The main features of the scheme are as follows:
  • Applicable to Indian Nationals or NRI with Indian passport.
  • If student is major, parents to join as co applicants else parent will be principle borrower.
  • Finance available for funding refundable deposit of professional colleges in Kerala.
  • Loan amount restricted to 10% of tuition fees of Rs.1 lakhs whichever is lower.
  • NIL margin if interest is serviced else 15% margin.
  • Nil collateral security.
  • ROI is MCLR+5.20%.
  • Bullet repayment of principle from the Management of the college and Moratorium period will be course period plus 1 year or 6 month after getting job with loan repayment period of 5 years in case interest is funded.
  • Upfront fee of 0.50% of loan amount.
  • Undertaking from college and student regarding the repayment of principle to the loan account.
  • 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.