The main features of the scheme are as follows:
  • Indian Nationals or NRI with Indian passport.
  • If student is major, parents to join as co applicants else parent will be principle borrower.
  • Eligible courses leading to graduate/PG/PG diploma with approval and university affiliation in India and job oriented professional/technical courses leading to degree/PG/PG diploma and other diploma courses for overseas study.
  • Securing 85% in each qualifying subjects and overall 75% in qualifying exam in the first attempt.
  • Finance available for funding tuition fees, exam, library, lab fees, books, equipment, hostel, uniform, insurance premium.
  • Quantum of loan is course specific and ranges from Rs.2.50 lacs to Rs.10 lacs.
  • Age limit for graduate level is 25 yrs and 30 yrs for PG.
  • NIL margin up to Rs.4 lacs.
    • Above Rs.4 lacs-5% margin for domestic and 15% margin for foreign studies
  • Nil collateral security up to Rs.1.00 lakhs.
    Third party guarantee for loan greater than Rs.1.00 lakhs upto Rs.3.00 lakhs and 100% collateral for loan greater than Rs.3.00 lakhs. 
  • ROI ranges from MCLR (1Year) + 5.8% to MCLR (1 Year) +6.3%. Simple interest charged during moratorium.
  • Moratorium period will be course period plus 1 year or 6m after getting job whichever is earlier and loan repayment period is 10 years for loans up to Rs.7.5 lakhs and 15 years for the rest.
    • Moratorium period for overseas study is 6 month after qualifying exam.
  • Mandatory Life insurance under SIB EDUGUARD scheme.
  • NIL proc fees/prepayment charges.
  • Top up loans available for higher education.
  • Minimum annual income of the parent should be Rs. 7.50 Lakhs per annum.
  • Documents required- Proof of Identity and Address , PAN of student as well as Parents, Offer/Admission letter/Basic qualification & mark list, qualifying exam score card/Fee structure/Affiliations and approval of course/Property related documents.