The scheme is to provide financial assistance on reasonable terms to:

i) the poor and needy to undertake basic education.
ii) the meritorious students to pursue higher/ professional/technical education.

Eligible Courses: various courses for studies in India and abroad. Click Here for List of Eligible Courses
Eligibility Criteria:

i)Student should be an Indian National

AND

ii)Secured admission to professional/ technical courses through Entrance Test / Selection process

OR

iii)Secured admission to foreign University/ Institutions.

4. Expenses considered for loan :

Fee payable to college/school/hostel.
Examination/ Library/ Laboratory fee.
Purchase of books/ equipments/ instruments/ uniforms.
Caution deposit/ building fund/ refundable deposit supported by Institution bills/ receipts.
Travel-expenses/ passage money for studies abroad.
Purchase of computers - essential for completion of the course.
Any other expenses required to complete the course- like study tours, project work, thesis, etc.

Quantum of finance:

Need based finance subject to repaying capacity of the parents/ students with margin and the following ceilings.

Studies in India - Maximum Rs.7.50 lacs.
Studies abroad - Maximum Rs.15 lacs.

5. Margin

Upto Rs.4 lacs - NIL
Above Rs.4 lacs : Studies in India : 15%
Above Rs.4 lacs : Studies Abroad : 25%
Scholarship/ assistantship to be included in the margin.
Margin to be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis.

6. Rate of Interest & other charges:

Click here to view the latest Rate of Interest

Penal interest @2% to be charged for loans above Rs.2 lacs for the overdue amount and overdue period.

Processing/ upfront charges need not be collected.

1% interest concession if the interest is serviced during the study period.

7. Security : Please contact the nearby branch

8. Repayment:

Repayment holiday/ Moratorium shall be Course period + 1 year (which may be extended up to 2 years in case student is not able to complete the course within the scheduled time) OR 6 months after getting job, whichever is earlier.
The loan to be repaid in 60 months after the holiday as above.
The accrued interest during the holiday period is to be added to the principal and repayment as EMI.

The scheme details are furnished in brief only. For more details please contact any of the branches.

*All loans are subject to the discretion of the bank and subject to such conditions as may be stipulated by the Bank. Interest rates are subject to change without notice