Educational Loan

Granted to Indian nationals pursuing higher education in India or abroad where admission has already been secured, covering tuition, hostel, examination, library, books, equipment and computer costs. Takeover of education loans from other institutions is also available, for a maximum of two children per family.

Features

• Covers tuition fees, hostel costs, examination and library fees, books, equipment and computer purchase.
• Takeover of existing education loans from other financial institutions.
• Available for up to two children per family.

Interest Rate

• Premium courses (IIM, IIT, MBBS, MD, MS): 11% p.a. fixed.
• Other courses: 12% p.a. fixed, interest levied monthly.

Loan Amount & Tenure

• Domestic studies: up to ₹6 lakh with equivalent collateral security.
• International studies: up to ₹6 lakh with equivalent collateral security.
• Repayment: minimum 36 months, maximum 60 months, via advance EMI cheques.

Eligibility

• Indian nationals with confirmed admission to a recognized course, in India or abroad.

Margin / Security

• Margin: 10% of the loan amount (student’s own contribution/expenses count toward this).
• Collateral accepted: landed property, NSC, KVP, LIC policies.

Documents Required

• Academic credentials and proof of admission.
• Fee/expense schedule from the institution.
• Photographs; 6 months’ bank statements; income proof.
• KYC documents; advance EMI cheques.
• Property title documents and non-encumbrance certificate (for collateral).