Q What courses are eligible for education
loan?
All courses having employment prospects are eligible for education loan. Graduation courses / Post-graduation courses / professional and other courses approved by UGC/Government/AICTE, etc.
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Q What expenses are considered for loan?
The following expenses can be claimed under the scheme:
- Admission / Tuition fee to be payable to College / University / Institution.
- Air fare / Travel Expenses.
- Boarding and Lodging expenses.
- Books and Stationery expenses.
- Instruments / equipment / computer expenses required for the course undertaken.
- Examination / Library / Laboratory fee.
- Any other expense required to complete the course - like study tours, project work, thesis, etc.
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Q Will there be any charge for availing the loan?
Bank/NBFC may levy minimal charge for processing the loan.
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Q Do I have to provide any security, collateral or guarantors?
For loans up to Rs.2 lakhs: No Collateral Security.
For loans above Rs.2 lakhs: Mortgage of immovable property or any other tangible security like pledge of NSC/UTI/LIC (Surrender Value)/Bonds/Bank's deposits (Except under tax saving scheme) etc., having value at least equal to 100% of loan. Extension of charge on property already mortgaged subject to adequate residual value of security.
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Q What is the amount of loan available?
For Education in India or abroad, maximum of Rs.50 lakhs.
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