Educational Purpose - For Higher Education in India or aboard
Student + Parents / guardian as co-applicants
-Max Rs. 40.00 Lacs
-Studies in India - Rs. 10.00 Lacs
-Studies in Abroad - Rs. 20.00 Lacs
10% for both studies in India and Abroad
Maximum 84 Months including - moratorium period.
Duration of course + 6 months
3 Months after getting a job whichever is earlier
-Minimum one guarantors of age not more than 50 years.
-All the deductions including prosed EMI should not exceed 65% of Gross total income.
-Up to Rs. 2.00 Lacs - Clean
-Above Rs. 2.00 Lacs - Tangible security or immovable property-value to cover 100% of loan amount + single premium Insurance policy on the life of student of sum assured not less than loan amount for all students whether going abroad or not.
-(Single premium amount of the insurance policy single premium amount of the insurance policy can be considered as part of cost of education.)
-If Interest funded during the moratorium period then additional 1% to be charged.
-Subsidy as per the IBA guidelines available to students for studies in India.
-Students may also apply online on Vidya Lakshmi Portal developed by NSDL e-Governance Infrastructure Ltd.
To apply online on Vidya Lakshmi Portal click here