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Education Loan
- Features
- Eligibility
- Document Required
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A term loan issued to Indian Nationals for pursuing advanced schooling in Asia or abroad where admission happens to be guaranteed.
Features
- Repayment period of upto 15 years after Course Period + 12 months of repayment holiday*
- Processing Costs
- Loans upto Rs. 20 lacs : NIL
- Loans above Rs. 20 lacs: Rs. 10,000 (plus taxes)
- Safety
- Upto Rs. 7.5 Lacs Parent/ that is:Only Guardian co-borrower. No Collateral Security or alternative party guarantee
- Above Rs. 7.5 Lacs:Parent/ Guardian as co-borrower and collateral security that is tangible
- Margin
- Up to Rs 4 Lacs – Nil
- Above Rs 4 Lacs – 5% for studies in Asia, 15% for studies in abroad
- Repayment will commence one after completion of course year.
- Loan to be paid back in fifteen years following the commencement of payment
- Just in case loan that is second availed for greater studies later on, to settle the blended loan amount in 15 years after conclusion of 2nd program
- EMI Generation
- The accrued interest throughout the moratorium duration and program period is included with the concept and payment is fixed in Equated equal payments (EMI).
- If complete interest is serviced prior to the commencement of payment; EMI is fixed centered on concept quantity just.
- Please view here to interest
Eligibility
- A phrase loan given to Indian Nationals for pursuing advanced schooling in Asia or abroad where admission happens to be guaranteed.
Courses Covered
Studies in Asia
- Graduation, Post-graduation including regular professional and technical Degree/Diploma courses carried out by colleges/universities authorized by UGC/ AICTE/IMC/Govt. etc Regular Degree/ Diploma Courses carried out by autonomous organizations like IIT, IIM etc
- Instructor training/ Nursing courses approved by Central federal federal federal federal federal government or even the local government
- Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. authorized by Director General of Civil Aviation/Shipping/ concerned regulatory authority b. Studies abroad:
- Job oriented professional/ graduation that is technical courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc provided by respected universities Courses carried out by CIMA (Chartered Institute of Management Accountants) – London, CPA (Certified Public Accountant) in United States Of America etc.
Studies abroad
- Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc provided by respected universities.
- Courses carried out by CIMA (Chartered Institute of Management Accountants) – London, CPA (Certified Public Accountant) in United States Of America etc.
Costs Covered
- Costs payable to college/school/hostel
- Examination/Library/Laboratory charges
- Buy of Books/Equipment/Instruments/Uniforms, Buy of computer systems- necessary for conclusion regarding the program (maximum 20% for the total tuition charges payable for conclusion associated with the program).
- Care Deposit/Building Fund/Refundable Deposit (optimum 10% of tuition costs for the whole program).
- Travel Expenses/Passage cash for studies abroad.
- Price of a Two-wheeler upto Rs. 50,000/-
- Just about any costs necessary to finish the program like research trips, task work etc.
Loan Amount
- Studies in Asia
- Health Courses: Upto Rs 30 lacs
- Other Courses: Upto Rs 10 lacs (greater loan restriction for studies in Asia are considered on instances to case basis, maximum upto Rs 50 lacs
- Studies abroad
- Upto Rs 7.50 lacs (greater loan restriction for Studies abroad are thought under worldwide Ed-vantage Scheme, maximum upto Rs 1.50 Crores)
Checklist of papers become submitted along-with duly filled Loan application
- Mark sheet of tenth, 12th, Graduation (if relevant), Entrance Exam outcome
- Evidence of admission to course [ Offer Letter/ Admission Letter/ ID card if available]
- Schedule of costs for program
- Copies of page scholarship that is conferring free-ship, etc.
- Gap certification, if relevant (self-declaration from pupil for space in studies)
- Passport size photographs of Student / Parent / Co-borrower / Guarantor (1copy each)
- Asset-Liability Statement of Co-applicant / Guarantor (Applicable for loans above Rs 7.50 lacs)
- For Salaried People
- (a) Latest Salary Slide
- (b) Form 16 OR latest IT get back (ITR V)
For any other than Salaried Individual:
(a) company target evidence (if relevant)
(b) Latest IT Returns (if relevant)
One or more self-attested content for the Officially Valid Documents (OVD) mentioned below to be submitted, as proof identification and target:
- Passport
- Driving permit,
- Evidence of control of Aadhaar Number,
- Voter’s identification Card given by Election Commission of Asia,
- Job card released by NREGA duly finalized by an officer regarding the continuing local government,
- Letter given by the National Population enroll containing information on address and name
The following documents shall be deemed to be OVDs for the limited purpose of proof of address if the OVD furnished by the customer does not contain updated address
- Household bill which will be less than 2 months old of any company (electricity, phone, post-paid phone that is mobile piped gasoline, water supply bill);
- Property or tax receipt that is municipal
- Retirement or household retirement re re re re re payment sales (PPOs) granted to employees that are retired Government Departments or Public-Sector Undertakings, when they support the target;
- Letter of allotment of accommodation from boss granted by local government or Central Government Departments, statutory or regulatory figures, general general general general general general public sector undertakings, planned commercial banking institutions, banking institutions, detailed organizations and rent and licence agreements with such companies allotting accommodation that is official.
[Provided that the consumer shall submit OVD updated with present target within a time period of 3 months of publishing the above papers]