Education Loan Scheme – Personal Banking

Education Loan Scheme – Personal Banking

Education Loan Scheme Brand Brand New

Education Loan

A term loan given to Indian Nationals for pursuing advanced schooling in Asia or abroad where admission is secured.

  • Repayment period of upto 15 years after Course Period + 12 months of payment holiday*
  • Processing Fees
    • Loans upto Rs. 20 lacs: NIL
    • Loans above Rs. 20 lacs: Rs. 10,000 (plus taxes)
  • Safety
    • Upto Rs. 7.5 Lacs: Only Parent/ Guardian as co-borrower. No Collateral Security or alternative party guarantee
    • Above Rs. 7.5 Lacs: Parent/ Guardian as co-borrower and collateral security that is tangible
  • Margin
    • Up to Rs 4 Lacs – Nil
    • Above Rs 4 Lacs – 5% for studies in Asia, 15% for studies in abroad
  • Repayment will commence one after completion of course year.
  • Loan to be repa

    Eligibility

    • A term loan issued to Indian Nationals for pursuing degree in Asia or abroad where admission is guaranteed.

    Courses Covered

    Studies in Asia
    • Graduation, Post-graduation including regular professional and technical Degree/Diploma courses carried out by colleges/universities authorized by UGC/ AICTE/IMC/Govt. Etc Regular Degree/ Diploma Courses carried out by autonomous organizations like IIT, IIM etc
    • Instructor training/ Nursing courses authorized by Central federal federal federal government or the local government
    • Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. Authorized by Director General of Civil Aviation/Shipping/ concerned regulatory authority b. Studies abroad:
    • Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc provided by respected universities Courses carried out by CIMA (Chartered Institute of Management Accountants) – London, CPA (Certified Public Accountant) in United States Of America etc. (more…)

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