• Should be an Indian National
• Should have secured admission to a higher education course in recognized institutions  in India or Abroad through Entrance Test/ Merit Based Selection process after completion of HSC(10 plus 2 or equivalent).

• There is no specific restriction with regard to the age of the student to be eligible for education loan.
• The upper age limit shall be capped at 35 years, which can be relaxed on case to case basis.

• STUDIES IN INDIA(INDICATIVE LIST)
• Approved regular courses leading to Graduate/ Post graduate degree and PG diplomas conducted by Recognized Colleges/ Universities recognized by UGC/ Govt. / AICTE/ AIBMS/ ICMR etc.
• Professional Courses in Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.
• Courses like ICWA, CA, CFA etc.
• Courses conducted by IIM, IIT, IISc, XLRI. NIFT, NID etc.
• Regular Degree/Diploma courses like Aeronautical, pilot training, shipping, degree/diploma in nursing or any other discipline approved by Director General of Civil Aviation/Shipping/Indian Nursing Council or any other regulatory body as the case may be, if the course is pursued in India.
• Approved courses offered in India by reputed Foreign Universities.
• Courses offered by National Institutes and other reputed private institutions.
• Studies abroad: -
• Graduation: For job oriented professional/ technical courses offered by reputed Universities.
• Post-Graduation: MCA, MBA, MS, etc.
• Courses conducted by CIMA- London, CPA in USA etc.
• Degree/diploma courses like aeronautical, pilot training, shipping etc. provided these are recognized by competent regulatory bodies in India/abroad for the purpose of employment in India/abroad.
• Note: The above list is indicative in nature. Bank may approve other job oriented courses leading to Technical/ Professional Degrees, Post Graduate Degrees/Diplomas offered by Recognized Institutions under this scheme.

• In India                  :        Rs 10.00 Lakhs ( Maximum)
• Abroad                  :        Rs 30.00 Lakhs ( Maximum)
• Note: Higher quantum of loan can be considered on course to course basis (e.g. courses in IIMs, ISB etc.) taking into account the future prospects, employability and reputation / recognition by Educational Institution.

• Upto Rs 4 lakhs   : Nil
• Above Rs 4 lakhs : Studies in India -    5%
• Studies abroad -     15%

• The maximum door to door tenor of the Education Loan shall not exceed 15 years (including Course Period, Moratorium Period and Repayment Period).

• Course period + 1 year

•  Notes:

  1.  *Fixed Interest Rate to be provided for Education Loans of tenure (door to door) up to 5 years only
  2. Servicing of interest during study period and the moratorium period till commencement of repayment is optional for students. The accrued interest during the repayment holiday period to be added to the principal and repayment in Equated Monthly Installments (EMI) fixed.
  3. 1% interest concession shall be provided by the bank for the entire tenure of the loan, if interest is serviced during the study period and subsequent moratorium period prior to commencement of repayment. 
  4. Concession of 0.50% on interest rate shall be allowed in case of education loans availed by girl students.
  5. Interest Concession of 0.50% on interest rate shall be allowed in case of education loans availed by students pursuing courses from IITs / IIMs and ISB
  6. Interest Concessions as listed above are subject to effective interest rate not falling below the floor limit of RLLR+0.50%.

• Click here for rate of Interest

• NIL

• For studies in India - Nil.

• For Studies abroad –Processing fee (upfront) @ 1% of the loan amount sanctioned with a maximum of Rs.5,000 for considering loans for studies abroad. The fee would however, be refunded upon the student taking up the course (loan is disbursed) or if the loan is not sanctioned by the bank. The fee would not be refunded if a sanctioned education loan for studies abroad is not availed by the student.

* For Loans up to Rs. 10.00 Lakh for pursuing courses in IIT/IIM/ISB:
•   Parent(s)/ guardian(s) to be Joint Borrower(s).
•   Third party guarantee of Two persons
•   Assignment of future income of the student.
•   No collateral security is required. However, for education loans up to Rs. 7.50 Lakh third party guarantee shall be waived if the loan is covered under Credit Guarantee Scheme.

For Loans above Rs.10.00 Lakh for pursuing courses in IIT/IIM/ISB:
•   Parent(s)/ guardian(s) to be Joint Borrower(s).
•   Third party guarantee of Two persons
•   Assignment of future income of the student.
•   Collateral security: Tangible Collateral security having fair market value of not less than 75% of sanctioned limit and interest payable (capitalized) during moratorium.
(ISB means Indian School of Business, Hyderabad).

• Government of India provides interest subsidy to meritorious students belonging to economically weaker sections, notified minority communities and  economically backward classes and other backward classes, so as to provide them better opportunities for higher education and enhance their employability. Some of the main features of these schemes are mentioned below.