ELIGIBILITY
- The student should be an Indian National and Secured admission in full time Post Graduate Courses in the Premium University Abroad through entrance examinations conducted by recognized universities / institutions or should have secured admission through any other approved authorities.
Security
Up to Rs.40.00 lakh for Category ‘A’: No collateral security or third-party guarantee to be taken, irrespective of the income / means of the guarantor.
FUp to Rs.150 lakh for Category ‘A’: Tangible collateral security of minimum value of 50% of total loan amount and Interestt accumulation during the course and moratorium period, acceptable to bank. Interest concession of 0.50% is available if collateral offered is 100% or more.
- The property offered as security should be in the name of borrower / co-borrower or other immediate family members or any in the name of 3rd party; can be taken as security, property owner must join in as co-applicant or offer personal guarantee.
- Residual age of the property must be more than 5 years of loan tenure.
- The security can be in the form of building/Govt. Securities / Public Sector Bonds/ Units of UTI, NSC, KVP, life policy, gold, and bank deposits in the name of the student / parent / guardian/other immediate family members (mother/ brother/sister/ spouse) or any other tangible security acceptable to the bank with suitable margin.
- In case of existing loan, other than mortgage loan, the value of the property as per banks approved valuer in excess of 150% of the loan outstanding (in the existing loan) can be considered towards collateral coverage of education loan.
- In case of mortgage loan, the existing guidelines of 200% to continue.
- In case the loan is given for creation of assets, e.g., purchase of computer / laptop the same is to be hypothecated to the bank.
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