Education Loan Scheme New
Education Loan
A phrase loan provided to Indian Nationals for pursuing degree in Asia or abroad where admission happens to be guaranteed.
- Repayment period of upto 15 years after Course Period + 12 months of payment holiday*
- Processing Fees
- Loans upto Rs. 20 lacs: NIL
- Loans above Rs. 20 lacs: Rs. 10,000 (plus taxes)
- Protection
- Upto Rs. 7.5 Lacs: Only Parent/ Guardian as co-borrower. No Collateral Security or 3rd party guarantee
- Above Rs. 7.5 Lacs: Parent/ Guardian as co-borrower and collateral security that is tangible
- Margin
- Up to Rs 4 Lacs – Nil
- Above Rs 4 Lacs – 5% for studies in Asia, 15% for studies in abroad
- Repayment will commence one after completion of course year.
- Loan to be repa
Eligibility
- A term loan awarded to Indian Nationals for pursuing advanced schooling in Asia or abroad where admission was guaranteed.
Courses Covered
Studies in India
- Graduation, Post-graduation including regular professional and technical Degree/Diploma courses carried out by colleges/universities authorized by UGC/ AICTE/IMC/Govt. Etc Regular Degree/ Diploma Courses carried out by autonomous organizations like IIT, IIM etc
- Instructor training/ Nursing courses authorized by Central federal federal federal government or perhaps the local government
- Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. Authorized by Director General of Civil Aviation/Shipping/ concerned regulatory authority b. Studies abroad:
- Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc provided by reputed universities Courses carried out by CIMA (Chartered Institute of Management Accountants) – London, CPA (Certified Public Accountant) in United States Of America etc.
Studies abroad
- Job oriented professional/ graduation that is technical courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc provided by respected universities.
- Courses carried out by CIMA (Chartered Institute of Management Accountants) – London, CPA (Certified Public Accountant) in United States Of America etc.
Costs Covered
- Costs payable to college/school/hostel
- Examination/Library/Laboratory fees
- Purchase of Books/Equipment/Instruments/Uniforms, Buy of computer systems- needed for conclusion regarding the program (maximum 20% of this tuition that is total payable for conclusion regarding the program).
- Care Deposit/Building Fund/Refundable Deposit (optimum 10% of tuition charges for the whole program).
- Travel Expenses/Passage cash for studies abroad.
- Price of a Two-wheeler upto Rs. 50,000/-
- Any kind of costs needed to finish the program like research trips, task work etc.
Loan Amount
- For studies in Asia – Maximum Rs 10 lacs
- Studies abroad – Maximum Rs 20 lacs
- Greater loan limitation for studies in Asia are cons Greater loan restriction for studies in abroad are cons
Checklist of papers become submitted along-with duly filled Loan application
Student-applicant
- Evidence of Note: All papers should really be self-attested. # Terms and conditions apply.
Rates Of Interest
Loan quantity as much as Rs. 3 lakhs
Rs. 3 lakhs & as much as Rs. 5 lakhs
Begin With
Above Rs. 1 lakh
Upto Rs.7.50 lakh
Above Rs.7.50 lakh
(On Using through YONO)
1 to less than 2 12 months year
Two years to not as much as three years
Fast Links
Education Loan Residence
SBI Education Loan Scheme
Loan for Premier Institutes (IITs, IIMs, NITs etc. )
Studies abroad (above Rs. 20 lakhs)
Ability Loan (Max. Rs. 1.5 lakhs)
Takeover Of Education Loans
Dr. Ambedkar Interest Subsidy Scheme for Overseas Studies.
Padho Pardesh Interest Subsidy Scheme for Overseas Studies for the.
INTEREST SUBSIDY SCHEME
Education Loan MITC
- Features
- Eligibility
- Terms and Conditions
Interest Levels
Loan quantity as much as Rs. 3 lakhs
Rs. 3 lakhs & as much as Rs. 5 lakhs
Begin With
Above Rs. 1 lakh
Upto Rs.7.50 lakh
Above Rs.7.50 lakh
(On Using through YONO)
1 to less than 2 12 months year
Two years to lower than 36 months
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