One of the major concerns of the Government of India is to ensure that nobody is denied professional education because he or she is poor. Indian Banks' Association (IBA) has formulated a comprehensive model educational loan scheme for adoption by all Banks. In order to support students from Economically Weaker Sections of the Society, Department of Education, Ministry of Human Resource Development, Governemnt of India has launched this interest subsidy scheme.
For Education in India and Abroad
Student should be an Indian National and should have secured admission to the relevant Professional/ Technical courses in India or Abroad through Entrance Test/ Merit Based Selection process. However there is no age restriction for the applicant.
Simple interest basis during study & repayment holiday period (upto one year after completion of the course or six months after securing a job, whichever is earlier)
Our Bank has extended a 0.50 % interest concession to Girl Students for loans availed on or after 01.11.2008 and will be effective till 31.12.2010. This interest concession will be extended till closure of the loan.
Note: 1% interest concession is provided for loanees if the interest is serviced during the study period.There will be NO Pre-payment and NO Pre-Closure Charges
# Scholarship / Assistantship to be included in the margin. Margin can be brought in as and when disbursements are made on prorate basis
Repayment will commence one year after completion of the course or 6 months after securing a job, whichever is earlier.
In respect of Pilot Training Programme, Loan is to be repaid within 5 years after commencement of repayment