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Purpose
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The
Scheme enables all type of needy students viz., students of +2 stage,
Graduation courses – B.A., B.Com., B.Sc., etc., Post-Graduation courses,
Masters in Ph.D; Professional courses, Engineering, Medical, Agriculture,
Veterinary, Law, Dental, Management, Computer etc., Computer Certificate
courses of reputed Institutes accredited to Department of Electronics or
institutes affiliated to University; Courses like ICWA, C.A., CFA, etc.,
courses conducted by IIM, IIT, IISc, XLRI, NIFT, etc., Evening Courses of
reputed Institutes; Diploma/Degree courses conducted by
Colleges/Universities approved by UGC/Govt./AICTE/AIBMS/ICMR, etc.,
Courses offered by National Institutes and other reputed Private
Institutes.
· Students should approach the branch nearest to the place of domicile.
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Should be an Indian
National.
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Secured admission to
Professional / Technical courses through Entrance Test / Selection
process.
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Secured admission to
foreign University / Institutions.
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Student should have
secured pass marks in the qualifying Examination for admission to
Graduation Courses.
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Expenses
considered for Loan
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Fee payable to
College / School / Hostel
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Examination /
Library / Laboratory fee.
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Purchase of
books / equipments / instruments / uniforms. Secured
admission to foreign University / Institutions.
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Caution Deposit
/ Building Fund / Refundable Deposit supported by
Institution Bills / Receipts.
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Travel Expenses
/ Passage money for studies abroad.
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Purchase of
computers - essential for completion of the Course.
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Boarding and lodging expenses in
recognised Boarding Houses / private accommodations
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Any other
expense required to complete the course - like study
tours, project work, thesis, etc.
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Quantum of Finance
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Need based finance, subject to
repaying capacity of the parents / students with margin and the following
ceilings :-
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For
studies in India: Maximum Rs.7.50 lacs.
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For
studies abroad: Maximum Rs.15.00 lacs.
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Upto
Rs.4.00 lacs:
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-
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Nil.
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Above
Rs.4.00 lacs:
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Studies
in India
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5%
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Studies
Abroad
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15%
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Upto
Rs.4.00 lacs:
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No
Security.
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Above Rs4 lacs
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For loans above Rs
4 Lacs, Collateral Security of Suitable value (atleeast equal to
loan amount) or co-obligation of parents/guardian/ 3rd party
alongwith assignment of future income of the student for payment
of instalment may be obtained.
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· 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 the student parent / guardian or
any other third party with suitable Margin.
· The document should be executed by both the
student and the parent/guardian
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Rate
of Interest
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upto
Rs. 4 lacs
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(Presently 11.75% p.a.)
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Above
Rs.4 lacs
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(Presently 12.75% p.a.)
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 | The interest shall be
debited monthly on simple basis during the Repayment holiday/
Moratorium period.
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| Penal Interest @ 2% be
charged for above Rs.4.00 lacs for the overdue amount and overdue
period.
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| 1% Interest concession
can be permitted to loanees if the interest is serviced by them during
the study period and the repayment holiday specified for interest /
repayment under the Scheme. This Interest concession shall be provided
to borrowers only at the time of final repayment of the loan.
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Repayment
Holiday / Moratorium
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Courses
period + 1 year OR 6 months after getting job, whichever is
earlier.
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| The Principal and
interest is to be repaid in 5-7 years after commencement of repayment.
If the student is not able to complete the course within the scheduled
time, extension of time for completion of course may be permitted for
a maximum period of 2 years.
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