| S.
No. |
Bank
Name |
Eligibility
Criteria |
Quantum
of Loan |
Documents
to be Submitted |
Rate
of Interest |
Security |
| 1 |
Allahabad
Bank |
(a)
Student eligibility: Student be an Indian National Secured
admission to professional/ technical courses in India or Abroad
through Entrance Test / Merit based Selection process. |
Need
based finance subject to repaying capacity of the parents /
students with following ceilings: Studies in India: Maximum Rs
10.00 lacs Studies abroad: Maximum Rs. 20.00 lacs. |
Letter
of admission from the Institute Mark sheets from SSC onwards
till the latest examination passed Letter from the Head of
Department (University) Visa approval papers Travel papers
GMAT/GRE/SAT score I-20 in case of applicant going to the USA
Income Documents of the Co-applicant (Pay Slips / ITR copy etc )
|
Loan
Upto Rs. 4.00 lacs For students of IIT / IIM/ ISB* PLR-1.75% For
Others PLR-0.75% Loan above Rs. 4.00 lacs For students of IIT /
IIM/ ISB* PLR-1.75% For Others PLR-1.00% *ISB means Indian
School of Business, Hyderabad Girl students may be provided a
special relief of 1.00% in all cases as above. |
For
IIT/IIM/ISB* For loan upto Rs 10.00 lacs- No collateral security
is required. co-obligation* of parents/ guardian required *ISB
means Indian School Business, Hyderabad For others For loan upto
Rs 4.00 lacs: No collateral security is required. co-obligation*
required For loan above Rs 4.00 lacs and upto Rs 7.50 lacs:
Satisfactory third party guarantee & Co-obligation*
required. For loan above Rs 7.50 lacs: (a) Co-obligation * of
parents/ guardian together with tangible collateral security of
suitable value covering full loan amount, alongwith the
assignment of future income of the student for payment of
installments. *(The loan documents would be executed by both the
student and the parent/ guardian as joint-borrower i.e.
co-obligator. The co-obligation should be parent / guardian of
the student borrower. In case of married person, co-obligator
can be either spouse or the parent(s)/ parents-in-law.) |
| 2 |
Andhra
Bank |
N/A |
For
studies in India the maximum amount of Andhra Bank Student Loan
offered is Rs.10 lacs. Candidates applying for education loan to
study abroad can get a maximum amount of Rs.20 lacs. |
Declaration/Affidavit
confirming that no loan has been availed from other
Bank/Institution completely filled Application Form with
Photographs. Letter of admission from the Institute Letter from
the Institute stating cost break up of the program (term-wise,
year-wise) Mark sheets from SSC onwards till the latest
examination passed KYC Documents for the Applicant &
Co-applicant (Residence Proof , ID Proof , Signature Verfication
Proof , Age proof ) Income Documents of the Co-applicant ( Pay
Slips / ITR copy etc ) Declaration/Affidavit confirming that no
loan has been availed from other Bank/Institution For studies
abroad - In addition to the above list of documents – Pls
Provide : Letter from the Head Of Department ( University) Visa
approval papers Travel papers GMAT/GRE/SAT score I-20 in case of
applicant going to the USA |
N/A |
Parents
need to act as guarantor for Andhra Bank education loan amount
up to Rs. 4 lacs. For loans up to Rs.7.50 lacs, guarantee of the
parents is essential. Both collateral security and guarantee by
parent are required for education loans above Rs. 7.50 lacs.
|
| 3 |
Axis
Bank |
Axis
Bank's Study Power aims to provide financial support to
deserving students for pursuing higher professional or technical
education in India and abroad. The loan would be provided to
students who have obtained admission to career-oriented courses
eg, medicine, engineering, management etc., either at the
graduate or post-graduate level. |
The
quantum of finance under the scheme is capped at Rs 7.5 lacs
for studies in India and Rs 15 lacs for studies
abroad, which would cover tuition fees, hostel charges (if any),
cost of books, etc. The minimum amount of loan would be Rs 50,000.
|
Letter
of admission from the Institute Mark sheets from SSC onwards
till the latest examination passed Letter from the Head of
Department (University) Visa approval papers Travel papers
GMAT/GRE/SAT score I-20 in case of applicant going to the USA
Income Documents of the Co-applicant (Pay Slips / ITR copy etc )
|
N/A |
Security:
Third party guarantee and/or collateral security may be asked
for in appropriate cases. Additional Security: Assignment of LIC
policy in favour of the Bank for the sum assured being at least
100% of the loan amount. The policy is kept alive during the
currency of the loan. To ensure this, the annual premium may be
included in the computation of the loan requirement, along with
the tuition fees and other recurring charges. Further, the
future income of the student needs to be assigned in favour of
the Bank for meeting the installment obligations. |
| 4 |
Bank
of Baroda |
Should
be an Indian National. Secured admission to
Professional/Technical Courses at foriegn
Universities/Institutions. |
Maximum
amount of loan : Rs. 20.00 Lacs. |
Letter
of admission from the Institute Mark sheets from SSC onwards
till the latest examination passed Letter from the Head of
Department (University) Visa approval papers Travel papers
GMAT/GRE/SAT score I-20 in case of applicant going to the USA
Income Documents of the Co-applicant (Pay Slips / ITR copy etc )
|
Simple
interest during repayment holiday/moratorium period. 1% interest
concession, if interest debited during the repayment holiday is
serviced. 1% Concession in rate of interest to loans for girl
student. Penal interest @ 2% p.a. on overdue amount if loan
exceeds Rs.4/- lacs. |
Upto
Rs.4.00/- lacs : No security Above Rs. 4.00 Lacs and up to Rs.
7.5 lacs: Collateral in the form of a suitable third party
guarantee alognwith assignment of future income. Above Rs.7.5
lacs: Tangible collateral security equal to 100% of the loan
amount along with assignment of future income |
| 5 |
Bank
of India |
STUDENT'S
ELIGIBILITY: Should be an Indian National; Secured admission to
professional/technical courses in India or Abroad through
Entrance Test/Merit based selection process. Good academic
career. The student should not have outstanding education loan
from any other Institution. Father/Mother should be co-borrower.
Branch nearest to the permanent residence of student will
consider the loan. |
Need
based finance subject to repaying capacity of the
parents/students with margin and the following ceilings :
Studies in India - Maximum Rs.10.00 lakh Studies abroad -
Maximum Rs.20.00 lakh. |
Declaration/Affidavit
confirming that no loan has been availed from other
Bank/Institution completely filled Application Form with
Photographs. Letter of admission from the Institute Letter from
the Institute stating cost break up of the program (term-wise,
year-wise) Mark sheets from SSC onwards till the latest
examination passed KYC Documents for the Applicant &
Co-applicant (Residence Proof , ID Proof , Signature Verfication
Proof , Age proof ) Income Documents of the Co-applicant ( Pay
Slips / ITR copy etc ) Declaration/Affidavit confirming that no
loan has been availed from other Bank/Institution For studies
abroad - In addition to the above list of documents – Pls
Provide : Letter from the Head Of Department ( University) Visa
approval papers Travel papers GMAT/GRE/SAT score I-20 in case of
applicant going to the USA |
Upto
Rs.4.00 lacs – 2.50% below BPLR., Min. 9.50% p.a. Above
Rs.4.00 lacs upto Rs.7.50 lacs – 2.00% below BPLR, Min.
10.00% p.a. Above Rs.7.50 lacs - 1.25% below BPLR, Min. 10.75%
p.a. Simple interest during the repayment holiday/moratorium
period. Penal interest @2% for loans above Rs.4 lakh for the
overdue amount and overdue period. Int. Concession of 0.50%p.a.
for woman beneficiaries for limits upto Rs.50,000/- and 1% for
limits over Rs.50,000/- 1% int. concession if interest is
serviced during moratorium period, where repayment holiday is
specified for interest/repayment under the scheme (concession
available for moratorium period) |
Upto
Rs. 4 lakh : No security Above Rs.4 lakh & upto Rs.7.5 lakh
: Collateral security in the form of a suitable third party
guarantee. Above Rs.7.5 lakh : Collateral security of suitable
value or at the discretion of the Bank suitable third party
guarantee alongwith the assignment of future income of the
student for payment of installments. Note : The security can be
in the form of land/building/Govt. Securities/Public Sector
Bonds/NSC/KVP/LIP/ Banks Term Deposit etc.,in the name of
Student/Parent/Guardian/Guarantor with suitable margin. |
| 6 |
Bank
of Maharashtra |
Student
Loan of Bank of Maharashtra is sanctioned to those candidates,
who are Indian Nationals. You can also apply if you get
admission to a professional or technical program through
selection procedure or entrance test. An applicant will also be
considered eligible if he gets admission to a foreign institute
|
The
maximum amount of loan sanctioned by Bank of Maharashtra for
studying in India and abroad is Rs 10 lacs and 20 lacs
respectively. |
Proof
of being an Indian national i.e., School Leaving Certificate.
Letter confirming selection through Entrance Test. Letter
confirming admission to foreign university/institutions.
Brochure of the educational institution stating the amount of
fees charged. |
Loan
amount upto and inclusive of Rs.4.00 lakh BPLR-2.00% i.e. 10.25%
p.a. Loan amount above Rs.4.00 lakh BPLR-1.25% i.e. 11.00% p.a.
|
Security
needs to be submitted by a borrower applying for a loan amount
above Rs 4 lacs. The securities can be submitted in the form of
one category or in combinations. |
| 7 |
Bank
of Rajasthan |
N/A |
There
is a limit to the amount of education loan sanctioned by Bank of
Rajasthan. A candidate, planning to study in India can apply for
a maximum loan amount of Rs 15 lacs. The amount is Rs 30 lacs
for studies in abroad. |
It
takes about 15 days to complete the proceedings of a loan and
you need to submit mark sheets as well as proof of your
admission and educational cost to the bank while applying for
the loan. |
N/A |
N/A |
| 8 |
Central
Bank of India |
Student
should be an Indian National having secured admission to
Professional / Technical courses through entrance test /
selection process. Age: 16-40. |
Rs.
10 lacs for studies in India. Rs. 20 lacs for studies Abroad
|
Declaration/Affidavit
confirming that no loan has been availed from other
Bank/Institution completely filled Application Form with
Photographs. Letter of admission from the Institute Letter from
the Institute stating cost break up of the program (term-wise,
year-wise) Mark sheets from SSC onwards till the latest
examination passed KYC Documents for the Applicant &
Co-applicant (Residence Proof , ID Proof , Signature Verfication
Proof , Age proof ) Income Documents of the Co-applicant ( Pay
Slips / ITR copy etc ) Declaration/Affidavit confirming that no
loan has been availed from other Bank/Institution For studies
abroad - In addition to the above list of documents – Pls
Provide : Letter from the Head Of Department ( University) Visa
approval papers Travel papers GMAT/GRE/SAT score I-20 in case of
applicant going to the USA |
Cent
Vidyarthi - Education Loan (Irrespective of Amount of Loan and
Place of study i.e. India or Abroad) Rate of Interest Processing
Charges Normal Student IIT/ IIM Students Male BPLR - 2.00% BPLR
- 2.50% Nil Female BPLR - 2.50% BPLR - 3.00% Nil SC, ST, &
Minority Community Student (Female & Male) BPLR - 2.50% BPLR
- 3.00% Nil |
Upto
Rs.4 Lakhs: No security
--------------------------------------------------------------------------------
Above Rs. 4 lakhs and up to Rs.7.50 lakhs: Collaterals in the
form of a satisfactory third party Guarantee
--------------------------------------------------------------------------------
Above Rs.7.50 lakhs: Collateral security of suitable value or
Co-obligation of parents/ guardians/ third party along with the
assignment of future income of the student for payment of
installments |
| 9 |
Corporation
Bank |
Student
should be an Indian National. v Should have completed previous
qualifying examination. v Secured admission to professional/
technical courses in India or Abroad through Entrance Test/Merit
Based Selection process. v Person already in gainful employment
are not eligible for loan under the scheme except for pursuing
evening course covered under the scheme of approved institute.
|
Need
based finance subject to repaying capacity of the
parents/students with margin and the following ceilings: Studies
in India - Maximum upto Rs.10 lakhs Studies in Abroad - Maximum
upto Rs.20 lakhs |
Declaration/Affidavit
confirming that no loan has been availed from other
Bank/Institution completely filled Application Form with
Photographs. Letter of admission from the Institute Letter from
the Institute stating cost break up of the program (term-wise,
year-wise) Mark sheets from SSC onwards till the latest
examination passed KYC Documents for the Applicant &
Co-applicant (Residence Proof , ID Proof , Signature Verfication
Proof , Age proof ) Income Documents of the Co-applicant ( Pay
Slips / ITR copy etc ) Declaration/Affidavit confirming that no
loan has been availed from other Bank/Institution For studies
abroad - In addition to the above list of documents – Pls
Provide : Letter from the Head Of Department ( University) Visa
approval papers Travel papers GMAT/GRE/SAT score I-20 in case of
applicant going to the USA |
With
effect from 03rd February, 2009: Upto Rs.7.50 Lakh Loans
disbursed upto 30.11.2007 11.75% Loans disbursed on or after
01.12.2007 12.25% New Loans disbursed on or after 03.02.2009
13.50% Above Rs.7.50 Lakh a] Secured: Loans disbursed upto
30.11.2007 10.75% Loans disbursed on or after 01.12.2007 11.50%
New Loans disbursed on or after 03.02.2009 12.00% b] Unsecured:
Loans disbursed upto 30.11.2007 11.75% Loans disbursed on or
after 01.12.2007 12.25% New Loans disbursed on or after
03.02.2009 13.50% 1] 1% interest concession to be extended if
the interest is serviced promptly as and when debited during the
study period. 2] For SC/ST women borrower the ROI shall be 0.25%
below the Card Rate. [H.O. Circular No.733/2008 dated
20.08.2008] v Simple interest to be charged during the Repayment
holiday/Moratorium period v 1% interest concession may be
provided for loanees if the interest is serviced as and when
debited. Appraisal / Sanction / Disbursement v The loan to be
sanctioned as per delegation of powers preferably by the Branch
nearest to the place of domicile of parents |
Upto
Rs.4 lakhs : Co-obligation of parent/s. No other collateral
Security Above Rs.4 lakhs and upto Rs.7.50 lakhs : Co-obligation
of parents together with collateral security in the form of
suitable third party guarantee. Above Rs.7.5 lacs :
Co-obligation of parents together with tangible collateral
security along with the assignment of future income of the
student for payment of installments Note: v The loan documents
should be executed by both the student and the parent/guardian
as joint-borrower v The security can be in the form of
land/building/ Govt. securities/Public Sector Bonds/Units of
UTI, NSC, KVP, life policy, gold, shares/mutual fund units/
debentures, bank deposit in the name of student/ parent/
guardian or any other third party with suitable margin. v
Wherever the land/building is already mortgaged, the
unencumbered portion can be taken as security on second charge
basis provided it covers the required loan amount with
prescribed margin of 35% v In case the loan is given for
purchase of computer, the computer has to be hypothecated to the
Bank. |
| 10 |
Dena
Bank |
You
are an Indian national and have secured admission to a
professional or technical course in an Indian or Foreign
university. · Simply walk in with the marksheet of the
qualifying exam. and proof of admission. |
Upto
Rs.10 lakhs for studies in India. · Upto- Rs. 20 lakhs for
studies abroad. |
Declaration/Affidavit
confirming that no loan has been availed from other
Bank/Institution completely filled Application Form with
Photographs. Letter of admission from the Institute Letter from
the Institute stating cost break up of the program (term-wise,
year-wise) Mark sheets from SSC onwards till the latest
examination passed KYC Documents for the Applicant &
Co-applicant (Residence Proof , ID Proof , Signature Verfication
Proof , Age proof ) Income Documents of the Co-applicant ( Pay
Slips / ITR copy etc ) Declaration/Affidavit confirming that no
loan has been availed from other Bank/Institution For studies
abroad - In addition to the above list of documents – Pls
Provide : Letter from the Head Of Department ( University) Visa
approval papers Travel papers GMAT/GRE/SAT score I-20 in case of
applicant going to the USA |
Products
Revised Dena Vidyalaxmi Edu. Loan Scheme : Upto Rs. 4.00 lakhs:
Repayable in 3 years Repayble in > 3 yrs. Above Rs.4.00 lakhs
Repayable in 3 years Repayble in > 3 yrs. Upto Rs. 4.00 lakhs
: 9.00% 9.50% Above Rs.4.00 lakhs 12.00% 12.50% |
N/A |
| 11 |
Federal
Bank |
Candidates
applying for Federal Bank student loan should be Indian
nationals. Applicants will be considered eligible only if they
get admission to various professional or technical courses
through merit based selection process or entrance examination.
|
Federal
Vidya Loan-The maximum education loan offered under this scheme
is Rs.25 lacs. Federal Special Vidya Loan-The maximum education
loan offered is Rs.7.5 lacs (Studies in India) and Rs.15 lacs
(Studies abroad) respectively. |
Declaration/Affidavit
confirming that no loan has been availed from other
Bank/Institution completely filled Application Form with
Photographs. Letter of admission from the Institute Letter from
the Institute stating cost break up of the program (term-wise,
year-wise) Mark sheets from SSC onwards till the latest
examination passed KYC Documents for the Applicant &
Co-applicant (Residence Proof , ID Proof , Signature Verfication
Proof , Age proof ) Income Documents of the Co-applicant ( Pay
Slips / ITR copy etc ) Declaration/Affidavit confirming that no
loan has been availed from other Bank/Institution For studies
abroad - In addition to the above list of documents – Pls
Provide : Letter from the Head Of Department ( University) Visa
approval papers Travel papers GMAT/GRE/SAT score I-20 in case of
applicant going to the USA |
N/A |
Federal
Bank charges various kinds of securities for issuing education
loans. Federal Vidya Loan-Co-obligant or collateral security is
required for the bank to issue the education loan. |
| 12 |
HDFC
Bank |
Candidates
willing to apply for HDFC Bank education loan should be Indian
Nationals. Applicants should be between 16-35 years of age.
Collateral security is essential for loans above Rs. 7.5 lacs. A
co-applicant is required if you are applying for full time
courses. |
For
loans with Moratorium : Studying in India - Max Rs. 10 Lakhs
Studying abroad - Max Rs. 20 Lakhs For Loans without Moratorium
: Studying in India - Max Rs. 7.50 Lakhs Studying abroad - Max
Rs. 10 Lakhs |
Declaration/Affidavit
confirming that no loan has been availed from other
Bank/Institution Completely filled Application Form with
Photographs. Letter of admission from the Institute Letter from
the Institute stating cost break up of the program (term-wise,
year-wise) Marksheets from SSC onwards till the latest
examination passed KYC Documents for the Applicant &
Co-applicant (Residence Proof , ID Proof , Signature Verfication
Proof , Age proof ) Income Documents of the Co-applicant ( Pay
Slips / ITR copy etc ) Declaration/Affidavit confirming that no
loan has been availed from other Bank/Institution For studies
abroad - In addition to the above list of documents – Pls
Provide : Letter from the Head Of Department ( University) Visa
approval papers Travel papers GMAT/GRE/SAT score I-20 in case of
applicant going to the USA |
N/A |
N/A |
| 13 |
HSBC
Bank |
N/A |
N/A |
Declaration/Affidavit
confirming that no loan has been availed from other
Bank/Institution completely filled Application Form with
Photographs. Letter of admission from the Institute Letter from
the Institute stating cost break up of the program (term-wise,
year-wise) Mark sheets from SSC onwards till the latest
examination passed KYC Documents for the Applicant &
Co-applicant (Residence Proof , ID Proof , Signature Verfication
Proof , Age proof ) Income Documents of the Co-applicant ( Pay
Slips / ITR copy etc ) Declaration/Affidavit confirming that no
loan has been availed from other Bank/Institution For studies
abroad - In addition to the above list of documents – Pls
Provide : Letter from the Head Of Department ( University) Visa
approval papers Travel papers GMAT/GRE/SAT score I-20 in case of
applicant going to the USA |
N/A |
N/A |
| 14 |
IDBI
Bank |
N/A |
Maximum
loan amount : Study in India-Rs.10 lakhs Study Abroad -Rs.20
lakhs |
Declaration/Affidavit
confirming that no loan has been availed from other
Bank/Institution completely filled Application Form with
Photographs. Letter of admission from the Institute Letter from
the Institute stating cost break up of the program (term-wise,
year-wise) Mark sheets from SSC onwards till the latest
examination passed KYC Documents for the Applicant &
Co-applicant (Residence Proof , ID Proof , Signature Verfication
Proof , Age proof ) Income Documents of the Co-applicant ( Pay
Slips / ITR copy etc ) Declaration/Affidavit confirming that no
loan has been availed from other Bank/Institution For studies
abroad - In addition to the above list of documents – Pls
Provide : Letter from the Head Of Department ( University) Visa
approval papers Travel papers GMAT/GRE/SAT score I-20 in case of
applicant going to the USA |
Upto
Rs 4 lacs : BPLR – 1% (12.50%) Above Rs 4 lacs : BPLR
(13.50%) Simple interest to be charged during repayment holiday
and moratorium Accrued interest during the repayment holiday
period should be added to the EMIs. Where the borrower has not
opted for the repayment holiday or is willing to service the
interest during the repayment holiday (for principal) the
interest rate should be 1% lower than the applicable rate. 50
basis points reduction for girl applicants 50 basis points
reduction for physically challenged applicants (subject to
submission of certificate from a medical practitioner) * BPLR
subject to change |
Collateral
Security Up to Rs 4 lacs No security Above Rs 4 lacs and up to
Rs. 7.5 lacs Collateral in the form of a third party guarantee
Above Rs 7.5 lacs Collateral security in the form of Land/
building, (The minimum value shall be 1.33 times the amount of
loan sought). Govt. securities/ Public Sector Bonds/ Units of
UTI, NSC, KVP, LIC policy, gold, shares/ debentures, bank
deposit in the name of parent/ guardian or in the name of the
co-applicant (The minimum value shall be 1.1 times of the amount
of loan sought). Wherever the land/ building is already
mortgaged, the unencumbered portion can be taken as security on
II nd charge basis provided it covers the required loan amount.
In case the loan is given for purchase of a computer the same to
be hypothecated to the Bank. |
| 15 |
India
Overseas Bank |
Should
be an Indian National Should have secured admission to
professional/technical courses in India or abroad |
Maximum
of Rs. 10.00 lakh for studying in India and Rs. 20.00 lakh for
studying abroad. |
Declaration/Affidavit
confirming that no loan has been availed from other
Bank/Institution completely filled Application Form with
Photographs. Letter of admission from the Institute Letter from
the Institute stating cost break up of the program (term-wise,
year-wise) Mark sheets from SSC onwards till the latest
examination passed KYC Documents for the Applicant &
Co-applicant (Residence Proof , ID Proof , Signature Verfication
Proof , Age proof ) Income Documents of the Co-applicant ( Pay
Slips / ITR copy etc ) Declaration/Affidavit confirming that no
loan has been availed from other Bank/Institution For studies
abroad - In addition to the above list of documents – Pls
Provide : Letter from the Head Of Department ( University) Visa
approval papers Travel papers GMAT/GRE/SAT score I-20 in case of
applicant going to the USA |
N/A |
N/A |
| 16 |
Idian
Bank |
The
applicant should be an Indian National. He / She should have
secured admission to professional / technical courses in India
or abroad through Entrance Test / Merit based selection process.
Age of the Student - 15 to 30 Years (For Studies in India) Age
of the Student - 18 to 35 Years (For Studies in Abroad) |
For
Studies in India - Rs.10.00* lakhs For Studies Abroad -
Rs.20.00* lakhs * Higher quantum of loan also can be considered
in deserving and meritorious cases. |
Particulars/Documents
to be submitted Sl. No. Particulars For studies in India For
studies Abroad 1 2 3 4 1. Proof of residence Xerox copies of
Ration Card or Voters Identity Card or Passport or Electricity
or Telephone bill or any such document acceptable to the bank
Same as in Col.3 2. Academic record Copy of the Xth std/XIIth
std mark list, for under graduates. Degree mark list/provisional
certificate for post graduates Same as in Col.3 3. a. Date of
birth/age b. Community (for statistical purpose only)
SSLC/TC/Mark list Community Certificate Same as in Col.3 besides
Passport 4. Family Income Salary certificate/Pension
certificate/Auditor's certificate in case of business
category/IT return filed/any other proof for the income stated
Same as in Col.3 5. Admission Admission letter/Bonafide student
certificate from the College/University Certificate/I 20 from
the College/University 6. Fee structure Letter/Certificate from
the College/University Certificate/I 20 from the
College/University 7. Passport/VISA Not applicable Copies to be
enclosed 8. Guarantee/Co-obligation Parent's/Guardian's
Co-obligation to be furnished Same as in Col.3 9. Collateral,
wherever required LIC policy (surrender value of which should be
not less than the loan amount at the time of availing the loan)
/Share certificates/Units of UTI etc. Valuation certificate from
Bank's approved panel valuer and legal opinion from Bank's panel
advocate in case of land/buildings. Same as in Col.3 10. Margin
(Above Rs.4.00 lakhs) For studies in India: 5% For studies
abroad: 15% Details regarding source of funds for meeting the
margin furnished alongwith documentary evidence Same as in Col.3
11. Declaration/affidavit stating that no Educational Loan is
availed from any other bank by the applicant and his parent To
be submitted To be submitted 12. Documents to be enclosed A &
L of the student/parent/guardian/guarantor Details of securities
in Col.9 Same as in Col.3 |
Upto
Rs.4.00 lakhs -12.50 % p.a. at present Rs.4.00 lakhs upto
Rs.7.50 lakhs -12.50 % p.a. at present Above Rs.7.50 lakhs
-12.75 % p.a. at present Floating Rate linked with Benchmark
Prime Lending Rate (BPLR) of the Bank and liable to undergo
changes whenever there is a change in BPLR. |
Documents
should be executed both by the student and parent / guardian as
joint borrower. 1. Upto Rs. 4 lacs - No security 2. Above Rs. 4
lacs & Upto Rs.7.50 lacs - Collateral in the form of
satisfactory third party guarantee 3. Above Rs.7.50 lacs -
Co-obligation of parents / guardians together with tangible
collateral security of suitable value along with assignment of
future income of the student for payment of installments. * In
case of receipt of application for more than one loan from
students from a family, the 'family' as a unit will be taken
into account for considering the loan and security will be taken
in realtion to the total quantum of finance disbursed, subject
to margin and repaying capacity of the parent/student. |
| 17 |
Karnataka
Bank |
A
student needs to be an Indian national to apply for Karnataka
Bank Student Loan. He should get admission to a professional,
technical or other kind of program either in India or abroad The
applicant needs to be an adult or a minor student represented by
his guardian or parent. |
You
can apply for a maximum loan amount of Rs 7.5 lacs for studying
in India. For studying abroad, you can apply for a maximum
amount of Rs 15 lacs. |
Declaration/Affidavit
confirming that no loan has been availed from other
Bank/Institution completely filled Application Form with
Photographs. Letter of admission from the Institute Letter from
the Institute stating cost break up of the program (term-wise,
year-wise) Mark sheets from SSC onwards till the latest
examination passed KYC Documents for the Applicant &
Co-applicant (Residence Proof , ID Proof , Signature Verfication
Proof , Age proof ) Income Documents of the Co-applicant ( Pay
Slips / ITR copy etc ) Declaration/Affidavit confirming that no
loan has been availed from other Bank/Institution For studies
abroad - In addition to the above list of documents – Pls
Provide : Letter from the Head Of Department ( University) Visa
approval papers Travel papers GMAT/GRE/SAT score I-20 in case of
applicant going to the USA |
N/A |
Apart
from the parent or guardian jointly taking the loan, there
should be a guarantor having networth equal to the loan value
for borrowing a loan upto Rs 2 lacs. If the loan amount exceeds
Rs 2 lacs, a parent or guardian should jointly take the loan and
a collateral security equal to the loan amount should be
submitted. |
| 18 |
Oriental
Bank of Commerce |
Indian
nationals not above 45 years of age those who secured admission
in a recognized course of an approved university (AICTE approved
institutions) OR institutes recognized by a statutory body.
|
Education
in India - Max. Rs.10.00 lacs. Education Abroad - Max. Rs.20.00
lacs. |
Declaration/Affidavit
confirming that no loan has been availed from other
Bank/Institution completely filled Application Form with
Photographs. Letter of admission from the Institute Letter from
the Institute stating cost break up of the program (term-wise,
year-wise) Mark sheets from SSC onwards till the latest
examination passed KYC Documents for the Applicant &
Co-applicant (Residence Proof , ID Proof , Signature Verfication
Proof , Age proof ) Income Documents of the Co-applicant ( Pay
Slips / ITR copy etc ) Declaration/Affidavit confirming that no
loan has been availed from other Bank/Institution For studies
abroad - In addition to the above list of documents – Pls
Provide : Letter from the Head Of Department ( University) Visa
approval papers Travel papers GMAT/GRE/SAT score I-20 in case of
applicant going to the USA |
Rate
of Interest: w.e.f. 14.01.2009 For Loan upto Rs. 4.00 Lacs PLR -
1.75 = 10.75 % per annum For Loan above Rs. 4.00 Lacs PLR - 1.00
= 11.50 % per annum Interest Rates revised w.e.f. 14.01.2009
Education Loan for serving professionals- PLR+0.75% i.e. 13.25%
Education Loan for Rural/Semi-urban Population- PLR+0.25% i.e.
12.75% |
For
Loans upto Rs.4.00 lac No Collateral Security Co-obligation of
parents/guardian is must. For Loans above 4 lacs and upto
Rs.7.50 lacs No Collateral Security required, Co-obligation of
parents/guardian is must One satisfactory third party guarantee
Above Rs.7.50 lacs Co-obligation of parents/guardian is
obligatory. Mortgage of immovable property or any other tangible
security like pledge of NSC/UTI/LIC (Surrender Value)/Bonds/
Banks deposits (Except under tax saving scheme) etc. . having
value at least equal to 100% of loan. Extension of charge on
property already mortgaged with our Bank, subject to adequate
residual value of security. |
| 19 |
Punjab
and Sind Bank |
Candidates
applying for the education loan need to satisfy certain
eligibility criteria as specified by the Punjab and Sind Bank
Applicants should be Indian Nationals Candidates will be
considered eligible if they get admission to various courses
through entrance examination or a selection process based on
merit. |
A
maximum education loan amount of Rs.7.5 lacs and Rs.15 lacs are
offered for studies in India and abroad respectively. |
Declaration/Affidavit
confirming that no loan has been availed from other
Bank/Institution completely filled Application Form with
Photographs. Letter of admission from the Institute Letter from
the Institute stating cost break up of the program (term-wise,
year-wise) Mark sheets from SSC onwards till the latest
examination passed KYC Documents for the Applicant &
Co-applicant (Residence Proof , ID Proof , Signature Verfication
Proof , Age proof ) Income Documents of the Co-applicant ( Pay
Slips / ITR copy etc ) Declaration/Affidavit confirming that no
loan has been availed from other Bank/Institution For studies
abroad - In addition to the above list of documents – Pls
Provide : Letter from the Head Of Department ( University) Visa
approval papers Travel papers GMAT/GRE/SAT score I-20 in case of
applicant going to the USA |
N/A |
Punjab
and Sind Bank demands various kinds of securities for issuing
education loans. Loans more than Rs.4 lacs- A collateral
security Loans more than Rs. 7.5 lacs- collateral security or
guarantee of third party. |
| 20 |
Punjab
National Bank |
PNB
has laid down a set of eligibility criteria for sanctioning the
education loans. A student, who is an Indian national, can apply
for the loan. An applicant is considered eligible for PNB
educational loan, if he gets admitted to a professional or
vocational course through a selection process or into a foreign
institute. A student applying for a graduate program can also
get the loan if he obtains at least pass marks in the qualifying
exam. |
You
can borrow a maximum of Rs 7.5 lacs and Rs 15 lacs for studying
in India or abroad respectively |
Declaration/Affidavit
confirming that no loan has been availed from other
Bank/Institution completely filled Application Form with
Photographs. Letter of admission from the Institute Letter from
the Institute stating cost break up of the program (term-wise,
year-wise) Mark sheets from SSC onwards till the latest
examination passed KYC Documents for the Applicant &
Co-applicant (Residence Proof , ID Proof , Signature Verfication
Proof , Age proof ) Income Documents of the Co-applicant ( Pay
Slips / ITR copy etc ) Declaration/Affidavit confirming that no
loan has been availed from other Bank/Institution For studies
abroad - In addition to the above list of documents – Pls
Provide : Letter from the Head Of Department ( University) Visa
approval papers Travel papers GMAT/GRE/SAT score I-20 in case of
applicant going to the USA |
N/A |
An
applicant needs to present a 3rd party as guarantee for
borrowing above Rs 4 lacs. If the amount is above Rs 7.5 lacs,
the bank asks for a collateral security or guarantee of a 3rd
party. |
| 21 |
State
Bank of India |
A
candidate, who applies for a program with prospects of
employment, can apply for the loan. Whether you apply for a
graduate, professional or postgraduate program or any other
course sanctioned by UGC, AICTE or the government, you will be
considered eligible for the loan. |
An
applicant is sanctioned a loan of maximum Rs 10 lacs for
studying in India and Rs 20 lacs for studying in abroad. On a
loan above Rs 4 lacs |
Completed
Education Loan Application Form. Mark sheets of last qualifying
examination Proof of admission scholarship, studentship etc
Schedule of expenses for the specified course 2 passport size
photographs Borrower's Bank account statement for the last six
months Income tax assessment order, of last 2 years Brief
statement of assets and liabilities, of the Co-borrower Proof of
Income (i.e. Salary slips/ Form 16 etc) |
N/A |
No
security is required for loan amount upto Rs 4 lacs. A borrower
should present a 3rd party as guarantee for a loan amount above
Rs 4 lacs. However, on SBI discretion, this clause of 3rd party
guarantee may be waived off in certain cases. If you borrow a
loan amount above Rs 7.5 lacs, you need to offer a material
collateral security and assign the future income of the student
for paying installments. The guardians or parents of a borrowing
student should secure an education loan. If the borrower is
married, his or her spouse, parents-in-law or parents can act as
the co-obligator. |
| 22 |
State
Bank of Hyderabad |
Only
an Indian national can apply for an education loan from State
Bank of Hyderabad. The student also should have been admitted to
a vocational or professional course on the basis of a selection
procedure or entrance test. You will also be considered eligible
if you get admission to a foreign institute. |
A
maximum amount of Rs 10 lacs is sanctioned for studying in
India. The amount for studying in abroad is Rs 20 lacs. |
Declaration/Affidavit
confirming that no loan has been availed from other
Bank/Institution completely filled Application Form with
Photographs. Letter of admission from the Institute Letter from
the Institute stating cost break up of the program (term-wise,
year-wise) Mark sheets from SSC onwards till the latest
examination passed KYC Documents for the Applicant &
Co-applicant (Residence Proof , ID Proof , Signature Verfication
Proof , Age proof ) Income Documents of the Co-applicant ( Pay
Slips / ITR copy etc ) Declaration/Affidavit confirming that no
loan has been availed from other Bank/Institution For studies
abroad - In addition to the above list of documents – Pls
Provide : Letter from the Head Of Department ( University) Visa
approval papers Travel papers GMAT/GRE/SAT score I-20 in case of
applicant going to the USA |
N/A |
Upto
Rs. 4.00 Lacs - No Security (Co-obligation of parent / guardian
is compulsory). Above Rs.4.00 Lacs and upto Rs.7.50 Lacs:
Collateral in the form of a suitable third party guarantee.
Above Rs.7.50 Lacs: - Collateral security of suitable value or
Co-obligation of parents / Guardians / third party guarantee
along with the assignment of future income of the student for
payment of installments. |
| 23 |
`State
Bank of Indore |
An
applicant of a loan under Saraswati Yojana will be considered
eligible, if he is an Indian National. He should also get
admission to a professional or technical course through a
selection procedure or an entrance test. You can also apply if
you get admission to a foreign institute. |
The
amount of State Bank of Indore education loan is decided on the
basis of the requirement of an individual. The maximum amount of
loan for studying in India and abroad is Rs 10 lacs and Rs 20
lacs respectively. |
Declaration/Affidavit
confirming that no loan has been availed from other
Bank/Institution completely filled Application Form with
Photographs. Letter of admission from the Institute Letter from
the Institute stating cost break up of the program (term-wise,
year-wise) Mark sheets from SSC onwards till the latest
examination passed KYC Documents for the Applicant &
Co-applicant (Residence Proof , ID Proof , Signature Verfication
Proof , Age proof ) Income Documents of the Co-applicant ( Pay
Slips / ITR copy etc ) Declaration/Affidavit confirming that no
loan has been availed from other Bank/Institution For studies
abroad - In addition to the above list of documents – Pls
Provide : Letter from the Head Of Department ( University) Visa
approval papers Travel papers GMAT/GRE/SAT score I-20 in case of
applicant going to the USA |
N/A |
For
borrowing Student Loan of State Bank of Indore, you should know
about the security deposit for various loan amounts. If you are
studying in India or abroad, you need to submit the guarantee of
a 3rd party for a loan amount above Rs 4 lacs. For an amount
exceeding 7.5 lacs and upto Rs 10 lacs, you can deposit a
material collateral security in keeping with the full amount of
loan in case you study in India. For studies in abroad and on a
loan amount exceeding Rs 7.5 lacs and upto Rs 15 lacs, you need
to submit a collateral security or guarantee of a 3rd party and
assign the future income of the student for paying installments.
If you take a loan of above Rs 15 lacs and upto Rs 20 lacs from
Indore Bank, you need to submit a collateral security matching
the full amount of the loan. |
| 24 |
State
Bank of Mysore |
N/A |
State
Bank of Mysore offers educational loans upto Rs 10 lacs and Rs
20 lacs for studying in India and abroad respectively. However
the minimum amount of loan in both the cases is Rs 10,000. |
Copies
of certificates/marks sheets of examinations passed (from SSLC
onwards) 2. Testimonials from the head of the institution last
attended/other respectable persons (at least 2 persons). 3.
Copies of letters conferring scholarship, freeship, studentship
etc., 4. Proof of the admission/provisional selection letter for
the course. 5. Schedule of expenses for the course. 6. Two
copies of passport size photograph of the student and parent. 7.
Copy of the salary slip/statement of income of parent/guardian
(last income tax assessment order, if
applicable).Declaration/Affidavit confirming that no loan has
been availed from other Bank/Institution completely filled
Application Form with Photographs. Letter of admission from the
Institute Letter from the Institute stating cost break up of the
program (term-wise, year-wise) Mark sheets from SSC onwards till
the latest examination passed KYC Documents for the Applicant &
Co-applicant (Residence Proof , ID Proof , Signature Verfication
Proof , Age proof ) Income Documents of the Co-applicant ( Pay
Slips / ITR copy etc ) Declaration/Affidavit confirming that no
loan has been availed from other Bank/Institution For studies
abroad - In addition to the above list of documents – Pls
Provide : Letter from the Head Of Department ( University) Visa
approval papers Travel papers GMAT/GRE/SAT score I-20 in case of
applicant going to the USA |
N/A |
An
applicant needs to keep a guarantee by 3rd party if he takes an
educational loan above Rs 4 lacs. If the amount of loans exceeds
Rs 7.5 lacs and is upto Rs 10 lacs, you have to offer a
collateral security, worth the amount of loan. If a collateral
security can not be submitted, there should be guarantee by the
parent, 3rd party or the guardian. |
| 25 |
Syndicate
Bank |
Any student who
is a major representing himself or a minor student represented
by parent or guardian of Indian nationality. Must have secured
admission on the basis of merit to professional/ technical/other
courses through entrance test/selection process.
Deviation/relaxation is also permitted under special
circumstances. Must have secured admission to Foreign
universities/Institution (for studies abroad). |
Need based
finance to meet expenses such as fee payable to college / school
/ hostel, examination fee, cost of books, travel / passage fare
for studies abroad etc. Capitation fee / donation / external
coaching fee are not eligible for finance. Maximum of Rs.10.00
lac for studies in India and Rs.20 lac for studies abroad. |
Declaration/Affidavit
confirming that no loan has been availed from other
Bank/Institution completely filled Application Form with
Photographs. Letter of admission from the Institute Letter from
the Institute stating cost break up of the program (term-wise,
year-wise) Mark sheets from SSC onwards till the latest
examination passed KYC Documents for the Applicant &
Co-applicant (Residence Proof , ID Proof , Signature Verfication
Proof , Age proof ) Income Documents of the Co-applicant ( Pay
Slips / ITR copy etc ) Declaration/Affidavit confirming that no
loan has been availed from other Bank/Institution For studies
abroad - In addition to the above list of documents – Pls
Provide : Letter from the Head Of Department ( University) Visa
approval papers Travel papers GMAT/GRE/SAT score I-20 in case of
applicant going to the USA $50 |
For loans upto
Rs.7.50 lakhs - PLR minus 2.00% For loans above Rs.7.50 lakhs -
PLR minus 2.50% No processing charges/service charges are levied
for educational loans |
N/A |
| 26 |
UCO
Bank |
Applicant must
have secured admission to professional/technical course through
Entrance Test/Selection Process. Secured admission to foreign
University / Institution. No maximum or minimum income is
prescribed for parents/family. |
Need based
finance subject to repaying capacity of parents/students with
following ceilings : Studies in India : Maximum Rs. 10.00 Lac
Studies Abroad : Maximum Rs. 20.00 Lac. The loan amount under
the scheme would be for meeting the following expenses : Course
Fees Hostel/Boarding Fees including caution deposit/building
fund etc. Books, Stationery & Equipment required for the
course, including Computers. Examination/Library/Laboratory
fees. Travel Expenses/Passage for studies abroad. |
Declaration/Affidavit
confirming that no loan has been availed from other
Bank/Institution completely filled Application Form with
Photographs. Letter of admission from the Institute Letter from
the Institute stating cost break up of the program (term-wise,
year-wise) Mark sheets from SSC onwards till the latest
examination passed KYC Documents for the Applicant &
Co-applicant (Residence Proof , ID Proof , Signature Verfication
Proof , Age proof ) Income Documents of the Co-applicant ( Pay
Slips / ITR copy etc ) Declaration/Affidavit confirming that no
loan has been availed from other Bank/Institution For studies
abroad - In addition to the above list of documents – Pls
Provide : Letter from the Head Of Department ( University) Visa
approval papers Travel papers GMAT/GRE/SAT score I-20 in case of
applicant going to the USA |
N/A |
Upto Rs.4.00
lacs – No security Above Rs.4.00 lacs – Collateral
securities by way of suitable 3rd party guarantee or tangible
security equivalent to loan amount. |
| 27 |
United
Bank of India |
N/A |
Candidates
applying for the loan should be Indian nationals and need to
secure admission through entrance test or a selection procedure
in renowned institutions and universities. The maximum amount of
loan granted for study in India is Rs. 7.5 lacs. Students
willing to study abroad can get education loan up to Rs.15 lacs.
|
Declaration/Affidavit
confirming that no loan has been availed from other
Bank/Institution completely filled Application Form with
Photographs. Letter of admission from the Institute Letter from
the Institute stating cost break up of the program (term-wise,
year-wise) Mark sheets from SSC onwards till the latest
examination passed KYC Documents for the Applicant &
Co-applicant (Residence Proof , ID Proof , Signature Verfication
Proof , Age proof ) Income Documents of the Co-applicant ( Pay
Slips / ITR copy etc ) Declaration/Affidavit confirming that no
loan has been availed from other Bank/Institution For studies
abroad - In addition to the above list of documents – Pls
Provide : Letter from the Head Of Department ( University) Visa
approval papers Travel papers GMAT/GRE/SAT score I-20 in case of
applicant going to the USA |
N/A |
Security is
required from candidates for Up to 4 lacs-No security is
required Loan above Rs.4 lacs and up to Rs.5.40 lacs- Third
party suitable guarantee is required. Loan above Rs.7.50
lacs-collateral security or guarantee of third party. |
| 28 |
Vijaya
Bank |
Student should
be an Indian National and should have secured admission to the
relevant Professional/ Technical courses in India or Abroad
through Entrance Test/ Merit Based Selection process. However
there is no age restriction for the applicant. |
Studies in India
: Maximum Rs.10.00 lakhs Studies abroad : Maximum Rs.20.00 lakhs
|
Declaration/Affidavit
confirming that no loan has been availed from other
Bank/Institution completely filled Application Form with
Photographs. Letter of admission from the Institute Letter from
the Institute stating cost break up of the program (term-wise,
year-wise) Mark sheets from SSC onwards till the latest
examination passed KYC Documents for the Applicant &
Co-applicant (Residence Proof , ID Proof , Signature Verfication
Proof , Age proof ) Income Documents of the Co-applicant ( Pay
Slips / ITR copy etc ) Declaration/Affidavit confirming that no
loan has been availed from other Bank/Institution For studies
abroad - In addition to the above list of documents – Pls
Provide : Letter from the Head Of Department ( University) Visa
approval papers Travel papers GMAT/GRE/SAT score I-20 in case of
applicant going to the USA |
BPLR - 1.50 %
p.a. Floating Simple interest basis during study & repayment
holiday period (upto one year after completion of the course or
six months after securing a job, whichever is earlier)
Concession for Girl Students : Our Bank has extended a 0.50 %
interest concession to Girl Students for loans availed on or
after 01.11.2008 and will be effective till 31.12.2010. This
interest concession will be extended till closure of the loan.
Note: 1% interest concession is provided for loanees if the
interest is serviced during the study period. |
Amount Studies
in India Studies Abroad Upto Rs. 4 lacs No Security No Security
Above Rs. 4 lacs to Rs. 7.50 lacs Suitable Third Party Guarantee
Suitable Third Party Guarantee Above Rs. 7.50 lacs to Rs. 10
lacs (India) / Rs. 15 lacs (Abroad) Tangible Collateral security
for full value of loan Tangible Collateral security of suitable
value of loan or third party guarantee with assignment of future
income of the student for payment of instalments Rs 15 lacs to
Rs. 20 lacs NA Tangible Collateral security for full value of
loan and third party guarantee with assignment of future income
of the student for payment of instalment |
Educational Loans
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