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Any student who has secured admission in any institute of repute, whose degree/diploma is recognized by University/Institute affiliated to any Central/State Statutory Body or recognized by AICTE (All India Council of Technical Education) and other institutes of repute, is eligible for educational loan.
Education loans cover cost of the school/college fee, hostel expenses, and cost of books and stationery. Apart from this, any other expense required to complete the course can also be considered. Maximum amount of education loan available is upto Rs. 7.50 lakhs in case of studies in India and Rs 15 lakhs for studying abroad.
The loan has to be repaid within 84 months in equated monthly instalments (EMIs) commencing 12 months after course completion or 6 months after getting the job, whichever is earlier.
Following document are required to be submitted with the loan application:
