Eligibility Criteria:
Student Eligibility :
- Student should be an Indian National
- Secured admission to professional / technical courses in India or abroad through entrance Test / Merit Based Selection process.
Courses Eligible for Studies Abroad:
- Graduation: For job oriented professional/technical courses offered by reputed universities
- Post Graduation: MCA, MBA, MS etc.
- Courses conducted CIMA-London, CPA in USA etc.
- Diploma courses of reputed / recognized foreign Institutes/ Universities.
Expenses not eligible for finance : Caution Deposits / Building fund / refundable deposit
Margin
Upto Rs. 4.00 lac. NILAbove Rs. 4.00 lac Studies Abroad 15%
Scholarship/assistantship to be included in margin.
Margin may be brought in on year to year basis as and when disbursements are made on a pro-rata basis.
PROCESSING CHARGES: Borrower to deposit a sum of Rs.1,000/- ( for courses in India) and Rs.2000/- ( for studies abroad ) in lieu of Processing fee , in Saving account ( to be kept under reserve . Withdrawal thereof may be allowed to the borrower only after full availment of the loan. Otherwise the same will be recovered as processing fee.
REPAYMENT SCHEDULE:
Repayment holiday/Moratorium: Course period + 1 year or 6 months after getting job, whichever is earlier .The loan to be repaid in 5-7 years after commencement of repayment. If the student is not able to complete the course within the scheduled time, extension of time for completion of course may be permitted for a maximum period of 2 years. In case the student is not able to complete the course for reasons beyond his control, sanctioning authority may at its discretion consider such extension as may be deemed necessary to complete the course.
The accrued interest during the repayment holiday period to be added to the principal and repayment in Equated Monthly Instalments (EMI) fixed.
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