Purpose

• To provide financial support from the banking system to meritorious students for pursuing higher education in India and abroad.

Eligibility

• Student Eligibility:
  a) The student should be Indian national
  b) Secured admission in higher education courses in recognised institutions in India or Abroad through entrance test/ merit based selection process after 10+2 equivalent study.
  c) Merit: who qualified in a merit quota even though joining in management quota.
  


• Course Eligibility:
  i) Approved courses leading to graduate/ post graduate degree & PG Diplomas conducted by recognised colleges/universities recognised by UGC/Govt./AICTE/AIBMS/ICMR etc.
  ii) Courses like ICWA, CA, CFA etc.
  iii) Courses conducted by IIMs, IITs, IISc, XLRI, NIFT, NID etc
  iv) Regular Degree / Diploma courses / nursing courses, if pursued in India.
  v) Approved courses offered in India by reputed foreign Universities.
  

Age

• There is no specific restriction with regard to the age of the student to be eligible for the student.

Studies Abroad

• a) Graduation : For job oriented professional/technical courses offered by reputed universities
• b) Post Graduation :
  i. MCA, MBA, MS, etc
  ii. Courses conducted by CIMA-London, CPA in USA etc.
  iii. Degree / Diploma courses like aeronautical, pilot training, shipping etc., if recognised by competent bodies in India/abroad for the purpose of employment in India or abroad.
  

Expenses Considered

• i. Current year fees may be reimbursed
  ii. Fee payable to college/school/hostel/Exam/library/lab fee
  iii. Travel expenses, insurance premium for student borrower
  iv. Caution deposit/ building fund/refundable deposit supported by bills (max 10% of tuition fee)
  v.Purchase of books, equipment/instruments/uniform, study tours, project work, thesis, etc (max 20% of tuition fee)
  vi.While computing loan, scholarships, fee waivers etc are to be looked
  

Rate of Interest

Margin

• upto 4.00 Lakhs : NIL
• Above 4.00 Lakhs studies in India : 5%
• Studies abroad : 15% margin on year to year basis

Security

• Upto 4.00 lakhs : NIL (Parents to be joint borrowers)
• Above 4.00 lakhs and upto 7.50 lakhs : Parents to be joint borrowres + Guarantor
• Above 7.50 lakhs : Parents to be joint borrowers and tangible collateral security

Security Coverage

• 150% for loans above Rs. 7.50 Lakhs

Repayment Period

• For Loans upto 7.50 lakhs : Max 10 years
• For Loans above 7.50 lakhs : Max 15 years
• Holiday Period: Course period + 1 year or 6 months after getting job whichever is earlier
• Holiday period interest is to be added to Principal and EMI is to be fixed

Processing Charges

• Nil

How to apply

• Please contact nearest Saptagiri Grameena Bank Branch for more details