- The applicant should be a citizen of India.
- The applicant must have secured admission in Graduation or Post Graduation course from a recognized Institution/University.
Quantum of Loan:-
Rs. 10 lakhs is the highest loan amount that can be availed by students who took admission in Graduation/Post Graduation courses in India and Rs. 20 lakhs is the highest loan amount that could be approved for students studying abroad. However, loan amount can go higher depending on other conditions.
For loan amounting Rs. 4 lakhs, margin is NIL. In case the loan amount goes more than Rs. 4 lakhs, for students studying in India, margin will be 5%. Similarly, if loan amount goes above Rs. 4 lakhs for students studying abroad, margin will be 15%.
Once all the required documents for loan approval are submitted to the bank, it will take 15 days in order to process the loan after proper verification by the bank.
The parent/guardian of the student who will apply for the loan will be the co applicant of the loan.
Collateral Security will be required in cases wherever necessary.
Assignment of LIC Policy is required as additional security in favour of the bank for the sum assured being at least 100% of the loan amount. Moreover, in order to meet the EMI obligations, the student’s future income requires to be assigned as well.
Disbursement of educations loan will be done in installments or in full depending on the amount requirement. It will be done after assessment by the bank.