Studies Abroad
Graduation: For job oriented professional / technical courses offered by reputed Universities.
Post Graduation: MCA, MBA, MS, etc.
Courses conducted by CIMA London, CPA in USA etc
QUANTAM OF LOAN
Need based finance subject to repaying capacity of the parents/ students with following ceilings:
Studies in India: Maximum Rs 7.50 lacs
Studies abroad: Maximum Rs.15.00 lacs
MARGIN:
For loan upto Rs 4.00 lacs: NIL
For loan above Rs 4.00 lacs:
(i) Studies in India: 5%
(ii) Studies abroad: 15%
      Scholarship / Assistantship to be included in Margin.
      Margin Money to be brought on year to year basis as and disbursements are made on a pro-rata basis
ii. Eligibility
Should be an Indian National
Secured admission to professional/technical courses through Entrance Test/ Selection process.
Secured admission to foreign university/Institutions.
iii. Expenses considered for loan:
      Fee payable to college/school/ hostel.
     Examination/Library/Laboratory fee.
     Purchase of books/ equipment's/instruments/uniforms.
     Caution deposit/building fund/refundable deposit supported by Institution bills/ receipt.
     Travel expenses/ passage money for studies abroad.
     Purchase of computers-essential for completion of the course.
     Any other expenses required to complete the course- like study tours, project work, thesis etc.
GROUP LIFE INSURANCE COVER
Under the plan a low cost group life insurance cover will be provided for the loan liability of Educational Loan borrowers (students) during entire period of loan (i.e., course period & moratorium period plus repayment period), in case of his unfortunate death.
SECURITY
Loan Upto Rs.4.00 lacs
      No collateral security
Loan above Rs.4.00 lacs & upto Rs.7.50 lacs
     Security is in the form of satisfactory third party guarantee
Loan above Rs.7.50 lacs
     (a) Collateral security of suitable value
     (b) Co - obligation of parents/ guardians/third party along with assignment of future income of the student for payment of installments
In case of loan above 4 lacs, the documents should be executed by the both the student and parent/guardian.
      i. The security can be in the form of land/building/Govt. Securities/Public Sector Bonds/Units of UTI , NSC, KVP, LIC policy, gold shares/debentures , bank deposit in the name of student/parent/guardian or any other third party.
      ii. In case the loan is given for purchase of computer the same to be hypothecated to the Bank.
      iii. The assignment of future income of the student for payment of installments may also be obtained irrespective of loan amount.
RATE OF INTEREST
     For the students of IITs & IIMs & Other professional courses Revised Interest Rate exclusively for students of IIMs/IITs & other professional courses for regular Management & Technology Courses:- PLR - 2% (Floats)(For Loan upto or above Rs.4.00 lacs).
     The aforesaid revision will be applicable to exists & future Education Loan to the students or IIMs/IITs.
     For others (Irrespective of Loan amount) For loan upto Rs. 4.00 lacs or above Rs. 4 lacs
     At PLR with monthly rests.
     Interest Rate will be PLR - 1% for loans above Rs. 7.50 lacs if collateral security in the form of residential property upto full value of loan or liquid security for more than 50% of loan is offered
      For all types of Education Loans (for students of IIT, IIM, Professional courses & others) 0.50% concession in the interest rate during moratorium period will be allowed if the borrower services the interest regularly.
     Simple rate of interest will be applied till the course period.
REPAYMENT OF STUDY LOAN
Repayment holiday/Moratorium :
Course period +1 year or 6 months after getting job, whichever is earlier.
Loan together with accrued interest will be repaid in maximum 84 Equated Monthly Instalments (EMI).
Processing Charges for study loan
No processing/upfront charges.
CAPABILITY CERTIFICATE
Some of the foreign universities require the students to submit a certificate from their bankers about the sponsors' solvency/financial capability , with a view to ensure that the sponsors of the students going abroad for higher studies are capable of meeting the expenses till completion of studies. Accordingly branches can also issue the capability certificate for students going abroad for higher studies. For this financial and other supporting documents may be obtained from applicant, if required.