Education Loan

Benefits and features

  • Loans up to Rs 1 crore
  • No margin money required for loans up to Rs 20 lakh
  • No restrictions on pre-payment or part payment
  • Other expenses like student exchange travel expense, laptop also covered
  • Pre-Visa disbursal for students applying for overseas education
  • Preferential forex rates for international disbursements.

 DomesticInternational
 PGUGPGUG
Interest rate Starting at 11.5% per annum Starting at 11.5% per annum
Loan tenure without collateral Up to 8 years post course period + 6 months Up to 5 years post course period + 6 months Up to 8 years post course period + 6 months Up to 5 years post course period + 6 months
Loan tenure with collateral Up to 10 years post course period + 6 months Up to 7 years post course period + 6 months Up to 10 years post course period + 6 months Up to 7 years post course period + 6 months
Maximum loan amount Rs 50 lakh Rs 1 crore
Collateral requirement As per the institute. Collateral-free loans for select institutes: Up to Rs 20 lakh for UG and up to Rs 40 lakh for PG courses.
Moratorium period As per the course and institute.
Margin
  • No margin up to Rs 20 lakh.
  • 15% margin (Margin/ FD/ Scholarship) for loans above Rs 20 lakh.

Eligibility

  • Should be an Indian national
  • Secured admission/ invite from university in approved university/ college in degree/ diploma course
  • Education: Should have completed 10+2 (12th standard).

Documents

  • KYC
  • Mark sheets of 10th, 12th, graduation and entrance exams
  • Admission letter
  • Fee structure
  • Co-applicant KYC and income proof*
  • Additional documents may be requested in case of collateral required

*Co-applicant income proof required only for specific courses.

Accepted Security/ Collateral:

  • Residential/ commercial property/ plots (Non-agricultural)
  • Fixed deposits.

 

Terms and Condition applied