Education Loan Scheme

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✅ Eligibility

• Applicant: Indian Resident. 
• Must have secured admission in approved courses from recognized Universities/Institutes after schooling.
   

1️⃣ Management (PG)
2️⃣ Engineering (UG)
3️⃣ Medicine (UG & PG)
4️⃣ MCA / MCM (PG)
5️⃣ Fine Arts & Designing (UG & PG)
6️⃣ Architecture (UG)
7️⃣ Hotel & Hospitality (UG & PG)
8️⃣ B.A / B.Com / M.A / M.Com
9️⃣ Other courses approved by UGC / AICTE / Government.

• 16 – 35 years
   

Loan can be used for:
✅ College/School/Hostel fees
✅ Exam, Library, Lab fees
✅ Books, Equipment, Instruments, Uniforms
✅ Caution/Refundable Deposits (up to 10% of tuition fee)
✅ Purchase of essential computer for course
✅ Student borrower insurance premium
✅ Other course-related genuine expenses

• Need-based finance based on repaying capacity of parents/students.
• Maximum Ceiling: ₹10,00,000/-
   

• Up to ₹4,00,000 → 5%
• Above ₹4,00,000 to ₹10,00,000 → 15%
   

✅ Parents or Spouse can be the co-applicant.

• Collateral Security: Land, Building, NSC, KVP, FDR with the Bank as applicable. 
• Additional security: Up to ₹50,000 with 25% mortgage if required.
   

• 5 to 7 years, including moratorium period.
• Moratorium/Repayment Holiday: Course period + 1 year OR 6 months after getting a job (whichever is earlier).
   

1️⃣ Filled Application Form with 2 photographs
2️⃣ Letter of Admission from the Institute
3️⃣ Fee Structure from Institute (term-wise/year-wise)
4️⃣ Mark Sheets from SSC onwards up to last examination passed
5️⃣ KYC Documents (Address proof, ID proof, signature verification) for applicant & co-applicant
6️⃣ Income Documents of co-applicant (salary slip, last 3 years ITR)
7️⃣ Declaration/Affidavit confirming no education loan from other banks/institutions
8️⃣ Details of Assets & Liabilities of co-applicant and guarantor
9️⃣ If collateral is mortgaged:

• Copy of Title Deed
• Legal Opinion
• Valuation Report from approved valuer
• Non-Encumbrance Certificate
• Verification report by Branch Manager

✅ Enables quality education with financial ease
✅ Covers a wide range of courses and expenses
✅ Low margin requirements
✅ Flexible repayment post-education
✅ Lower interest rates than personal loans
✅ Builds credit history for the student