About Education Loan
Government of India
in consultation with Reserve Bank of India (RBI) and Indian Banker's
Association (IBA) has framed a Comprehensive Educational Loan Scheme to ensure
that no deserving student in the Country is deprived of higher education for
want of finances. The new scheme covers all type of courses in schools and
colleges in India
and abroad.
The Salient features of the scheme
are as under:
The scheme
envisages loans up to Rs.7.5 lakh for studies in India and
up to Rs. 15 lakh for studies abroad.
- The loans
are to be repaid over a period of 5 to 7 years with provision of grace
period of one year after completion of studies
Documents Required
- Completed Education Loan Application Form.
- Mark sheets of last qualifying examination
- Proof of admission scholarship, studentship etc
- Schedule of expenses for the specified course
- Two passport size photographs
- Borrower's bank account statement for the last six months
Brief statement of assets and liabilities of the
Co-borrower
|
Amount
|
Security
|
|
Upto Rs. 4 lacs
|
No Security
|
|
Rs. 4 lacs to Rs. 7.50 lacs
|
Third Party Guarantee
|
|
Above 7.50 Lacs
|
Tangible Collateral security for full value of loan
|