Study Loan

Education Loans for studies both in India and abroad starting from Rs. 50,000 at attractive interest rates. Education Loan you can enjoy a host of benefits such as simple documentation, quick loan disbursal, tax benefit u/s 80(E), long repayment tenure, etc. Find out more about the features and benefits of Student Loan in India, below.

Eligibility

  • The student should be an Indian National
  • Should have secured admission to a higher education course in a recognized Institution in India or abroad

Sanction Limit

Studies in India – Maximum upto Rs. 20 lakhs

Studies abroad – Maximum upto Rs. 50 lakhs (higher limit can be considered on a case to case basis).

Repayment Period            

UPTO RS. 4 LAKHS:
Maximum 60 months (after moratorium)

ABOVE RS. 4 LAKHS:
Maximum 120 months (inclusive of the moratorium)

MORATORIUM                    
Course duration + 1 year OR 6 months after getting a job, whichever occurs earlier.

PREPAYMENT PENALTY: None

Rate of Interest

  • 0.25% concession in Rate of interest for Girl students
  • 1.00% concession in Rate of interest during the moratorium only, if interest is serviced promptly as when applied during the moratorium period (including duration of course). The concession interest as eligible will be adjusted at the time of closure of the loan
  • *for CIBIL score 750 & above
    *Contact your nearest branch for details

Documents Required         

  • ROOF OF IDENTITY
    Aadhar Card/Driving license/ Passport/ PAN card/Election card/Job card issued by Govt. agencies
  • PROOF OF RESIDENCE
    Aadhar Card/Driving license/ Passport/ Election card/Job card issued by Govt. agencies
  • PROOF OF INCOME
    Last 3 years Balance Sheets/Income Tax Returns, last 3 months salary slips and Salary/Business bank account statement of last 1 year of the co-applicant(s)
  • Enrollment /Offer letter with Prospectus of the College/ University
  • Receipts of the Payment made, if any
  • Undertaking to be obtained from the student pursuing education course abroad to remit his/her salary to the NRE account with the branch/ deposit monthly loan repayments till closure of the loan and SI to debit the same to be held on record
  • Copy of Ticket & Visa (in case of Education course abroad)
  • Term wise marksheet/ transcripts copies
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