The scheme extends a helping hand to meritorious students desirous of pursuing basic/higher/professional/technical education either in India or abroad. If a student applies for a loan, the parents will be considered as co-borrowers with their dependant ward.

Eligibility

• Applicant must have secured admission to professional/technical course through Entrance Test/Selection Process.
• Secured admission to foreign University / Institution.
• No maximum or minimum income is prescribed for parents/family.
• 18 to 25 years for graduation course – may be extended from 28-30 years for general and SC/ST candidates respectively.
• 21 to 28 years for post-graduation course etc. – may be extended from 30 -33 years for general & SC/ST candidates respectively.

Courses Eligible

Studies Abroad

• Graduation : Job oriented professional / technical courses offered by reputed Universities.
• Post Graduation : MCA, MBA, MS, etc.
• Courses conducted by CIMA – London, CPA in U.S.A., etc.

Studies in India

• School education including plus 2 stage.
• Graduation courses leading to degrees like B.A., B.Sc., B.Com. etc.
• Post Graduate courses leading to Masters degrees as also Ph.D.
• Professional courses in Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc.
• Computer Certificate courses of reputed institutes accredited to Universities or DoE.
• Courses like ICWA, CA, CFA, etc.

Maximum Amount of Loan

• Studies Abroad : Maximum Rs. 20.00 Lac.
• Studies in India : Maximum Rs. 10.00 Lac

Expenses Covered by the Loan
The loan amount under the scheme would be for meeting the following expenses :

• Course Fees
• Hostel/Boarding Fees including caution deposit/building fund etc.
• Books, Stationery & Equipment required for the course, including Computers.
• Examination/Library/Laboratory fees.
• Travel Expenses/Passage for studies abroad.

Security

• Upto Rs.4.00 lacs – No security
• Above Rs.4.00 lacs – Collateral securities by way of suitable 3rd party guarantee or tangible security equivalent to loan amount.

Rate of Interest

• Upto Rs.4 lacs : 10.50%
• Above Rs.4 lacs : 11.25%

Repayment
The loan will be repaid in 5-7 years after commencement of repayment. There will be moratorium for repayment during "the course period +1 year or 6 months after getting job, which ever is earlier". 1% interest concession may be provided, if the interest is serviced during moratorium period.