The scheme extends a helping hand to meritorious students desirous of pursuing basic/higher/professional/technical education either in India or abroad. If a student applies for a loan, the parents will be considered as co-borrowers with their dependant ward.
- 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.
- 18 to 25 years for graduation course may be extended from 28-30 years for general and SC/ST candidates respectively.
- 21 to 28 years for post-graduation course etc. may be extended from 30 -33 years for general & SC/ST candidates respectively.
- Graduation : Job oriented professional / technical courses offered by reputed Universities.
- Post Graduation : MCA, MBA, MS, etc.
- Courses conducted by CIMA London, CPA in U.S.A., etc.
- School education including plus 2 stage.
- Graduation courses leading to degrees like B.A., B.Sc., B.Com. etc.
- Post Graduate courses leading to Masters degrees as also Ph.D.
- Professional courses in Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc.
- Computer Certificate courses of reputed institutes accredited to Universities or DoE.
- Courses like ICWA, CA, CFA, etc.
- Studies Abroad : Maximum Rs. 20.00 Lac.
- Studies in India : Maximum Rs. 10.00 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.
- 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.
- Upto Rs.4 lacs : 10.50%
- Above Rs.4 lacs : 11.25%
The loan will be repaid in 5-7 years after commencement of repayment. There will be moratorium for repayment during "the course period +1 year or 6 months after getting job, which ever is earlier". 1% interest concession may be provided, if the interest is serviced during moratorium period.