- To provide loan to eligible students for pursuing higher education in reputed engineering/Medical/Dental/Management/Law/Bio-technology/ colleges/institutions.
Who are eligible
- Students who are residing in the area of the operation of the Bank and have secured admission in any reputed professional/technical education institution/college through competitive examination or on merit.
- Maximum 80% of total expenditure to be incurred on tution fee & other fees to complete the proposed course (subject to maximum of Rs. 10.00 lacs) will be sanctioned. Student’s father/guardian will be made co-borrower.
- For loan upto Rs. 2.00 lakhs only third party guarantee of two persons will be required.
- For loan above Rs. 2.00 lakhs equitable mortgage of immovable property and third party guarantee of one person will be obtained.
- In 60 EMIs, which will start after six months from the date of completion of the course.
- Prior to that, periodical interest may be deposited by the father/guardian, if he/she so desires otherwise interest amount will be capitalised and accordingly EMI will be fixed.