Eligibility

Any student who is having consistently good academic record.Course of Study
Graduation/Post Graduation/Diploma/Computer education. The course/institution should be a recognized one by State/Central Govt/University.

Purpose of Loan

Need based request for payment of tuition fee, hostel fee, cost of books, exam fee and airfare

Quantum of Advance

Maximum up to Rs. 2 lacs for inland study and Rs. 6 Lacs for study abroad

Rate of Interest

The interest rate on the loan is subject to change from time without prior notice. However, the Present Interest Rate is as follows:-
Up to Rs 2 lacs PLR(at the time of availment of loan)
Above Rs. 2 Lacs PLR+1(at the time of availment of loan)

Margin

10-25% Scholarship if any can be reckoned as margin.

Security

For loans up to Rs. 1 LacsPersonal guarantee of parent.

Third party guarantee

Assignment of LIC policy with profit in the name of the application equivalent to the loan amount.
For loans above Rs. 1 Lacs Personal guarantee of parent.
Collateral Security in the form of NSC/LIC Policy or immovable property Holiday Period Duration of course plus six months
Repayment Period 60 Monthly installment excluding holiday period