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EDUCATION LOAN SCHEME - SHGB VIDYA PURTI
PURPOSE:
- To nurture ambitions & aspirations for higher education needs in India or abroad.
ELIGIBILITY:
- Any student who is a major representing himself or a minor student represented by parent or guardian of Indian nationality.
- Should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test/ Merit Based Selection process after completion of HSC (10 plus 2 or equivalent). However, entrance test or selection purely based on marks obtained in qualifying examination may not be the criterion for admission to some of the post graduate courses or research programmes.
QUANTUM OF LOAN:
- The quantum of loan is based on structure of course undertaken includes fee payable to college/school/hostel, examination fee, cost of books, computers, refundable deposits, etc., travel/passage fare for studies abroad etc.
- The maximum loan upto Rs.10.00 lac for studies in India and Rs.20 lac for studies abroad can be provided.
SECURITY:
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Upto Rs. 4.00 lacs
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Co-obligation of parents.
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Rs. 4.00 lacs to Rs. 7.50 lacs
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Co-obligation of parents together with suitable third party guarantee.
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Above Rs. 7.50 lacs
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Co-obligation of parents together with tangible collateral security of suitable value, along with the assignment of future income of student for payment of installment shall be taken.
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REPAYMENT HOLIDAY/MORATORIUM:
- Course period plus 6 months or 1 year after getting job, whichever is earlier.
REPAYMENT:
Repayment of loan will be in equated monthly instalments (EMIs) for period as under:
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Amount of Loan
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Repayment Period
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upto Rs.7.50 lac
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upto 10 years
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above Rs.7.50 lac
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upto 15 years
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