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EDUCATION LOAN
How to Apply

Higher education is progressively moving into the domain of private sector. With a gradual reduction in government subsidies higher education is getting more and more costly and hence the need for institutional funding in this area.

No deserving student is to be denied opportunity to pursue higher education for want of financial support.

Every deserving student desiring to pursue higher education in India or overseas will be able to access easy loan facility from any of the scheduled banks in India.

Eligibility Criteria

Students applying for Loan should:

Have secured admission to professional/ technical courses in India or overseas

For more details contact your nearest bank branch.
Apply for admission to an institution of your choice & Get a letter of selection and offer of admission showing the following details;
The name of the course for which admission is granted
The tenure / period of the course.
The detailed fee break up showing clearly the tuition fee, hostel fee and all kinds of fees as mentioned above.
  Refer Para ‘Expenses considered for loan’
Name of an officer of the Institution in which you have taken admission, who the banks may contact, in case of
  any additional information they may need.
Details of security you wish to offer. Refer Para ‘Security to be Offered’
Present your application to anyone of the scheduled bank branches nearest to your place of residence.
  Refer Para ‘Scheduled Banks of India’
RATE OF INTEREST
Upto Rs 4 lacs Base Prime Lending Rate, BPLR
Above Rs. 4 lacs BPLR + 1%
For Girl Students A reduction of .50% from the applicable rate
Simple interest to be charged during the currency of loan / Moratorium period.
Interest Subsidy - Economically Weaker Students
Effective academic year 2009-10, Government of India, Ministry of Human Resource Development shall provide full interest subsidy to eligible students belonging to Economically Weaker Sections.
The scheme highlights are:
Irrespective of any caste, tribe, minority or any other consideration, the criterion for grant of interest subsidy is the
  economic status of the family of the student seeking this concession.
The accruing interest on the loan amount would be paid by the government. The principal amount, however, would
  be the responsibility of the student / borrower.
For example, for a B.Tech student, the interest payable over four years, being the course duration plus one year
  moratorium, would be paid in by the government directly to the bank granting the loan. The eligible students would only need to repay the principal amount. A typical benefit of Rs 4.50 lacs by way of interest subsidy would be available to a B.Tech student on a loan of Rs 7.50 lacs.
The interest subsidy is available only once either for the undergraduate degree course or the post graduate
  degree/diplomas. It will also be available for combined undergraduate and post graduate courses of five [5] years duration.
Students who discontinue the course midstream or are expelled from the institution of any reason, other than
  medical reasons, will not be entitled to any subsidy.
Additional Information
Sanction & Disbursement
In the normal course, while appraising the loan the future income prospects of the student are looked into.
  However, where required, the means of parent / guardian is also taken into account to evaluate re-payment capability.
The loan is disbursed in stages as per the requirement/ demand directly to the Institutions / Vendors of books /
  equipment / instruments to the extent possible.
Repayment
Repayment holiday/Moratorium - Course period + 1 year or 6 months after getting job, whichever is earlier.
  In case of B.Tech it is course period; 4 years plus moratorium of 1 year. In case of integrated course of 5 years duration, the repayment holiday is 5 years plus moratorium of 1 year, totaling 6 years after the start of the program.
The loan 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.
If the student is not able to complete the course for reasons beyond his control, sanctioning authority
  may at his discretion consider such extensions as may be deemed necessary to complete the course.
The accrued interest during the repayment holiday period is added to the principal and repayment in Equated
  Monthly Installments (EMI) is fixed at the time of sanction.
1% interest concession may be available to studnets, if the interest is serviced during the study period.
Insurance
Students may take life insurance policy or Banks may work out the modalities with insurance companies
Tracking
College authorities may send the progress report to the bank at regular intervals in respect of students who have availed loans.
Processing Charges
No processing / upfront charges are payable by the students for educational loans for studies in India.
Capability Certificate
Banks can also issue the capability certificate for students going abroad for higher studies. For this purpose financial and other supporting documents may be obtained from applicant, if required.(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.)
Other Conditions:
Meritorious Students- Some Banks may waive off the requirement of security in case of exceptionally meritorious/
  deserving students.
Multiple Loans- In case of receipt of application for more than one loan for student borrower from a family,
  the 'family' as a unit is taken into account for considering the loan and security taken in relation to the total quantum of finance disbursed, subject to margin and repaying capacity of the parent/student.
Minimum Age - There is no specific restriction with regard to the age of the student to be eligible for education loan.
Top up loans - Banks may consider top up loans to students pursuing further studies within the overall eligibility
  limit, with appropriate re-schedulement, subject to taking required security.
Co-obligator - The co-obligator should be parent(s)/guardian of the student borrower. In case of married person,
  co-obligator can be spouse or the parent(s)/parents-in-law.
Disposal Application
Banks do not take more than one months’ time for disposing of loan applications under priority sector lending.
Students belonging to Scheduled Castes / Tribes / Minorities / handicapped category

Students belonging to scheduled castes, scheduled tribes, backward castes, minorities and handicapped categories can also apply to their respective corporations as indicated below. They could not only raise an educational loan, but also claim interest subsidy as per the norms prescribed by the government of India. For more information visit the websites of the corporation relevant to your needs.

Category
Institution
Website
Members of Minority Community
[NMDFC] National Minorities Development & Finance Corporation
Scheduled Castes
[NSCFDC] National Scheduled Castes Finance & Development Corporation
[NSKFDC] National Safai Karamchari Finance & Development Corporation
Backward Castes
[NBCFDC] National Backward Castes Finance & Development Corporation
Handicapped Persons
[NHFDC] National Handicapped Finance & Development Corporation
Eligibility for Interest subsidy
Students whose family’s total family income from all sources is less than Rs 4.50 lacs per annum are eligible for interest subsidy. A certificate of Income from the competent authority is essential. For ‘Competent Authority’, see table below.
Competent Authority
  State/Union Territory Name of Authority authorized to issue Income Certificate
  Andaman & Nicobar Islands
Andhra Pradesh
Goa
Gujarat
Karnataka
Kerala
Maharashtra
Mizoram
Pondicherry
Tamil Nadu
Uttar Pradesh
Uttaranchal
Rajasthan
Tehsildar
Tehsildar
Mamlatdar of Taluka
Mamlatdar/Prant Officer/Assistant Collector
Tehsildar
Village Officer
Tehsildar
District Magistrate of any office authorized by the DM
Tehsildar/ Deputy Tehsildar
Zonal Deputy Tehsildar
Tehsildar
Tehsildar/SDM/City Magistrate
Tehsildar
List of banks providing education loans in India
  Andhra Bank
Bank of Baroda
Bank of Punjab
Bharat Overseas Bank
Central Bank of India
City Union Bank
Development Credit Bank
HDFC Bank
Indian Bank
ING Vysya Bank
Karur Vyasa Bank
Punjab & Sind Bank
Saraswat Bank
State Bank of Bikaner & Jaipur
State Bank of Indore
State Bank of Saurashtra
Tamilnad Mercantile Bank Ltd
Union Bank of India
Vijaya Bank

Allahabad Bank
Bank Of India
Bank of Rajasthan
Canara Bank
Centurion Bank of Punjab
Corporation Bank
Dhanalakshmi Bank
HSBC
Indian Overseas Bank
Jammu & Kashmir Bank
Lakshmi Vilas Bank
Punjab National Bank
SBI Commercial and International Bank
State Bank of Hyderabad
State Bank of Mysore
State Bank of Travancore
Thane Janata Sahakari Bank
United Bank of India

Axis Bank
Bank of Maharashtra
Bassein Catholic Bank
Catholic Syrian Bank
Citi Bank
Dena Bank
Federal Bank
ICICI Bank
IDBI Bank
Karnataka Bank
Oriental Bank of Commerce
Ratnakar Bank
South Indian Bank
State Bank of India (SBI)
State Bank of Patiala
Syndicate Bank
UCO Bank
United Western Bank
 
 
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