Educational Loans

Courses Eligible:
• Graduation & Post Graduation.
• Professional Courses (Engineering, Medical, Management, Agriculture).
• ICWA, CA, CFA etc.
• Courses conducted by IIM, IIT, IISC, NIFT etc.
• Courses offered by National Institutions.
• Studies abroad.
• The courses should be recognized by State/Central Govt. Institution offering the course also should be recognized by the appropriate authorities.
• Should be an Indian National
• Should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test/ Merit Based Selection process after completion of HSC (10 plus 2 or equivalent).
• Admissions under management quota shall be outside the scope of the Education Loan Scheme HPGB SARASWATI.
Loan Amount:
Need Based Finance, subject to the following ceilings:
Studies in India – Max. Rs.10 Lakh
Studies abroad – Max. Rs.20 Lakh
Eligible expenses for deciding the finance:

i) Fee payable to collage/school/hostel ii) Examination/Library/ Laboratory fee iii) Travel expenses/passage money for studies abroad. Iv) Insurance Premium for student borrower if applicable v) Caution deposit, Building Fund/ Refundable Purchase of Books/equipments/instruments/uniforms. vii) Purchases of computer viii) any other expenses required to complete the courses like study tour, project work, thesis etc. Ix) Scholarships, fee waiver etc if any available may be taken into account while computing loan

Up to Rs. 4 Lakh – NIL
Above Rs. 4 Lakh – Studies in India – 5%
Studies abroad – 15%

• Scholarship/ assistantship be included in margin.
• Margin may be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis.

• Up to Rs. 4 Lakh: Parent(s)/guardian be made joint borrower (s). No Security.
• Above Rs. 4 Lakh and upto Rs. 7.5 Lakh:
Besides the parent(s)/guardian executing the documents as joint borrower(s), collateral security in the form of suitable third party guarantee be taken.
• Above Rs.7.5 Lakh::
Parent(s)/guardian be joint borrower(s).Tangible collateral security of suitable value acceptable to Bank along with the assignment of future income of the student for payment of installments.
Repayment: Repayment of loan will be in equated monthly installment (EMIs) for period as under.
• For Loan up to Rs. 7.50 Lakh -Up to 10 years.
• For loans above Rs. 7.50 Lakh -Up to 15 years
• Repayment Holiday: Course period+ 1 year or Six month after getting job whichever is earlier.
• Should be an Indian National
• Should have secured admission in Regular full time Decree/Diploma course of Premium Institution.
Quantum of finance:

Need Based Finance, subject to repaying capacity of parents/student the following ceilings:
Studies in India –
• Max. Rs. 20 Lakh As per list at Annexure (a) 10 institutes
• Max. Rs. 15 Lakh As per list at Annexure (b) 71 institutes
• Max. Rs. 10 Lakh As per list at annexure (c ) 81 Institutes

• Co-Obligation of parents/guardian as Joint Co-borrower

• No collateral security to be obtained.

• The student borrower to be offered Optional Life Insurance Cover
• For loans (Repayable in 3 yrs & above)
Up to Rs. 20 Lakh. : As per Banks guidelines
• For loans (Repayable in less than 3 yrs)
Up to Rs. 20 Lakh: As per Banks guidelines