Shaurya Education Loan - Personal Banking

ELIGIBILITY:

Co-borrower Requirement

• Serving or retired Defence / Indian Coast Guard / Central Armed Police Force Personnel, maintaining DSP / ICGSP / CAPSP salary or pension account, with our Bank will be co-borrower in loan of their wards or spouse.

• Co-borrower is not required in-case of loan of Serving or retired Defence / Indian Coast Guard / Central Armed Police Force Personnel, maintaining DSP / ICGSP / CAPSP salary or pension account, with our Bank."

COURSES ELIGIBLE:

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 CONSIDERED FOR LOAN:

• Fee payable to college/school/hostel
• Hoarding & lodging/ Examination/Library/Laboratory fee
• Travel expenses/passage money for studies abroad.
• Purchase of books/equipments/instruments/uniforms/ computer at reasonable cost, if required for course completion and any other expense required to complete the course– like study tours, project work, thesis, etc. considered for loan should be capped at 20% of the full amount of total tuition fee payable by the students who do not get any concessions/ remissions.
• Caution deposit /building fund/refundable deposit supported by Institution bills/receipts the amount considered for loan should not exceed 10% of the tuition fees for the entire course.
• In case of Doctorate Programmes (Ph.D.) courses in India/ Abroad, the quantum of finance for such courses should be arrived at after factoring in the Scholarship/ Fellowship/ Honorarium etc., available to the student.
• Amount of insurance premium would be part of the Loan amount if the borrowers opt for it.
• For courses under Management Quota seats considered under the scheme, fees as approved by the State Government/Government approved regulatory body for payment seats will be taken

  SECURITY:

In case of secured loans:

• Liquid collateral security- 100% of Loan amount, or
• Property as collateral security- 110% of loan amount
•  6 months grace period provided to create mortgage of property offered as security with Bank.

MORATORIOUM:

• Studies In India- Course period + 1 year
• Studies Abroad- Course period + 6 months

Checklist for Education Loan