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Education Loan
- Features
- Eligibility
- Document Required
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A phrase loan provided to Indian Nationals for pursuing degree in Asia or abroad where admission was guaranteed.
Features
- Repayment period of upto 15 years after Course Period + 12 months of payment holiday*
- Processing Costs
- Loans upto Rs. 20 lacs : NIL
- Loans above Rs. 20 lacs: Rs. 10,000 (plus taxes)
- Protection
- 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 paid back in 15 years following the commencement of payment
- Just in case 2nd loan is availed for greater studies later on, to settle the blended loan amount in fifteen years after conclusion of 2nd program
- EMI Generation
- The accrued interest throughout the moratorium course and duration period is put into the concept and payment is fixed in Equated equal payments (EMI).
- If complete interest is serviced ahead of the commencement of payment; EMI is fixed predicated on concept quantity just.
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Eligibility
- A term loan awarded to Indian Nationals for pursuing advanced schooling in Asia or abroad where admission happens to be guaranteed.
Courses Covered
Studies in Asia
- Graduation, Post-graduation including regular technical and expert 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 federal government or even the local government
- Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. authorized by Director General of Civil Aviation/Shipping/ concerned authority b that is regulatory. Studies abroad:
- Job oriented professional/ graduation that is technical 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.
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.
Costs Covered
- Costs payable to college/school/hostel
- Examination/Library/Laboratory charges
- Buy of Books/Equipment/Instruments/Uniforms, Buy of computer systems- needed for conclusion of this program (maximum 20% of this total tuition costs payable for conclusion of this program).
- Care Deposit/Building Fund/Refundable Deposit (optimum 10% of tuition charges for your program).
- Travel Expenses/Passage cash for studies abroad.
- Price of a Two-wheeler upto Rs. 50,000/-
- Every other costs necessary to finish the program like research trips, task work etc.
Loan Amount
- Studies in Asia
- Healthcare Courses: Upto Rs 30 lacs
- Other Courses: Upto Rs 10 lacs (greater loan limitation for studies in Asia can be considered on instances to case basis, maximum upto Rs 50 lacs
- Studies abroad
- Upto Rs 7.50 lacs (greater loan limitation for Studies abroad are thought under worldwide Ed-vantage Scheme, maximum upto Rs 1.50 Crores)
Checklist of documents to duly be submitted along-with filled Loan form
- Mark sheet of tenth, 12th, Graduation (if relevant), Entrance Exam outcome
- Evidence of admission to course [ Offer Letter/ Admission Letter/ ID card if available]
- Schedule of costs for program
- Copies of page conferring scholarship, free-ship, etc.
- Gap certification, if relevant (self-declaration from pupil for space in studies)
- Passport size photographs of Student / Parent / Co-borrower / Guarantor (1copy each)
- Asset-Liability Statement of Co-applicant / Guarantor (Applicable for loans above Rs 7.50 lacs)
- For Salaried People
- (a) Latest Salary Slide
- (b) Form 16 OR latest IT get back (ITR V)
For any other than Salaried Individual:
(a) company target evidence (if relevant)
(b) Latest IT Returns (if relevant)
A minumum of one self-attested content of this Officially Valid Documents (OVD) mentioned below to be submitted, as evidence of identification and target:
- Passport
- Driving permit,
- Evidence of control of Aadhaar Number,
- Voter’s identification Card granted by Election Commission of Asia,
- Job card given by NREGA duly finalized by the officer regarding the local government,
- Page given by the National Population enter containing information on address and name
The following documents shall be deemed to be OVDs for the limited purpose of proof of address if the OVD furnished by the customer does not contain updated address
- Household bill which can be no more than two months old of any supplier (electricity, phone, post-paid cell phone, piped fuel, water supply bill);
- Property or Municipal income tax receipt;
- Retirement or household retirement re re payment sales (PPOs) released to retired workers by Government Departments or Public-Sector Undertakings, when they support the target;
- Letter of allotment of accommodation from boss released by local government or Central Government Departments, statutory or regulatory systems, general general general general public sector undertakings, planned commercial banking institutions, banking institutions, detailed businesses and rent and licence agreements with such companies allotting formal accommodation.
[Provided that the consumer shall submit OVD updated with present target within a time period of 90 days of publishing the above papers]