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- Finance the requirements for higher studies in India or abroad.
- 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
Quantum of loan |
Tenor up to 5 years (Fixed Rate of Interest )* |
Tenor exceeding 5 years (Floating Rate of Interest ) |
Up to Rs. 10.00 Lakhs |
RLLR + 2.00% |
RLLR + 1.50 % |
Above Rs. 10.00 lakhs and up to Rs. 20.00 lakhs |
RLLR + 3.00% |
RLLR + 2.25 % |
Above Rs. 20.00 Lakhs |
RLLR + 3.50% |
RLLR + 2.75 % |
- 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%.
- 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.
Up to Rs4.00 lakhs |
No Security |
Above Rs4 lakhs and up to |
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Above Rs7.5 Lakh.* |
• Parent(s)/ guardian(s) to be Joint Borrower(s). |
* 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.
PARAMETER |
CENTRAL SECTOR INTEREST SUBSIDY SCHEME (CSIS) |
PADHO PARDESH SCHEME |
Dr. Ambedkar Central Sector Scheme of Interest Subsidy for Educational Loans: For Other Backward Classes (OBCs) and Economically Backward Classes (EBCs) to pursue education abroad (ACSISOBCEBC) |
ELIGIBILITY |
Students who want to pursue Technical / Professional courses in recognized institute in India. Revised CSIS Students who want to pursue Technical/Professional courses in NAAC, NBA, CFTI accredited or regulatory approved Institutes in India. |
Students Belonging to the Minority Communities pursuing PG or above approved courses (Masters and M Phil/ Ph.D levels) overseas, payable once, either for Masters or PhD levels.
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Interest Subsidy on Education Loans of OBCs & EBCs Students, pursuing PG or above approved courses (Maters and M Phil/ Ph.D levels) overseas, payable once, either for Masters or PhD levels.
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SUBSIDY QUANTUM |
Interest payable by the students availing the education loans for the period of moratorium (i.e. course period plus one year or six months after getting job, whichever is earlier) as prescribed under the Education Loan shall be borne by the Government of India. |
Interest payable by the students availing the education loans for the period of moratorium (i.e. course period plus one year or six months after getting job, whichever is earlier) as prescribed under the Education Loan shall be borne by the Government of India. |
Interest payable by the students availing the education loans for the period of moratorium (i.e. course period plus one year or six months after getting job, whichever is earlier) as prescribed under the Education Loan shall be borne by the Government of India. |
INCOME CRITERIA |
The total Family annual income from all sources shall not exceed Rs.4.50 lakhs.
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The total annual income from all sources of the employed candidate or his/her parents’ guardians in case of unemployed candidate shall not exceed Rs 6.00 lakhs.
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The total annual income from all sources of the employed candidate or his/her parents’ guardians in case of unemployed candidate shall not exceed present creamy layer for OBC and Rs 2.50 lakhs for EBC. |
INCOME PROOF |
Income proof shall be required from the students from such public authorities as are authorized by the state Government for certification of income status for various purposes, including Central and State Sector Schemes |
Income certificate issued by the competent authority in the State/ Union Territory.
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ITR/ Form 16/ Audited Accounts/ Income Certificate issued by Authority of state Government/ UT Administration is acceptable to Ministry for determining Income ceiling. The candidate under the OBC category shall be required to submit OBC caste certificate to the bank in a prescribed proforma issued by the competent authority. |
Limitation Of Limit/ Liability For Claiming The Interest Subsidy |
Interest charged on loan amount up to Rs 10.00 lakhs. Revised CSIS Interest charged on loans sanctioned without any collateral security & third party guarantee and for maximum amount of Rs 7.50 lakhs. |
Interest charged on loan amount up to Rs.20.00 lakhs. |
Interest charged on loan amount up to Rs.20.00 lakhs. |
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