Courses offered  

An installment based loan for all courses mentioned below:
 
Studies in India:

• 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, IIT, IISc, XLRI. NIFT etc
• Courses offered in India by reputed foreign universities
• Evening courses of approved institutes
• 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 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.

Special Courses 
Regular Degree/Diploma courses like Aeronautical, pilot training, shipping etc., approved by Director General of Civil Aviation/Shipping. In case the course is pursued abroad, the Institute should be recognized by the competent local aviation/shipping authority .

Loan Amount  

Maximum loan amount :

• Study in India-Rs.10 lakhs
• Study Abroad -Rs.20 lakhs

Loan Margin:

• Studies in India - upto Rs. 4 lac- Nil
• above Rs. 4 lac- 5% of the total course expenses
• Studies abroad - 15% of the total course expenses

Expenses Covered under 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.`
• Insurance premium for student borrower

Repayment terms   

The repayment of loan to begin after the course period + 1 year or 6 months after getting a job, whichever is earlier. The loan to be repaid within 5-7 years (maximum tenor 84 months) after commencement of repayment. 

Rate of interest  

• Upto Rs 4 lacs : BPLR – 1% p.a (12.25%)
• Above Rs 4 lacs : BPLR  p.a. (13.25%)

Simple interest to be charged during repayment holiday and moratorium 
Accrued interest during the repayment holiday period should be added to the EMIs.
Where the borrower has not opted for the repayment holiday or is willing to service the interest during the repayment holiday (for principal) the interest rate should be 1% lower than the applicable rate.

50 basis points reduction for girl applicants 
50 basis points reduction for physically challenged applicants (subject to submission of certificate from a medical practitioner)

 * BPLR subject to change

Repayment holiday / moratorium:
Duration of the course period + 1 year / 6 months after getting a job, whichever is earlier .
The loan to be repaid in 5-7 years (maximum tenor 84 months) after commencement of repayment.

Collateral Security

Wherever the land/ building is already mortgaged, the unencumbered portion can be taken as security on II nd charge basis provided it covers the required loan amount. In case the loan is given for purchase of a computer the same to be hypothecated to the Bank.