |
RLLR + 0.40% (SP)+ 0.00% (RP) = 9.75% |
Special Concession:
| Details |
Concession |
a. Girl Student |
0.50% |
b. For Interest Serviced during the moratorium* |
1.00% |
|
c. Study in India (NIRF Streamwise Ranking)
Institutes Ranked upto 20
Institutes ranked from 21 to 50
|
1.50% 1.00% |
d. Study Abroad Institutes Ranked upto 100 Institutes Ranked from 101 to 200
|
1.50% 1.00% |
Security
|
|
Up to 7.5 Lakhs |
No Security Only Co-obligation of parent/guardian |
>7.5 Lakhs |
Co-obligation of parent/s or guardian together with tangible collateral security of suitable value along with assignment of future income of student for payment of instalment. Collateral security in the form of Land/building/ gov securities policy, Gold, Shares, MF units, debentures, SGB Bank Deposit in the name of the student/parent/third party with suitable margin. If a mortgaged property is used, the residual value to be calculated after maintaining LTV. 100% of loan amt on FSV to be taken if security offered is Land/Building.
|
2. Courses Eligible:
Studies in India (Indicative list)
a. Courses as initiated under various Government Subsidy Schemes.
b. Approved courses leading to Graduate / Post Graduate degree and PG Diplomas/ Certificate conducted by recognized colleges/ universities recognized by UGC/ Government/ AICTE/ AIBMS/ ICMR etc.
c. Courses like ICWA, CA, CFA etc.
d. Courses conducted by IIMs, IITs, IISC, XLRI, NIFT, NID etc.
e. Regular Degree/ Diploma courses like Aeronautical, pilot training, shipping degree/ diploma in nursing or any other discipline approved by Director General of Civil Aviation/ Shipping/ Indian Nursing Council or any other regulatory body, if the course is pursued in India
f. Approved courses offered in India by reputed foreign universities.
Studies Abroad (indicative list)
a. Courses as defined under various Government Subsidy Schemes.
b. Graduation: For job oriented professional/ technical courses offered by reputed universities/ institutions.
c. Post-graduation: MCA, MBA, MS etc.
d. Courses conducted by CIMA-London, CPA in USA etc.
e. Degree/ diploma courses like aeronautical, pilot training, shipping etc. provided these are recognized by competent regulatory bodies in India/ abroad for the purpose of employment in India/ abroad.