| Who Can Borrow | Students Along with Either of the Parent as Co-borrower. |
| Purpose | Pursuing Higher Education within India/ Overseas. Students should have secured admission for the Courses opted for |
| Limit | For Studies within India —-Maximum upto Rs. 10.00 lacs For Studies Out of India —–Maximum upto Rs.20.00 Lacs [**Request for Higher Loan amount can be considered on Case to Case Basis. ] |
| Security | Equitable/Registered Mortgage of Immovable property such as Flat /Shop/Industrial Gala /Land along with House Pledge of Bank’s Term Deposits. |
| Margin | 25% of Education expenses or 25% of property whichever is lower In case of Term Deposits the margin shall be 15%. |
| Rate of Interest | Upto Rs.5 Lacs —– 9.00% p.a Above Rs.5 Lacs Upto 25 Lacs —-9.50% p.a Above 25 Lacs —-9.50% p.a |
| Repayment | 60 months after completion of Course undertaken for which loan availed plus 6 months or Student securing Job whichever is Earlier. |
| Processing Fees | As per our service charges applicable |
| Basic Documents | 1. KYC documents of Borrowers and Guarantors . 2. Income proof of the co-borrower/ family justifying repayment capacity a. Salaried: Salary Slips & Form 16 along with Salary A/c Statement for last 6 months. b. Business: Copies of IT returns for last 3 years along with Financial Statements along with Business A/c statement for last one year. 3. Earlier Educational Qualification certificates of the student. 4. Offer/ acceptance letter of the College/ University where admission is taken. 5. Title Deeds of the property offered as Security. |
Central Govt . Scheme to provide Interest Subsidy [CSIS] for loans availed by Students belonging to Economically Weaker Sector for pursuing Education only in India is available.
‘Padho Pardesh Interest Subsidy Scheme is discontinued from 2022-23.’