Education Loans - Vocational courses


Purpose
  • To provide financial support from the banking system to meritorious students for studying vocational courses.
Eligibility
  • Student Eligibility: The student should be Indian national

  • Course Eligibility: Secured admission in courses run by a ministry / Dept/organization of Govt or a company/ society/ organization supported by NSDC or State skill Mission/ State Skill Corp., preferably leading to a certificate/ diploma/ degree, etc issued by a Govt. organization or an organization / authorized by the Govt. to do so.
Age
  • There is no specific restriction with regard to the age of the student to be eligible for the student.
Course Duration
  • 2 months to 3 years
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. Tution/Course fee
    ii. Examination/Library/laboratory fee
    iii. Caution deposit
    iv. Purchase of books, equipments and instruments
    v. Any other reasonable expenditure found necessary for completion of course..(As such courses are localized boarding, lodging may not be necessary. However, wherever it has been found necessary, the same could be considered on merits)
Loan Amount
  • For course duration up to 3 months : Max. upto 20,000/-
  • For course duration 3 to 6 months : Max. upto 50,000/-
  • For course duration 6 months to 1 year : Max. upto 75,000/-
  • For course duration above 1 year : Max. upto 1,50,000/-
Rate of Interest
Please refer to Loan Interest Rates Page
Margin
  • NIL
Security
  • No collateral or third party guarantee. Parents will be joint borrower
Repayment Period
  • Upto 1 year courses : in 2-5 years & Holiday Period - 6 months from course completion
  • Above 1 year courses : in 3-7 years & Holiday Period - 1 year from course completion
Interest Subsidy
  • Available under CSIS, Pado Pardesh, ACSIS subject to GOI guidelines
  • CSIS : EWS Category (Income under Rs.4.50lakhs p.a.)
  • ACSIS : OBC & EBC Category (Income under Rs.8.00lakhs & Rs.2.50lakhs respectively)
  • Pado Pardesh : Minor community ( Income under Rs.6.00lakhs)
Processing Charges
  • NIL
How to apply
  • Please contact nearest Saptagiri Grameena Bank Branch for more details
Designed by Yaswanth Gupta Bondada & Raghav Vellore