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Student loans from various banks in India are encouraging more and more students
to take up higher education despite their financial shortcomings. Many nationalized banks have come up with various educational loan schemes that students can benefit from.
Here, we have tried to list the name of banks and the details about various educational loans provided by them.
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Eligibility Criteria
1. Studies in India :
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- School education including plus 2 stage.
- Normal Graduation Courses - B.A., B.Com., B.Sc., Microbiology, etc.
- Post Graduation Course: Masters Courses, Ph.D., etc.
- Professional Courses: Engineering, Medical, Agriculture, Veterinary, Law,
Dental, Management (including Hotel Management), Computer/ Information
Technology, Journalism & Mass Communication, etc.
- Courses like: ICWA, CA, CFA, etc.
- Computer Certificate Courses of reputed Institutes accredited to Department
of Electronics or Institutes affiliated to University.
- Courses conducted in India by reputed Foreign Universities.
- Evening courses of approved institutes.
- Courses leading to diploma / degree etc. conducted by the Colleges/
Universities approved by UGC / Govt./ AICTE / AIBMS / ICMR etc.
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- Graduation: For job oriented professional / technical courses offered by reputed Universities.
- Post Graduation: MCA, MBA, MS, etc.
- Courses conducted by CIMA London, CPA in USA etc.
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Expenses considered for loan
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- Fees payable to college/school/hostel.
- Examination/Library/Laboratory fees.
- Purchase of Books/Equipment/Instruments.
- Travel Expenses/Passage money for studies abroad.
- Purchase of computers considered necessary for completion of course.
- Vehicle purchase.
- Project Work.
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Need based finance subject to repaying capacity of the parents/ students with following
ceilings :
Studies in India : Maximum Rs 10.00 lacks.
Studies
abroad : Maximum Rs.20.00 lacs. |
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- For loan upto Rs 4.00 lacs: NIL
- For loan above Rs 4.00 lacs:
(i) Studies in India: 5%
(ii) Studies abroad: 15%
- Scholarship / Assistantship to be included in Margin.
- Margin Money to be brought on year to year basis as and disbursements are made on a pro-rata basis.
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Repayment Holiday / Moratorium is Course Period + 1 year (in case job is not obtained) or 6 months after getting job, whichever is earlier.
Loan to be repaid within a maximum period of 7 years after commencement of repayment. |
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For loan upto Rs 4.00 lacs: No collateral security is required.
For loan above Rs 4.00 lacs and upto Rs 7.50 lacs: Satisfactory third party guarantee is required.
For loan above Rs 7.50 lacs:
(a) Collateral security of suitable value.
(b) Co-obligation of parents / guardian / third party alongwith assignment of future income of the student for payment of instalments.
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Actual expenses will be realized.
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a) The parent / guardian would become co-borrower with the students and application for education loan will also be signed by the parent / guardian alongwith the student while availing loan under Educational Loan Scheme.
b) Education Loan should be sanctioned through the branch situated close to the permanent residence / place of domicile of the borrower student.
c) Second time education loan is available for Higher studies / escalation of cost.
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- Completed Education Loan Application Form.
- Mark sheets of last qualifying examination.
- Proof of admission scholarship, studentship etc.
- Schedule of expenses for the specified course.
- 2 passport size photographs.
- Borrower's Bank account statement for the last six months.
- Income tax assessment order, of last 2 years.
- Brief statement of assets and liabilities, of the Co-borrower.
- Proof of Income (i.e. Salary slips/ Form 16 etc).
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Following are some of the premier banks of the country providing educational loans. Click on the banks to know the details :
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To enable the students for taking higher education, provided the student secures 60% marks in existing course. The second loan is to be availed only from the branch where the first educational loan has been sanctioned.
Loans disbursed directly to the educational institution. Loan to be released as per fee schedules of institutes.
Exclusive Telegraphic Transfer facility availaible for courses abroad.
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Courses Eligible- Higher Studies
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Diploma / Graduate / Post-graduate courses in the faculties of Engineering, Technology, Architecture, Medicine, Dental Science, Agricultural Science, Veterinary Science and Computer Certificate courses of reputed institutes accredited to department of
electronics or affiliated to university. |
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| Amount |
Security |
| Upto Rs. 4.00 lacs |
NIL |
| Above Rs. 4.00 lacs and upto Rs. 7.50 lacs |
Collateral in the form of a suitable 3rd party guarantee. |
| Above Rs. 7.50 lacs and upto Rs. 10.00 lacs |
Collateral security by way of immovable property or equal to the loan amount in the form of Government securities / NSCs / Units of UTI. |
| Guarantee of parents / guardians (in the case of minors, the parent / guardian will execute the documents on behalf of the minor and also in his capacity as co-borrower) / third party guarantee where sufficient collateral security is not available. |
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