A) EDUCATION LOAN SCHEME -SARASWATI
- 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.
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:
- Fee payable to collage/school/hostel
- Examination/Library/ Laboratory fee
- Travel expenses/passage money for studies abroad.
- Insurance Premium for student borrower if applicable
- Caution deposit, Building Fund/ Refundable security.
- Purchase of Books/equipments/instruments/uniforms.
- Purchases of computer
- any other expenses required to complete the courses like study tour, project work, thesis etc.
- 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.
B) EDUCATION LOAN SCHEME –PRATIBHA
- 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