| S.NO. |
PARTICULAR |
DETAILS IN BRIEF |
| 1. |
Purpose |
For pursuing basic /higher studies in India and abroad |
| 2. |
Eligibility |
Indian Nationals who have secured admission in approved course viz Engineering/Medical/Nursing courses in India /Abroad after 10+2 |
| 3. |
Extent of loan |
Maximum Rs.10.00 lacs for studies in India & Rs. 20.00 lacs for studies abroad- |
| 4. |
Nature of loan |
Term Loan |
| 5. |
Margin |
Upto Rs.4.0 lacs NIL, Aove Rs.4.00 lacs -studies in India -5% and studies abroad 15% |
| 6. |
Security |
Suitable IIIrd Party /family member guarantee acceptable to BankNO security for loan upto Rs.4.0 lacs while for loan above Rs.4.0 lacs and upto Rs.7.5 lacs suitable IIIrd Part Guarantee and above Rs.7.5 lacs Tangible Security along with IIIrd Party guarantee is to be obtained. |
| 7. |
Loaning powers |
As per bank guide lines issued/in force. |
| 8. |
Repayment of period |
For loans upto Rs.7.50 lac- upto 10 years ,For loans above Rs.7.50 lac – upto 15 years |
| 9. |
Documentation |
SUPGB 813 – Loan Application,In case the student is Minor – Agreement (SUPGB 1116) duly stamped be taken,On attaining majority, confirmation from student be obtained as per SUPGB 1147,In case the student is Major – Agreement (SUPGB 1117) duly stamped be taken,Letter of Guarantee (SUPGB 58) duly stamped as an Agreement be taken where applicable,In case Collateral Security is taken in the shape of Mortgage of Immovable Property,, procedure given in the guidelines issued from time to time be followed. |