`PUPGB Saraswati` Education Loan Scheme For Students Pursuing Higher Education In India.
Objective
To provide financial support to meritorious students for pursuing higher education in India.
Students Who Secure Admission In Institutes As Under
- Approved courses leading to Graduate/ Post Graduate degree and PG Diplomas 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 Nursing or any other discipline approved by Director General of Civil Aviation/Shipping/ Indian Nursing Council or any other regulatory body as the case may be.
- Advance Diploma in Banking Technology offered by PNB IIT Lucknow.
- Approved courses offered in India by reputed foreign universities.
- Research Programmes recognized by designated academic authority/ regulatory body.
Purpose
Fee payable to college/ school/ hostel
Examination/ Library/ Laboratory fee.
Insurance premium for student borrower, if applicable.
Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts.
Purchase of books/ equipments/ instruments/ uniforms.
Purchase of computer at reasonable cost, if required for completion of the course.
Any other expense required to complete the course - like study tours, project work, thesis, etc.
Eligibility
Should be an Indian national.
Should have secured admission to a higher education course in recognized institutions in India through Entrance Test/ Merit Based Selection process after completion of HSC(10 plus 2 or equivalent).
Cases of Management Quota may be considered on merit basis;
Quantum Of Finance
Need based Finance subject to repaying capacity of the parents/students ( after completion of course) ;.
Reimbursem*nt of fees paid within six months may be permitted on individual merits of the case.
Margin
Up to Rs. 4 lac - NIL
Above Rs. 4 lac - 5%
Scholarship/ assistantship may be considered in margin.
Margin may be brought-in on year-to-year basis as and when disbursem*nts are made on a pro-rata basis.
Security
Upto Rs.4.0 lacs: Parent(s)/guardian be made joint borrower (s)
Upto Rs. 7.50 lacs: Parent(s)/guardian be made joint borrower (s). No tangible Security and /or 3rd party guarantee is required.
Above Rs.7.50 lacs: Parent(s)/guardian be joint borrower(s).Tangible collateral security of suitable value acceptable to bank.
Repayment (Maximum)
Maximum upto 15 years
Repayment Holiday/ Moratorium
Course period + 1 year
Prepayment Charges
NIL
Rate Of Interest
11.0% -13.0% (Terms and Conditions follows)
Processing Charges/ Upfront Fee
Nil
Documentation Charges
For loan upto Rs. 4 lacs- Rs. 270/-
For loan over Rs. 4 lacs- Rs. 450/-
Education Loan Scheme For Students Pursuing Higher Education Abroad
Objective
To provide financial support to meritorious students for pursuing higher education abroad.
Students Who Secure Admission In COURSES As Under
- 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 abroad for the purpose of employment in abroad.
- List of Premier Foreign Universities and Educational Institutes is available at branches.
Education loan to students for pursuing Diploma & Certificate courses other than aeronautical, pilot training, shipping etc from abroad, may be considered, where the loan is backed by liquid security valuing 125% of loan amount in the shape of FDRs/ NSCs/ surrender value of Life Insurance Policies along with establishing the financial credentials of family members (either joint borrower or guarantor) subject to the condition that the said course(s) is recognized/ accredited one.
Purpose
- Fee payable to college/ school/ hostel.
- Examination/ Library/ Laboratory fee.
- Travel expenses/ passage money for studies abroad.
- Life Insurance premium for student borrower, if applicable.
- Caution deposit, Building fund/refundable deposit supported by Institution bills/ receipts.
- Purchase of books/ equipments/ instruments/ uniforms.
- Purchase of computer at reasonable cost, if required for completion of the course.
- Any other expense required to complete the course - like study tours, project work, thesis, etc.
Eligibility
- Should be an Indian national.
- Should have secured admission to a higher education course in recognized institutions Abroad through Entrance Test/ Merit Based Selection process after completion of HSC(10 plus 2 or Equivalent).
Quantum Of Finance
- Need based Finance subject to repaying capacity of the parents/students with margin.
- Reimbursem*nt of fees paid within six months may be considered on individual merits of the case.
Margin
- Up to Rs. 4 lac - NIL
- Above Rs. 4 lac - 15%
- Scholarship/ assistantship be included in margin.
- Margin may be brought-in on year-to-year basis as and when disbursem*nts are made on a pro-rata basis.
Security
Upto Rs.4.0 lacs: Parent(s)/guardian be made joint borrower (s)
- Upto Rs. 7.50 lacs: Parent(s)/guardian be made joint borrower (s). No tangible Security and /or 3rd party guarantee is required.
- Above Rs.7.50 lacs: Parent(s)/guardian be joint borrower(s).Tangible collateral security of suitable value acceptable to bank.
Repayment
- maximum upto 15 years
Repayment Holiday/Moratorium
Course period + 1 year
Prepayment Charges
Nil
Rate Of Interest
11.0% -13.0% (Terms and Conditions follows)
Processing Charges/ Upfront Fee
Upfront fee @ 1% with a minimum of Rs.10,000/- be recovered which shall be refunded after first disbursem*nt has been made in the Account towards fee/ other expenses sanctioned for Education loan ensuring that the student has taken admission and joined the institute.
Documentation Charges
For loan upto Rs. 4 lacs- Rs. 270/-
For loan over Rs. 4 lacs- Rs. 450/-
Above are only salient features of the scheme. For details please contact nearest branch
