Should have passed previous qualifying examination.
Should have secured at least 60% marks [ 55% for student belonging to SC/ST category ] in the previous qualifying examination.
Should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance test / Merit based selection process/through Management quota after completion of HSC [10+2 or equivalent]
To meet expenses related to pursuing studies in India and abroad
Study in India – upto Rs.10 lakhs, Study Abroad : upto Rs. 20 lakhs
Loan up to Rs. 4 lakhs : Nil
Loan above Rs.4 lakhs:
Studies in India: 5% ,
Studies Abroad: 15%
Upto Rs.7.50 Lakh : Co-obligation of Parent/s, Grand Parent/s ( if parents are deceased). No other security.
Above Rs.7.50 Lakh : Co- obligation of Parents/ Grand Parent/s ( if parents are deceased) together with tangible collateral security along with the assignment of future income of the student for payment of instalments.
Loan shall be fully secured after maintaining prescribed margin on respective securities offered.
In case of married person, co obligant can be either spouse, or the parents or parents -in-law.
Rate of Interest
Floating Rate of Interest is linked to MCLR and subject to annual reset .Simple interest will be charged during repayment holiday period.
Concession in rate of interest at 25 bps below the applicable card rate is extended to SC/ST/Women beneficiaries for fresh loans sanctioned/ disbursed on or after 15.08.2008.
Concession in rate of interest at 50 bps (inclusive of 25 bps available for SC/ST/Women) below the applicable card rate for girl students for new loans sanctioned/ disbursed w.e.from : 04.03.2009.
Interest concession of 0.50% is extended to Physically Challenged students for loans initially disbursed on or after 20.09.2010