Eligibility

• A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.

Courses Covered

Studies in India

• Graduation, Post-graduation including regular technical and professional Degree/Diploma courses conducted by colleges/universities approved by UGC/ AICTE/IMC/Govt. etc Regular Degree/ Diploma Courses conducted by autonomous institutions like IIT, IIM etc.
• Teacher training/ Nursing courses approved by Central government or the State Government
• Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. approved by Director General of Civil Aviation/Shipping/ concerned regulatory authority b. Studies abroad:
• Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities Courses conducted by CIMA (Chartered Institute of Management Accountants) - London, CPA (Certified Public Accountant) in USA etc.

Studies abroad

• Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities.
• Courses conducted by CIMA (Chartered Institute of Management Accountants) - London, CPA (Certified Public Accountant) in USA etc.

Expenses Covered

• Fees payable to college/school/hostel
• Examination/Library/Laboratory fees
• Purchase of Books/Equipment/Instruments/Uniforms, Purchase of computers- essential for completion of the course (maximum 20% of the total tuition fees payable for completion of the course).
• Caution Deposit/Building Fund/Refundable Deposit (maximum 10% of tuition fees for the entire course).
• Travel Expenses/Passage money for studies abroad.
• Cost of a Two-wheeler upto ₹ 50,000/-
• Any other expenses required to complete the course like study tours, project work etc.

Checklist of Documents to be submitted along-with duly filled Loan Application Form

• Mark sheet of 10th, 12th, Graduation (if applicable), Entrance Exam Result
• Proof of admission to course [ Offer Letter/ Admission Letter/ ID card if available]
• Schedule of expenses for course
• Copies of letter conferring scholarship, free-ship, etc.
• Gap certificate, if applicable (self-declaration from student for gap in studies)
• Passport size photographs of Student / Parent / Co-borrower / Guarantor (1copy each)
• Asset-Liability Statement of Co-applicant / Guarantor (Applicable for loans above Rs 7.50 lacs)
• For Salaried Persons
  • (a) Latest Salary Slip
  • (b) Form 16 OR latest IT Return (ITR V)

• For other than Salaried Person:

  • (a) Business address proof (if applicable)

  • (b) Latest IT Returns (if applicable)

• Bank Account Statement for the last six months of Parent / Guardian/ Guarantor
• Copy of Sale Deed and other documents of title to property in respect of immovable property offered as collateral security / Photocopy of Liquid Security offered as collateral
• Permanent Account Number (PAN) of Student / Parent / Co-borrower / Guarantor
• AADHAAR (mandatory, if eligible under various interest subsidy schemes of GOI)
• Passport (mandatory for Studies Abroad)
• Submission of OVD (refer to table below)