Objective
To provide financial support to meritorious students for pursuing higher education abroad.
Students Who Secure Admission In COURSES As Under
- Graduation: For job oriented professional/technical courses offered by reputed universities.
- Post graduation: MCA, MBA, MS, etc.
- Courses conducted by CIMA- London, CPA in USA etc.
- Courses as defined under various Government Subsidy Schemes
- Degree/Diploma courses like aeronautical, pilot training, shipping etc. provided these are recognized by competent regulatory bodies in abroad for the purpose of employment in abroad.
Purpose
- Fee payable to college/ school/ hostel.
- Examination/ Library/ Laboratory fee.
- Life Insurance premium for student borrower, if applicable.
- Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts.
- Purchase of books/ equipments/ instruments/ uniforms.
- Purchase of computer, at reasonable cost, if required for completion of the course.
- Any other expense required to complete the course – like study tours, project work, thesis, etc.
- Personal living expense & two wheeler cost*
Education loan to students for pursuing Diploma & Certificate courses other than aeronautical, pilot training, shipping etc from abroad, may be considered, where the loan is backed by liquid security valuing 125% of loan amount in the shape of FDRs/ NSCs/ surrender value of Life Insurance Policies along with establishing the financial credentials of family members (either joint borrower or guarantor) subject to the condition that the said course(s) is recognized/ accredited one.
Eligibility
- Should be a resident Indian.
- Should have secured admission to a higher education course in recognized institutions Abroad through Entrance Test/ Merit Based Selection process after completion of HSC(10 plus 2 or Equivalent).
Quantum Of Finance
- Need based Finance subject to margin as per guidelines.
- Reimbursement of fees paid within six months may be considered on individual merits of the case.
Margin
- Up to Rs. 4 lac – NIL
- Above Rs. 4 lac – 15%
- Scholarship/ assistantship be included in margin.
- Margin may be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis.
Security
- Upto Rs. 7.50 lacs: Parent(s)/guardian be made joint borrower (s). No tangible Security and /or 3rd party guarantee is required.
- Above Rs.7.50 lacs: Parent(s)/guardian be joint borrower(s).Tangible collateral security of suitable value acceptable to bank.
Repayment (Maximum)
- maximum upto 15 years
Repayment Holiday/ Moratorium
Course period + 1 year
Prepayment Charges
NIL