Courses
eligible
a.
Studies in India :
•
School education including plus 2 stage.
•
Graduation courses : BA, B.COM., B.Sc.,etc.
•
Post Graduation courses : Masters & PhD.
•
Professional courses : Engineering, Medical, Agriculture,
Veterinary, Law, Dental,
Management, Computer etc.
•
Computer certificate courses of reputed institutes accredited
to Dept. of Electronics
or institutes affiliated to university.
•
Courses like ICWA, CA, CFA etc
•
Courses conducted by IIM, IISc, IIT, XLRI NIFT etc.
•
Courses offered in India by reputed foreign universities.
•
Evening courses of approved institiutes.
•
Other courses leading to diploma/ degree etc. conducted
by colleges universities
approved by UGC/ Govt/AICTE/ AIBMS/ICMR etc.
•
Courses offered by National Institutes and other reputed
private institutions. [Banks may have
the system of appraising other institution courses depending
on
future prospects/recognition by user institiutions.]
b.
Studies abroad :
•
Graduation : For job oriented professional technical courses
offered by reputed
universities.
•
Post graduation : MCA, MBA, MS, etc.
•
Courses conducted by CIMA- Loanon ,CPA in USA etc.
Student
eligibility :
•
Should be an Indian National
•
Secured admission to professional/ technical courses through
Entrance Test / Selection
process.
•
Secured admission to foreign university/Institutions.
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 expense 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.
MARGIN
:
Inland
(studies in India)
Upto
Rs. 4 lacs : Nil
Above
Rs. 4 lacs :
Studies in India : 5%
Studies Abroad : 15%
•
Scholarship/assistantship to be included in margin.
•
Margin may be brought in on year-to-year basis as and when
dibursements are made
on a pro-rata basis.
SECURITY
:
Upto
Rs.4 lacs : No security
Above
Rs.4 lacs : Collateral security of suitable value or
co-obligation of parent/guardian/third
party guarantee onlywith the assignment
of future income of the student for payment of
instalments.
*
The document should be executed by both the student and
the parent/guardian.
*
The security can be in the form of land/building/Govt.securities
Public Sector Bonds/Units of UTI, NSC, KVP, LIC Policy,
gold, shares/ debentures bank deposit in the name of student
parent guardian or any other third party with suitable
margin.
*
Wherever the land/building is already mortgaged to the bank,
the unencumbered portion can be taken as security on II
charge basis provided it covers the required loan amount.
* In case the loan is for purchase of computer the same
to be hypothecated to the Bank.
RATE OF INTEREST :
Upto
Rs.4 lacs : PLR
Above
Rs.4 lacs : PLR + 1%
