Priority Sector Loan
Retail Loan
Commercial Loan
Loans
 
  Objective
  • To ensure that nobody is denied of professional / technical education just because of want of required resources.
 
  Eligibility
  • The student should be an Indian national and he / she should have secured admission to professional / technical courses through entrance test / merit based selection process.
 
 Purpose
  • To extend financial assistance to deserving/meritorious students for pursuing higher education in India and abroad.
 Amount:
  • For studies in India the amount of loan is maximum Rs.10.00 lacs and for studies in abroad the maximum loan amount is Rs 20.00 lacs.
 Margin
  • No margin should be insisted for loans up to Rs.4.00 lacs irrespective of place of studies. But for loans above Rs.4.00 lacs, margin on admissible expenditure should be 5% for studies inside India and 15% for studies in abroad.
 Security :
  • Upto Rs. 4 lacs : No Security Above Rs. 4 lacs to Rs. 7.50 lacs: Collateral security in the form of suitable third party guarantee.
 Repayment :
  • The loan is repayable in 5-7 years in monthly installments after the holiday period.
 Holiday Period :
  • Maximum holiday / moratorium period is up to the course period plus one year OR 6 months after getting job by the student, whichever is earlier .
 Rate of Interest :
  • Interest to be charged @ BPLR. (Present BPLR 14.25%). Simple interest to be charged during moratorium period and thereafter the interest should be charged with monthly rest. 100 basis points concession in interest rate is available in case the interest is serviced during the holiday period and the subsequent EMIs are paid regularly as per contract.
 Remarks :
  • No Processing fee to be collected for granting loans under the scheme.
 
For Form goto Forms Downlod dection .For further details, contact the nearest Branch