Education Loan
To help deserving, needy and poor students for pursuing higher education, the Reserve Bank of India had designed an educational loan schemes to help the students. The loan scheme is based on the principle that no student should be denied higher education because of his / her economic status. The education loan scheme will be implemented through all the public and scheduled banks.
Eligibility:
You should have secured admission to professional / technical course.
Maximum Loan:
Study in India – 10,0000/- Lakh
Expense Include:
tuition fee, exam fee, University fee, transportation, lab, library, books study tour, caution deposit, project works, hostel, purchase of equipment, instruments, uniforms, computer, building fund etc.
Margin:
Up to 4,00,000/- lakh - Nil. There is no security for the loan up to 4 lakhs.
Collateral security:
Up to 4,00,000/- lakh - Nil.
4, 00,000/- - 7, 50,000/- lakh - Satisfactory third party guarantee.
Above 7, 50,000/- lakh Collateral security of suitable value along with assignment of future income of the student.
Re-payment:
The commence one year after completion of course or six months after getting job in 5 - 7 years. Bank may allow 1 % reduction in interest if interest is repaid every year.
Insurance cover:
Insurance policies are also available for the life of the borrowers at a low premium. Our consultants/lawyers will help you to get education loan from your nearest bank.
Banks
The following banks provide Education loan through Ambika College of Nursing and Paramedical Institution.
