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Loans

Education Loan

Fuel your dreams with financial assistance for professional or technical education in India or abroad.

 

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Quick Application Approval

Quick loan approval within 15 working days

Convenient Loan Disbursal

Direct credit to the institute

Loan Amount

Minimum - Rs. 50,000 : Maximum - *Rs. 20,00,000 for studies in India, *Rs. 30,00,000 for studies abroad

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*Upper limits may be extended for special cases

Features and Benefits

Loan Type Loan Amount (Rs) Effective ROI
Education Loan Upto Rs 4 lakhs 16.50%
Loans greater than Rs. 4 lacs and upto Rs. 7.5 lac 17.50%
Loans greater than 7.5 lacs 15.50%
Education Loan for Girl Child Upto Rs 4 lakhs 16.00%
Loans greater than Rs. 4 lacs and upto Rs. 7.5 lac 17.00%
Loans greater than 7.5 lacs 15.00%

Marginal Cost Based Lending Rate (MCLR) – 8.85%

MCLR Reset frequency for Education Loans - Half Yearly

Customers who have availed disbursement/have received a sanction prior to March 31, 2016 will continue to operate on base rate. Existing customers can get in touch with our customer care, if they wish to switch to MCLR.

Schedule of Charges
Scheme Study Power
Loan Processing Charges Nil
Prepayment Charges Nil
No Due Certificate NA
Solvency Certificate NA
Charges for Late Payment of EMI Rs 500 + taxes per cheque bounce and a penal interest @24% per annum i.e. @ 2% per month on the overdue installment/s
Charges for changing from fixed to floating rates of interest NA
Charges for changing from floating to fixed rates of interest NA


Other Charges
Sr. No Type Charges
1
Repayment Instruction/Instrument Return charges Rs.500 plus service tax as applicable per instance

For further details, please Click here

HAVE QUERIES?

  • What is the time-frame for application decisioning?

Bank will convey its decision within 15 working days from the date of receipt of the application provided the application is complete...

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  • What is the margin for Education loans?

No margin for education loans upto Rs 4 lacs. For loans above Rs 4 lacs, 5% margin for studies within India and 15% for higher studies...

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  • What is the role of a guardian/parent in an education loan?

The parent(s) or guardian of the student would be treated as a co-applicant of the student loan. His or her role would be, necessarily...

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