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EDUCATION LOAN – STUDY IN INDIA/ABROAD/NRI STUDENTS  SPECIAL SCHEME FOR TIER II MANAGEMENT & TECHNICAL INSTITUTES

Features

ELIGIBILITY
  • Students who secure admission in the following institutes for flagship undergraduate / postgraduate course for the academic year 2020-21 only:

Course

Institute

  • B.Tech / BE
  • Vellore Institute of Technology (VIT), Vellore
  • Birla Institute of Technology & Sciences (BITs) at Pilani, Goa, Ranchi, Dubai & Hyderabad
  • 4-years Undergraduate Course / 2-Years Post graduate Diploma Course in areas of Design, Management and Technology
  • National Institute of Fashion Technology (NIFT)
  • MBA (Full Time)
  • Faculty of Management Studies - University of Delhi (FMS), New Delhi
  • Department of Management Studies - IIT Delhi, New Delhi
  • Department of Management Studies - IIT Madras, Chennai
  • Symbiosis Institute of Business Management (SIBM), Pune)
  • Institute of Management - Nirma University, Ahmedabad (NIRMA)
  • Symbiosis Center for Management & Human Resources Development (SCMHRD), Pune
  • Vinod Gupta School of Management - IIT Kharagpur, Kharagpur
  • Industrial and Management Engineering - IIT Kanpur, Kanpur
  • MBA-IB
  • Indian Institute of Foreign Trade (IIFT), New Delhi & Kolkata
  • PGDIE, PGDIM
  • PGDISEM, PGDITM
  • National Institute of Industrial Engineering (NITIE), Mumbai
  • MMS
  • Jamnalal Bajaj Institute of Management Studies (JBIMS), Mumbai
  • Flagship MBA only
  • Narsee Monjee Institute of Management Studies (NMIMS), Mumbai
  • Master of Management
  • Shailesh J Mehta School of Management - IIT Bombay, Mumbai
  • M.A. in HR Management & Labour Relations only
  • Tata Institute of Social Sciences (TISS), Mumbai
  • PGDM / MMS
  • Welingkar Institute of Management Development and Research, Mumbai
  • MMS
  • PGDBM
  • Sydenham Institute of Management Studies, Research and Entrepreneurship Education (SIMSREE), Mumbai
  • PGDM
  • MMS
  • KJ Somaiya Institute of Management Studies and Research (KJSIMSR), Mumbai
  • Xavier's Institute of Management Bhubaneswar (XIMB)
  • MBA – BM (Business Management)
  • Xavier School of Human Resource Management (XSHRM)
  • MBA – HR
  • Xavier School of Rural Management (XSRM)
  • MBA - RM
  • Mudra Institute of Communication Ahmedabad (MICA)
  • PGDM - C only
  • MBA – BFSI
  • BBA – BFSI
  • BBA Retail
  • B. Tech – CSIT
  • B. Tech – Mechatronics
  • B. Tech - Automobile
  • Symbiosis University of Applied Sciences, Indore
  • TA Pai Management Institute (TAPMI) Manipal
  • PGDM
  • Institute of Rural Management Anand (IRMA)
  • Programme in Rural Management
  • Goa Institute of Management (GIM), Goa
  • PGDM only
  • Indian Institute of Forest Management (IIFM), Bhopal
  • Post Graduate Diploma in Forestry Management (PGDFM)
  • Xavier Institute of Social Services, Ranchi
  • PGDM (Full Time)
  • Indian Institute of Engineering, Science & Technology, Shibpur - Howrah
  • B. Tech
  • B. Arch

Note: The scheme does not cover executive courses / programmes at the above institutes.

CO-APPLICANT/GUARANTOR
  • The parent(s) of the student has to compulsorily join in as co-applicant.
  • In case of a married person, co-applicant can be spouse/parent(s)/parent(s)-in-law.
  • In cases where both the parents are not alive, close relative or guardian to be taken as co-applicant.
QUANTUM
  • Maximum quantum of loan up to Rs.12 Lakh.
EXPENSES CONSIDERED
  • Tuition fees, cost of books, caution deposit, hostel charges, mess charges, equipment such as desktop/laptop, living expenses, insurance premium, expense for student exchange programme, admission acceptance fee etc.

Note:

  • Student to deposit the caution deposit money in the loan account immediately on refund from the institute. An undertaking to be obtained from the student in this respect.
  • Laptop/desktop cost can be reimbursed to the student if it is purchased for the purpose of study at these institutes.
SPECIAL FEATURES
  • Reimbursement of admission acceptance fee (AAF) and 1st term fee if paid by the student from the own sources.
  • The student-exchange programme expenses viz. tuition fee payable at the institute abroad along with lodging & boarding expenses, travel expenses for passage abroad and living expenses included.

Note: All the above facilities are permitted within maximum proposed limit of Rs.12.00 lakh

MARGIN I.E. YOUR SHARE
  • Nil for loan up to Rs.4 lacs
  • 5% for loan above Rs.4.00 lacs and up to 12.00 Lacs
REPAYMENT TENURE
  • The maximum repayment tenure will be 15 years (excluding moratorium).
  • Moratorium of Course period + 1 year.
  • The accrued interest during the moratorium period (if not serviced) will be added to the principal amount while calculating Equated Monthly Installments (EMI) for repayment.
RATE OF INTEREST
  • Please click here to know our latest interest rates
  • Attractive rate of interest of EBLR + 1.75% (floating) for male students and EBLR + 1.25% (floating) for Female / SC / ST / Minority students
  • EBLR prevailing on the date of disbursement (whether partial or full) shall be applicable
SECURITY
  • The security required is as mentioned below:

Quantum of loan

Security

Up to Rs.4 Lakh

  • No security required, if the loan is covered under CGFSEL.

Above Rs.4 Lakh & up to Rs.7.50 Lakh

Above Rs.7.50 Lakh

  • Tangible collateral security of minimum value equivalent to the loan amount and interest accumulation during course & moratorium period, acceptable to the bank**
PROCESSING FEES
  • Nil
INSURANCE
  • Life insurance of the student is mandatory to the tune of the loan amount.
OTHER CONDITIONS
  • Loan would be disbursed directly to the institute.
**Conditions apply.
**Contact our nearest branch for further details**

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