Education loan



Education loan for Higher studies in India and Abroad. 


Student + Parents/Guardian as Co-applicant. 



Rate of Interest


9.75% p.a.

(0.50% concession for Girl Student)

In case of Option II, Funding of Interest, 1% additional interest will be charged



  MAXIMUM LOAN – 60 Lakhs (Under Non Priority Sector)

  MORATORIUM PERIOD - Duration of Course + 1 year or 6 months after getting a job whichever is


Repayment Period

Loan upto Rs. 20.00 Lakhs – Max. 7 Years

Loan Above Rs. 20.00 Lakhs – Max. 15 years including Moratorium Period


  • Processing charges 0.50%+ GST
  • Membership Rs.1500/-
  • Linking shares- Unsecured loan up to Rs.4 lakhs - 5% of Sanction Amount & for Secured Loans Above Rs.4 lakhs- Rs. 10,000/-
  • One guarantor having good net worth
  • 100% interest Subsidy (refund) during the moratorium period from Government if family income is less than Rs.4.50 Lacs p.a (subject to government approval)
  • Solvency Certificate 50% concession in bank charges
  • Zero Margin upto Rs. 4.00 Lakhs & 10% margin above Rs. 4.00 Lakhs 

List of basic documents:

  • Covering letter mentioning details of Course, College, details of expenses to be incurred, amount applied for, own contribution – evidence/ proofs of own contribution, Security offered, moratorium & repayment period required.
  • Offer letter from University/ College/ Institute stating therein details of course fees, Hostel fees, and other expenditure.
  • Passport Copy in case of studies abroad, identity proof.
  • Latest Academic mark sheet/ certificate.
  • PAN Card copies of applicant and co-applicants.
  • Address Proof of applicant, co-applicant and guarantors.
  • In case of studies in abroad – Form I 20/admission letter. 

Income Proof:

  • If Co-applicant & Guarantors are salaried persons- 3 months latest salary slips, Form No.16 and/or I.T. Return copies for last 3 years and Copies of Bank Statement for last 6 months where account is maintained.
  • If Co-applicant & Guarantors are Businessmen/Professionals- Copies of IT return for last 3 years along with Computation of Income, Balance Sheet and Profit & Loss Account and Copies of Bank Statement for last 6 months where account is maintained.


Upto Rs.4.00 Lakhs - “No Security Required”

Rs.4.00 Lakhs onwards depending upon loan amount and Moratorium Period

Immovable /Paper/Gold etc. can be securities 


  • Tuition, Examination/Library fees
  • Hostel /Private accommodation charges
  • PC/laptop ,Books, equipments, instruments, uniforms cost, etc
  • Other Expenses such as To and Fro fare, study tours, project work, thesis etc.
  • Single Premium Term Plan covering student’s life equivalent to Loan amount.
  • Caution Deposit, Building fund/refundable deposit, if any.

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