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Educational loan
Q. What are the types of educations for which education on are given?
A. Education loan are given for pursuing all types of education viz. general, professional technical and vocational courses.
FREQUENTLY ASKED QUESTIONS (FAQS) EDUCATION LOAN
Q. Which costs are financed under the scheme?
A. The scheme enables the needy students to meet the following costs for study in India as well as abroad: admission fees, books & stationary, instruments required for the course, monthly fees, examination fees insurance premium for policy on life of the borrowing student, caution deposit/building fund/refundable deposit supported by bills/receipts, expenses like study tours/project work/thesis etc required to complete the course, boarding and lodging expenses and travel expenses/passage money including airfare for joining the course abroad.
Q. Who is eligible to get the loan under the scheme?
A. Student Eligibility
Security:
i.
ii.
Should be an Indian National
Secured admission to Professional/Technical courses through entrance test/ selection procedure
Secured admission to foreign University/Institutions.
Students should have secured passed marks in the qualifying Examination for admissions to Graduation Courses.
Q. How much loan amount can I avail?
A. Need based finance, subject to repaying capacity of the parents/students with margin subject to the following ceiling:
For studies in India: Rs. 7.50 lacs
For studies abroad: Rs. 15.00 lacs
Q. What is the securing required by the bank?
A. The following additional security in addition to the personal liability of the borrower
is required:
Upto Rs. 4.00 lacs: No security
Above Rs. 41acs and Upto Ra. 7.5 lacs: Collateral Security of Suitable value or suitable 3'd party guarantee
Note: The document should be executed by the student and the parent/guardian.
nority Benefits
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