Azadi ka Amrit Mahatsav

Maha Scholar Education Loan Scheme

Sr. No

Particulars

Scheme guidelines

1

Purpose

  • To provide financial assistance/ support to meritorious student for pursuing higher studies /education in courses conducted by the Premier Educational Institutions in India as a differentiated products as an offerings for the premier institutions and to tap the available opportunities under the segment and focus on tie up with premier institutions to have continuous flow of business in the retail portfolio.

2

Student Eligibility

Student Eligibility

  • Should be an Indian national.
  • Secured admission in Regular full time Degree /Diploma courses of Premium Institutes covered as per category A, B & C

3

    Quantum of Loan

    Maximum Loan Amount

    Category of the Institutions

    Maximum Loan Amount

    With tangible 100%

    collateral security of full

    value of the Loan amount

    Without any tangible collateral

    List A

    Rs 80.00 Lakhs

    Rs 40.00 Lakhs

    List B

    Rs.80.00 Lakhs

    Rs.35.00 Lakhs

    For all Medical College classified in Category B

    Rs 15.00 Lakhs

    For National Insurance Academy, Pune

    Rs.20.00 Lakhs

    For all Other Institutions classified in Category B

    List C

    Rs.80.00 Lakhs

    Rs 20.00 Lakhs

    For all Medical College classified in Category C

    Rs 7.5 Lakhs

    For all other institutions classified in Category C

    4

      Courses eligible

      • Regular full-time Degree/ Diploma courses offered by Premier Institutes eligible under the scheme, admission in which is obtained through an Entrance Test/Selection Process as prescribed by the Institute would be allowed.
      • Executive Management Courses like PGPX EPGP of all IIMs and other reputed institutions like XLRI-Jamshedpur, MDI and ISB Hyderabad.
      • Part-time Graduate/Post Graduate Degree & PG Diploma/Certificate Courses for Working Professionals, being run by Premier Institutions, classified under Category A in Management Courses

      5

      Expense covered

      • Fee payable to college / school / Institute / University/Hostel.
      • Examination / Library / Laboratory fee.
      • Purchase of Books / Instruments / Equipments / Uniforms
      • Personal Computer / Laptop wherever required at reasonable cost.
      • Caution Deposit, Building Fund / Refundable deposit (supported by Institutional Bills / Receipts), subject to condition that the amount does not exceed 10% of the total tuition fees for the entire course.
      • Insurance premium for student borrower.

      6

      Margin

      • Education Loan to Students of Premier Institutions A- NIL
      • 5 % for Institutions specified in List B &C.

      7

      Insurance

      • All proposed borrower will be covered under “Group / Life Insurance Cover Scheme” upto the O/s Loan amount to mitigate the risk in case of Accidental/ Natural or Permissible death under the policy with the clause to settle the Bank’s dues first

      8

      Repayment period

      • Repayment holiday / Moratorium - Course period + 1 year (Uniform 1 year moratorium for repayment after completion of studies in all cases)
      • Repayment Period- 180 months (excluding moratorium)

      9

      Processing Fee

      NIL

      10

      Concession in Rate of Interest

      • 0.10% Concession to Girl Student

      1. Part-time Graduate/Post Graduate Degree & PG Diploma/Certificate Courses for Working Professionals being run by Premier Institutions classified under Category A in Management Courses

      Parameter

       Details

      Eligibility Criteria

      Applicant should have completed minimum 12 months service.

      • Occupation – Salaried & Self Employed professional (Doctors , Architect, Advocates, Charted accountants)
      • Maximum Age = 50 years
      • Should be gainfully employed and would continue to be in gainful employment during study.

      Courses to be covered

      All Part-time Graduate/Post Graduate Degree and PG Diploma/Certificate Courses being run by Premier Institutions classified under Category A in Management Courses.

      Maximum Loan amount

      Rs 30.00 Lakh

      Course Duration

      Should be minimum of 1 year

      Deduction norms

      65% of the Gross Monthly income.

      • In case of Salaried Persons, Salary Slip of Last drawn Salary should be considered.
      • In case of Self Employed, Latest ITR should be considered.

      Moratorium

      Course period + 3 months

      Repayment period

      For Salaried -15 years or superannuation whichever is earlier including moratorium.

      For Self Employed Professionals – 15 Years including moratorium.

      Servicing

      of interest

      Servicing of interest during the moratorium period is compulsory / Mandatory.

      Security

      • No Security. As per our existing guidelines for full-time courses under Maha Scholar Loan Scheme for Category A.
      • Assignment of existing / future income of the applicant.

      All other terms & conditions as applicable to full-time courses under Maha Scholar Loan Scheme.

      1. Post Graduate Degree & PG Diploma Courses for MBBS doctors being offered by Medical colleges in India.

      Parameter

       Details

      Eligibility Criteria

      • Applicant should complete MBBS course from any MCI (Medical Council of India) Approved Medical College in India.
      • Maximum Age = 45 years.

      Courses to be covered

      • Post Graduate Degree and PG Diploma Courses being offered by Medical Institutions approved by Medical council of India.

      Maximum Loan amount

      • With tangible 100% collateral security of full value of the Loan amount - Rs 80.00 Lakh.

      • Without any tangible collateral - Rs 40.00 Lakh.

      Course Duration

      Should be minimum of 1 year

      Moratorium

      Course period + 6 months

      Repayment period

      15 Years excluding moratorium.

      All other terms & conditions as applicable to full-time courses under Maha Scholar Loan Scheme.