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.
Remarks
No Processing fee to be collected for granting loans under the scheme.