This document outlines the eligibility requirements and terms for an education loan scheme in India. It states that the loan can be used to fund college, hostel, books and other education-related expenses for undergraduate, graduate and professional degree programs in India or abroad. Eligible students must be Indian nationals who have been admitted through a selection process to a recognized course. Loan amounts are need-based up to a maximum of Rs. 10 lacs for studies in India and Rs. 20 lacs for studies abroad. The loan has a moratorium period and must be repaid in 5-7 years along with interest. Security requirements vary based on the loan amount.
This document outlines the eligibility requirements and terms for an education loan scheme in India. It states that the loan can be used to fund college, hostel, books and other education-related expenses for undergraduate, graduate and professional degree programs in India or abroad. Eligible students must be Indian nationals who have been admitted through a selection process to a recognized course. Loan amounts are need-based up to a maximum of Rs. 10 lacs for studies in India and Rs. 20 lacs for studies abroad. The loan has a moratorium period and must be repaid in 5-7 years along with interest. Security requirements vary based on the loan amount.
This document outlines the eligibility requirements and terms for an education loan scheme in India. It states that the loan can be used to fund college, hostel, books and other education-related expenses for undergraduate, graduate and professional degree programs in India or abroad. Eligible students must be Indian nationals who have been admitted through a selection process to a recognized course. Loan amounts are need-based up to a maximum of Rs. 10 lacs for studies in India and Rs. 20 lacs for studies abroad. The loan has a moratorium period and must be repaid in 5-7 years along with interest. Security requirements vary based on the loan amount.
This document outlines the eligibility requirements and terms for an education loan scheme in India. It states that the loan can be used to fund college, hostel, books and other education-related expenses for undergraduate, graduate and professional degree programs in India or abroad. Eligible students must be Indian nationals who have been admitted through a selection process to a recognized course. Loan amounts are need-based up to a maximum of Rs. 10 lacs for studies in India and Rs. 20 lacs for studies abroad. The loan has a moratorium period and must be repaid in 5-7 years along with interest. Security requirements vary based on the loan amount.
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INSTITUTE OF MANAGMENT STUDIES, DAVV, INDORE
FINANCE AND ADMINISTRATION – SEMESTER IV
CREDIT MANAGEMENT AND RETAIL BANKING EDUCATION LOAN SCHEME
ELIGIBILITY The student should: (i) be an Indian National (ii) have secured admission to professional/technical courses in India or abroad, through entrance/ Selection process after completing 10+2 or equivalent.
Expenses Eligible: (i) College/School/Hostel/Library/Examination/Laboratory Fees (ii) Purchase of: - Books/ Equipments/ Instruments/ Uniforms/ Computers (iii) Building fund/caution deposit/refundable deposits supported by Institution bills / receipts.
Courses Eligible: In India :- - Graduation Courses: B.A., B.Com., B.Sc. etc. - P.G. Courses Masters & PhD. - Professional Courses - Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc. - Computer Certificate Courses of reputed institutes - IIM, IIT, XLRI, NIFT etc. Abroad: - - Graduation: - For Job oriented professional/ technical courses offered by reputed universities. - Post Graduation: - MCA, MBA, MS etc . LOAN AMOUNT : ( Need based subject to repaying capacity of the parents/ students with margin and the following ceilings. - Studied in India- Maximum Rs. 10/- lacs - Studies abroad- Maximum Rs. 20/- lacs
Banker to take a view as regards reputation /standing of the course and institution in respect of which Education Loan could be provided, with a view to ascertaining the employment prospects of the course and applicant's future income.
DISBURSEMENT : In stages, directly to the Institution/Vendors of books/ equipments/instruments to the extent possible.
INTEREST RBI has allowed banks to decide interest rate. Banks are thus free to charge interest rate normally on floating rate, linked to their Base rate/ MCLR. Simple interest to be charged during study period and moratorium period. 1% concession may be provided if interest serviced during study and moratorium period.
1 REPAYMENT By EMIs. Moratorium Up to 12 months after completion of the Course/ or after Getting a job (whichever is earlier) Loan to be repaid in a maximum period of 5-7 years (max 15 years) after commencement of repayment. If student is unable to complete course in time extension up to maximum 2 years can be considered.
TYPE OF LOAN Term Loan
SECURITY Upto Rs. 4 lac : NIL
Above Rs. 4 lac. & : (i) Collateral in the form of suitable 3rd Party Up to Rs. 7.50 lacs guarantee equal to 100% of loan amount
Above Rs. 7.50 lacs : (ii) Tangible Collateral security for full value.
For All Loans in India or abroad :
- The documents should be executed by the student and the parents/ guardian as joint- borrower. If the student is a minor, the documents will be signed by the guardian/ parents acting 'for self' as well as 'for and on behalf of the minor,
FOLLOW-UP To remain in contact with College/University authorities for progress report of loanee students at regular intervals.
INSURANCE Obtention of a life insurance policy on the life of the student for an amount equivalent to the loan is Mandatory.
Prepared by : Arvind Paranjape, M.Sc., CAIIB [email protected] 9425067026
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