Education Loan Scheme For Students Pursuing Higher Education Abroad
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Objective
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To provide financial support to meritorious students for pursuing higher education abroad.
Students Who Secure Admission In COURSES As Under
- 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.
- Degree/Diploma courses like aeronautical, pilot training, shipping etc. provided these are recognized by competent regulatory bodies in abroad for the purpose of employment in abroad.
- List of Premier Foreign Universities and Educational Institutes is available at branches.
Education loan to students for pursuing Diploma & Certificate courses other than aeronautical, pilot training, shipping etc from abroad, may be considered, where the loan is backed by liquid security valuing 125% of loan amount in the shape of FDRs/ NSCs/ surrender value of Life Insurance Policies along with establishing the financial credentials of family members (either joint borrower or guarantor) subject to the condition that the said course(s) is recognized/ accredited one.
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Purpose
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- Fee payable to college/ school/ hostel.
- Examination/ Library/ Laboratory fee.
- Travel expenses/ passage money for studies abroad.
- Life Insurance premium for student borrower, if applicable.
- Caution deposit, Building fund/refundable deposit supported by Institution bills/ receipts.
- Purchase of books/ equipments/ instruments/ uniforms.
- Purchase of computer at reasonable cost, if required for completion of the course.
- Any other expense required to complete the course - like study tours, project work, thesis, etc.
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Eligibility
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- Should be an Indian national.
- Should have secured admission to a higher education course in recognized institutions Abroad through Entrance Test/ Merit Based Selection process after completion of HSC(10 plus 2 or Equivalent).
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Quantum Of Finance
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- Need based Finance subject to repaying capacity of the parents/students with margin.
- Reimbursement of fees paid within six months may be considered on individual merits of the case.
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Margin
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- Up to Rs. 4 lac - NIL
- Above Rs. 4 lac - 15%
- Scholarship/ assistantship be included in margin.
- Margin may be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis.
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Security
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Upto Rs.4.0 lacs: Parent(s)/guardian be made joint borrower (s)
- Upto Rs. 7.50 lacs: Parent(s)/guardian be made joint borrower (s). No tangible Security and /or 3rd party guarantee is required.
- Above Rs.7.50 lacs: Parent(s)/guardian be joint borrower(s).Tangible collateral security of suitable value acceptable to bank.
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Repayment
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Repayment Holiday/Moratorium
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Course period + 1 year
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Prepayment Charges
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Nil
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Rate Of Interest
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11.0% -13.0% (Terms and Conditions follows)
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Processing Charges/ Upfront Fee
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Upfront fee @ 1% with a minimum of Rs.10,000/- be recovered which shall be refunded after first disbursement has been made in the Account towards fee/ other expenses sanctioned for Education loan ensuring that the student has taken admission and joined the institute.
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Documentation Charges
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For loan upto Rs. 4 lacs- Rs. 270/-
For loan over Rs. 4 lacs- Rs. 450/-
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