Education loan for studies in India & Abroad
Posted: Saturday, August 16th, 2008 | Views: 25615
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Eligibility :  a) Studies in India: Graduation / Post-graduation including technical / professional courses with employment potential conducted by colleges / Universities approved by UGC / Govt./AICTE/Department of Electronics / IMC, autonomous institutions like IIT,IIM etc.
b) Studies abroad: Job oriented, technical / professional courses- (graduation / post graduation

Loan Details:

Coverage of expenses

* Payment of course fees
* Purchase of books, equipments, instruments, uniform
* Payment of hostel fees, examination fees, study tours
* Passage expenses (for studies abroad)

Quantum
Need based finance

* For studies in India : Max. Rs.7.50 lacs
* For studies abroad : Max Rs.15.00 lacs

Margin :

* Upto to Rs.4.00 lacs - Nil
* Above Rs.4.00 lacs
for studies in India : 5%
studies abroad : 15%

Security :
Loan is given jointly to the student and parent /guardian
Assignment of future income of the student

* Upto Rs.4.00 lacs - No security
* Above Rs.4.00 lacs upto Rs. 7.50 lacs - Satisfactory third party guarantee
* Above Rs. 7.50 lakhs: Collateral security equal to 100% of the loan amount.

Rate of Interest: As per bank rules

Repayment:

Commences one year after completion of the course or six months after getting employment, whichever is earlier.
Loan with interest is repayable in equated monthly instalments within 5 to 7 years.


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