A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.
All courses having employment prospects are eligible.
Any other expenses required to complete the course like study tours, project work etc.
Rate of Interest
For loans upto Rs.7.5 lacs
2% above MCLR, currently 11.10% p.a.
Above Rs.7.50 lacs
1.85% above MCLR, currently 10.75% p.a.
*(0.50% concession in interest for girl students)
*(1% concession for full tenure of the loan, if interest is serviced promptly as and when applied during the moratorium period, including course duration#
Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier.
|Place of Study||Loan Amount||Repayment Period in Years|
|Studies in India||Rs. 10.0 lacs||5-7|
|Studies Abroad||Rs. 20.0 lacs||5-7|
|Amount||For loans upto Rs. 10.00 lacs for Studies in India and upto Rs. 20.00 lacs for studies abroad|
|Upto Rs. 4 lacs||No Security|
|Above Rs. 4 lacs to Rs. 7.50 lacs||Collateral security in the form of suitable third party guarantee. The bank may, at its discretion, in exceptional cases, weive third party guarantee if satisfied with the net-worth/means of parent/s who would be executing the documents as “joint borrower”.|
All loans should be secured by parent(s)/guardian of the student borrower. In case of married person, co-obligator can be either spouse or the parent(s)/ parents-in-law.
* Conditions Apply
For details on Education Loans, click here.