For Studies in India - Scheme Highlights

Purpose

To meet the cost of education covering tuition fees, Exam fees, Development fees, Hostel fees, books, instruments etc.

Approved Courses

Computer Courses : Part-time/Full-time in Institutes approved by Government of India (Department of Electronics)

Duration of the course -

• Minimum - 12 months
• Maximum - 48 months

Amount of Loan

• For computer courses : Rs.1.00 lakh
• For other professional courses : Rs.3.50 lakh

Margin

• Upto Rs.2.00 lakh : 10%
• Upto Rs.3.50 lakh : 15%

Rate of Interest

• Upto Rs.2.00 lakh : 12%
• Between Rs.2.00 lakh to Rs.3.50 lakh : PLR +1% (i.e. 13.5%)

Period of Loan

Initial holiday period of 6 months after the completion of the course or immediately on getting a job, whichever is earlier

• For limits upto Rs.1.00 lakh : 42 months
• For limits upto Rs.3.40 lakh : 60 months

For Studies Abroad - Scheme Highlights

Course of Study

Any Graduate/Post-graduate courses with good employment prospects. The period of study should not exceed 5 years.

Amount of Loan : Maximum Rs.10.00 lakh

Margin :

• Upto Rs.5.00 lakh: 15%
• Above Rs.5.00 lakh: 25%

Rate of Interest : PLR + 1.5% (i.e. 14%)

Period of Loan

Interest to be serviced every quarter. Repayment of principal to commence 6 months after the completion of the course or immediately on getting a job whichever is earlier. For limits upto Rs.10.00 lakh - Maximum 96 months

For updated information please visit Indian Bank