Eligibility of Courses

1) Graduation courses / Colleges under Universities approved by UGC.

        Post  Graduation courses: Masters and Ph.D.

2)  Professional courses from colleges / Institutes approved by AICTE/ IMC /BCI in the faculties of Engineering, Medical , Agriculture, Veterinary, Law,  Dental, Management, Computer etc.

3) Computer certificate courses of reputed institutes accredited to Dept. of Electronics of Institutes affiliated to University.

4) Courses like ICWA, CA, CFA, etc.           

5) Courses conducted by IIM, IIT ,IISc,  EXRI, NIFT etc.

6) Courses offered in India by reputed foreign universities.                    

7) Evening courses of approved institutes recognized by State / Central Govt.           

8) Other courses leading to diploma /degree etc. conducted by colleges/universities approved by UGC/Govt./AICTE/AIBMS/ICMR etc.

9) Courses offered by National Institutes and other reputed private

 institutions recognized by the State / Central Govt.   

10)Professional courses of reputed institutions as approved by Bank in following subjects-

i) Medical Laboratory Technology    ii) Marine Engineering

iii) Catering                                    iv) Cosmetology

v) Fashion designing etc.

 Studies abroad:

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.

Eligibility of students

Should be an Indian National

Should have secured admission to professional / technical courses through Entrance Test / Selection process.

Should have secured admission to foreign university / institutions.

Expenses considered for Loan

Fees payable to college /school/hostel.

Examination /Library / Laboratory fees.

Purchase of books /equipments /instruments / uniforms.

Caution deposit / building fund / refundable deposit supported by institution bills / receipts.

Travel expenses / passage money for studies abroad.

Purchase of computers - essential for completion of the course.

Other expenses required to complete the course- like study tours, project work, thesis etc.

Quantum of Finance

Need based finance subject to repaying capacity of the parents / students with  the following ceilings:

Studies in India - Maximum Rs. 10.00 lakhs

Studies in abroad - Maximum Rs. 50.00 lakhs

Margin

Studies in India  Min.  10%

Studies in abroad   Min.  20%

Rate of Interest

a)11% p.a. ( with monthly rests )

b)The interest should be debited monthly during the Repayment holiday /Moratorium period.

c) Interest to be serviced as & when applied, during moratorium period.

Repayment

Repayment holiday / moratorium

Course period*+1 year or 6 months after getting job, whichever is earlier. (*i.e. the period of completion of initial course for which  student is seeking admission)

The loan should be repaid in 5 years after commencement of repayment. If the student is not able to complete the course within the scheduled time, extension of time for completion of course may be permitted for maximum period of 2 years. If the student is not able to complete the course for reasons beyond his control, Bank may at its discretion consider such extensions as may be deemed necessary to complete the course.

Security

1Govt. Securities, Public Sector Bonds with 25% margin in Bank's favor

ii) LIC Policies Value of security would be considered to the extent of surrender value of the policy as on the date of accepting as security.

iii)NSCs / KVPs, Bank's own deposits  100% of face value + accrued interest will be considered as value of security.

iv)MORTGAGE OF LAND & BLDG  :In respect of mortgage of immovable   property, the value of security should be   taken as per valuation report which is not  more than 2 years' old. Wherever the land / building is already mortgaged, the unencumbered portion will be taken as security by extension of charge by unregistered equitable mortgage on the property.

The loan should be additionally secured by two guarantors acceptable to the Bank.

Value of collateral security after providing requisite margin as above should be equal to the quantum of finance.

In case of loan given for purchase of computer, it should be hypothecated to the Bank.