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 offered in India by premier educational institutes like IIT, IIM, and NIT etc.
  • Admission through merit channel only.
  • Finance available for funding tuition fees, exam, library, lab fees, books, equipment, hostel, uniform, insurance premium.
  • Loan up to Rs.25 lakhs.
  • NIL margin up to Rs.4 lacs.
    • Above Rs.4 lacs-5% margin.
  • Nil collateral only guarantee of parents/close relative.
  • To view interest rate click here
  • Moratorium period will be 1 year after qualifying exam or 6 months after getting job, whichever is earlier and loan repayment period is max at 5 years
  • Mandatory Life insurance under SIB EDUGUARD scheme.
  • NIL proc fees/prepayment charges.
  • 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.