Education loan amount size:
Maximum amount of upto Rs.10,00,000 will be provided for the students studying in India and for the students studying in abroad the maximum amount of upto Rs.20,00,000 will be provided.
Advance amount to be paid:
Nothing till 4,00,000 Rs.
More than 4,00,000 Rs – students studying in India should pay 5% of the amount and students studying in abroad should pay 15% of the amount.
Upto Rs.4,00,000 : B.P.L.R., BR + 3.00%
More than 4,00,000 Rs: B.P.L.R., BR + 3.75%
B.P.L.R., Bank Prime Lending Rate
Way of repaying the loan:
One year after finishing the studies or right from 6th month after joining the job the repayment process is to be started. The loan amount is to be closed with 5 to 7 years.
No property guarantor is required till 4,00,000 Rs.
From 4,00,000 Rs till 7,50,000 Rs: Parents, student or the third party’s agreeing letter assuring the repayment of loan is required.