· Students who have got admission into a college approved by AICTE, UGC or any other recognized Statutory Body under Management Quota without undergoing any test or Interview but have secured minimum cut off marks of 65% in the plus two or its equivalent examination approved by Govt. of India / respective State Governments.
· Should be an Indian National
· Should have secured admission to professional/technical courses in India or abroad
Purpose Loan is made available for Graduation/Post graduation/Diploma/Computer education in any recognized State/Central Government/University, professional courses including Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, courses like ICWA, CA, CFA, etc., courses conducted by IIM, IISC, XLRI, NIFT etc, courses offered in India by reputed foreign universities/Evening courses of approved institutes, regular degree/ diploma courses like Aeronautical , Pilot training , shipping etc approved by Director General of Civil Aviation/ shipping if the course is pursued in India. In case the course is pursued abroad, the institute should be recognized by the competent local aviation/ shipping authority. For studies abroad, loans will be made available only for Graduation and Post Graduation Courses offered by Reputed Universities and not for diplomasQuantum of loanMaximum of Rs. 30.00 lakhs for studying in India and Rs. 40.00 lakhs for studying abroad.Rate of Interest Please click Retail credit interest rates
· 25% for all the loans under the Scheme irrespective of the loan amount
· Co obligation of parents together with tangible collateral security .Collateral security in the form of NSC /KVP/ LIC Policy/ Immovable properties/ Bank Deposits in the name of student/Parent/Guardian or any other third party with suitable margin. Wherever the land/ building is already mortgaged the unencumbered portion can be taken as security on second charge basis provided it covers the required loan amount.
6 months after getting the job or 12 months after completion of the course whichever is earlier.
· For loans upto 7.5 lakhs – up to 10 years*
· For loans above 7.5 lakhs – up to 15 years*
· *including Holiday/Moratorium Period
Other Conditions :
For prompt servicing of interest for all months during the study period when repayment holiday is specified for interest / repayment under the scheme, an interest rebate @1.00 % is allowed.
No interest Subsidy Download the application Please Click here forEducational Loan Application
Save it on your computer, print it out and send it to the nearest/convenient I.O.B. branch for processing.