Quantum
The quantum of finance under the scheme is capped
at Rs 7.5 lacs for studies in India
and Rs 15 lacs for studies abroad, which
would cover tuition fees, hostel charges (if any),
cost of books, etc. The minimum amount of loan
would be Rs 50,000.
Margin:
- No margin for loans upto Rs 4 lacs.
- For loans above Rs 4 lacs,
5% margin for studies within India &
15% for higher studies overseas.
Documents Required
The following papers/documents should
accompany the Application Form to be executed
by both the students and the parents/guardians.
Documents Required from both
the student / co-applicant.
- Identity Proof : Copy of Passport / Driving
Licence / Voters Identity Card / Income Tax
Pan Card.
- Residence Proof : Copy of Passport / Driving
Licence / Voters Identity Card / Utility Bills
- Age Proof : Copy of Passport / Driving Licence
/ Income Tax Pan Card / Birth Certificate.
- Signature Verification.
- One Singed Photograph ( On the face).
Documents required from students
for studies abroad
- Offer / Admission / Bonafide student letter
from the university / college in India or Abroad.
- Cost of the Course ( including living).
- Copy of last examination passed result.
- Copy of Passport in case of study abroad.
Documents required from the co-applicant
- Income Proof : Form 16 or Income tax returns
for the last two years.
- Collateral Security Papers ( if any).
- Any other document / information as needed
by Bank, depending upon the case and purpose
of loan.
Role of the Guardian:
The parent(s) or guardian of the student would
be treated as a co-applicant of the loan. His
or her role would be, necessarily, like the primary
debtor.
Security:
Third party guarantee and/or collateral security
may be asked for in appropriate cases.
Additional Security:
Assignment of LIC policy in favour of the Bank
for the sum assured being at least 100% of the
loan amount. The policy is kept alive during the
currency of the loan. To ensure this, the annual
premium may be included in the computation of
the loan requirement, along with the tuition fees
and other recurring charges. Further, the future
income of the student needs to be assigned in
favour of the Bank for meeting the installment
obligations. |
