RBI LIC. NO.: 04/01/1975 No. 52 P Registration NO.: 03/08/1972 No. 1557 Y

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RBI LIC. NO.: 04/01/1975 No. 52 P Registration NO.: 03/08/1972 No. 1557 Y

Rupay-Offers Account Login

Education Loan

Purpose
  • For pursuing higher studies, in India & Abroad
Who are eligible
  • Student should be an Indian National having secured admission to Professional / Technical courses through entrance test / selection process. Age: 16-35 years. The Father / Guardian shall be the Principal Borrower and Major Student shall be the Co-borrower. Minor student shall become co-borrower on attaining maturity.
Nature of Facility
  • Term Loan
Calculation of Eligible Loan Amount
  • For payment of Tution fees, Hostel fees, caution deposit, refundable deposit, admission, examination, library, laboratory, cost of books, equipments, uniforms, computer, if necessary. One-way air passage in case of studies abroad. Reimbursement of admission fees, cost of books, airfare etc., if already incurred, within 2 month for studies in India and 3 months for abroad.
Margin
  • Loan Amount up to Rs.4 Lac:- NIL
  • Loan amount above Rs.4 Lac – In India :- 5%
  • Loan amount above Rs.4 Lac – In Abroad :- 15%
Disbursement
  • Payment directly to college / hostel / mess / airlines etc. In appropriate cases disbursement to be made to borrowers subject to satisfactory evidence. Original receipts to be submitted.
Security
  • Up to Rs.5 Lac:
    1. Third Party Guarantee to the satisfaction of the Bank
    2. Co-obligation of parents/ guardians
    3. Assignment of future income of the student for payment of installments
  • Above Rs.5 Lac:
    1. Collateral security of suitable value to the satisfaction of the Bank
    2. Third party Guarantee to the satisfaction of the Bank
    3. Co-obligation of parents/ guardians
    4. Assignment of future income of the student for payment of installments
Repayment
  • Repayment to commence 12 months after completion of course / studies or 6 months after securing job, whichever is earlier. Maximum period of repayment of loan shall be 5 to 10 years. Repayment on EMI basis
Important Note:
  • Assignment of LIC Policy of Loan amount in the name of the student in all loan accounts.