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Education Loan Details of Banks
#1


Greetings everyone,

Now students are getting read to rock in College i guess. Few students are taught to get Education Loan from Bank so for the students V+ dedicates this thread.
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Already, V+ gave you thread "Documents needed for Education Loan" (LINK).
Now am gonna share some Bank details:


1.Canara Bank education loan Scheme

Nature of Course / Study:
Financial assistance to needy and meritorious Indian students for pursuing studies from High School onwards including graduation, technical and professional courses.
Loans are also provided for study abroad for job oriented courses at degree level and advanced studies in all areas for post-graduation.
Purpose of loan :
For payment of fees to school/college and for purchase of books, hostel fees, examination fees, etc.
Eligibility Conditions:
  • Need based finance is permitted within a maximum of Rs.7.50 lakhs for inland study and Rs.15 lakhs for study abroad.
  • Institutions offering courses should have approval of Central Govt. & State Govt./University affiliation/Autonomous Institutes/AICTE/DOEACC.
Margin :
Up to Rs.4.00 Lacs 
Nil for both inland and Foreign Studies 
Above Rs.4.00 Lacs 
5% for inland studies 15% for studies abroad

Rate of Interest:
(As on 20th June 2001)
(Subject to changes as advised by Bank/RBI from time to time)
1. Student satisfying DRI norms (Irrespective of quantum of loan) 
(DRI:annual income less than Rs 7200 p.a) 4.00% 
2. Others - Upto Rs.4 lakhs - Above Rs.4 lakhs 11.75% 12.75%

Disbursement:
Directly to University/College/Hostel/book supplier/ etc.

Security:
  • Loans up to Rs.4.00 lacs  Joint documentation with parents/guardian.
  • Loans above Rs.4.00Lacs Collateral security of suitable value or Co-obligation of Third Party having required networth with Assignment of future income of the student. 
Repayment Conditions:
  • To be repaid in 5 to 7 years.
  • Initial repayment holiday of One year both for principal & interest from the date of completion of course or six months of getting a job whichever is earlier.
  • Interest will be debited quarterly on simple basis during the repayment holiday/moratorium period. After commencement of repayment, the accrued interest is added to the principal amount and EMIs fixed on total outstanding amount.
  • Penal Interest @ 2% will be charged for above 2.00 Lacs for the overdue amount and overdue period.
Credit Delivery:
The loan can be availed from the branch nearest to the place of permanent domicile.
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2.Syndicate Bank Education Loan Scheme:

Courses Eligible:
Students in India:
  • Approved courses leading to graduate/ post graduate degree and PG diploma conducted by recognized colleges/ universities recognized by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc.
  • Courses like ICWA, CA, CFA etc.
  • Courses conducted by IIMs, IITs, IISc, XLRI. NIFT, NID etc.
  • Regular Degree/Diploma courses like Aeronautical, pilot training, shipping etc., approved by Director General of Civil Aviation/Shipping, if the course is pursued in India.
  • Approved courses offered in India by reputed foreign universities.
  • Other courses leading to diploma/ degree etc. conducted by colleges/ universities approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc
  • Courses offered by National Institutes and other reputed private institutions. Banks may have the system of appraising other institution courses depending on future prospects/recognition by user institutions.
  • Courses, which are not covered under the criteria, mentioned above, CMD/ED may take a view to consider extending Education loan under the scheme taking into account the future prospects/recognition by user institution.
  • Teacher training course/Nursing course/B.Ed are eligible for education loan, provided the training institutions are approved either by the Central Government or by the State Government and such courses should lead to Degree or Diploma course and not to certification course.
Studies abroad:
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.
Degree/diploma courses like aeronautical, pilot training, shipping etc provided, these are recognized by competent regulatory bodies in India/abroad for the purpose of employment in India/abroad.

Student eligibility:
The student should be an Indian National/NRI
Should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test/ Merit Based Selection process after completion of HSC(10 plus 2 or equivalent).
However, entrance test or selection purely based on marks obtained in qualifying examination may not be the criterion for admission to some of the post graduate courses or research programmes. In such cases, banks will have to adopt appropriate criteria based on employability and reputation of the institution concerned. 

Quantum of Finance:
Need based finance subject to repaying capacity of the parents/ students with margin and the following ceilings.
Studies in India            -           Maximum Rs.10.00 lakh
Studies abroad             -           Maximum Rs.20.00 lakh

Margin amount (to be brought in by the student/parent):
Upto Rs.4 lakh  : Nil
Above Rs 4 lakh            : Studies in India - 5%
Studies abroad             : 15%

Security:
  • Upto Rs.4 lakh: parents to be joint borrowers. No security. 
  • Above Rs.4 lakh upto Rs.7.50 lakh: Besides the parent(s) executing the documents as joint borrowers, collateral security in the form of suitable third party guarantee acceptable to the Bank will be taken.
  • Above Rs.7.50 lakh: Parent(s) to be joint borrower(s) tangible collateral security of suitable value along with assignment of future income of student. The security can be in the form of land/building/Govt. Securities/Public Sector Bonds/Units of UTI, NSC, and KV, Life Policy, Gold, Shares/Mutual Fund Units/Debentures, Bank deposit etc.
Rate of Interest:
Loan Amount             Interest rate
Upto Rs.4.00 lakhs      Base Rate + 2.25%
Above Rs.4.00 lakhs    Base Rate + 2.75%
te of the Bank at monthly compounding.

Concessional rate of interest:
  • Girl students and students belonging to SC/ST category are eligible for concession of 0.50% per annum on the above rates.
  • The girl students under SC/ST category are eligible for a further concession of 0.25% on the above rates (Total concession 0.75%)
  • Simple interest would be charged during the repayment holiday /moratorium period.
Repayment:
Repayment holiday / moratorium: Course period + 1 year or 6 months after getting job, whichever is earlier.
For loans up to `7.50 lakhs  upto 10 years
For loans above `7.50lakhs  upto 15 years
 Processing & Documentation Charges:
No processing charges and Documentation charges.
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For queries or any doubt feel free to ask Vidyarthiplus. V+ is always ready to serve students.

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