Personal BankingLoansEducation LoansSIB VITJNAN PRADHAN SCHEME


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.
  • 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.
  • Admission Criteria Meritorious student (UG): A minimum cut-off marks of 80% in those subjects which are considered as qualifying subjects and 75% in aggregate in HSC (10 plus 2 or equivalent) for such higher education in states where no separate entrance test is required for admission.
  • Admission Criteria Meritorious student (PG): A minimum marks of 75% in UG or marks as prescribed by the Institution for Post Graduate or Research studies must have secured by the student along with clearing the entrance test and/ or GD and/ or interview processes as prescribed by the institution.
  • Finance available for funding tuition fees, exam, library, lab fees books, equipment, hostel, uniform, insurance premium.
  • Loan up to Rs.10 lacs for Domestic studies.
    • Up to Rs.20 lacs for overseas studies.
  • 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.4 lacs
    • Third party guarantee for loan greater than Rs.4 lacs up to Rs.7.50lac.
    • For loans above Rs.4 lacs up to Rs.7.50lac, a Credit Guarantee Coverage from National Credit Guarantee Trustee Company (NCGTC) Limited namely Credit Guarantee Fund Scheme for Education Loans (CGFSEL) to be obtained for availing subsidy under Central Sector Interest Subsidy Scheme (CSIS).
    • For loan above Rs. 7.50 Lakhs, 100% collateral cover is mandatory.
    • In case of NRI’s tangible collateral security having value equal to loan amount plus funded interest is required.
  • To view interest rate click here
    • Simple interest charged during moratorium.
    • 1% concession if interest is serviced during moratorium period or
    • 1% concession for prompt repayment of EMI if interest is funded during moratorium.
  • Moratorium period will be course period plus 1 year and loan repayment period is max at 15 years.
  • Mandatory Life insurance under SIB EDUGUARD scheme.
  • NIL proc fees/prepayment charges.
  • Top up loans allowed within the moratorium period of the first course.
  • Students under economically weaker sections pursuing domestic technical/professional courses are eligible under centralised scheme for interest subsidy if any.
  • Income Tax benefit under Section 80(E) in respect of interest paid.
  • 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.
  • Tenor Maximum – 15 years