Quantum
The quantum of finance under the scheme is capped at Rs 7.5 lacs
for studies in India and Rs 15 lacs for studies abroad, which
would cover tuition fees, hostel charges (if any), cost of books, etc.
The minimum amount of loan would be Rs 50,000.
Margin:
- No margin for loans upto Rs 4 lacs.
- For loans above Rs 4 lacs,
5% margin for studies within India &
15% for higher studies overseas.
Documents Required
The following papers/documents should accompany the Application
Form to be executed by both the students and the parents/guardians.
Documents Required from both the student / co-applicant.
- Identity Proof : Copy of Passport / Driving Licence / Voters Identity
Card / Income Tax Pan Card.
- Residence Proof : Copy of Passport / Driving Licence / Voters Identity
Card / Utility Bills
- Age Proof : Copy of Passport / Driving Licence / Income Tax Pan
Card / Birth Certificate.
- Signature Verification.
- One Singed Photograph ( On the face).
Documents required from students for studies abroad
- Offer / Admission / Bonafide student letter from the university
/ college in India or Abroad.
- Cost of the Course ( including living).
- Copy of last examination passed result.
- Copy of Passport in case of study abroad.
Documents required from the co-applicant
- Income Proof : Form 16 or Income tax returns for the last two years.
- Collateral Security Papers ( if any).
- Any other document / information as needed by Bank, depending upon
the case and purpose of loan.
Role of the Guardian:
The parent(s) or guardian of the student would be treated as a co-applicant
of the loan. His or her role would be, necessarily, like the primary
debtor.
Security:
Third party guarantee and/or collateral security may be asked for in
appropriate cases.
Additional Security:
Assignment of LIC policy in favour of the Bank for the sum assured being
at least 100% of the loan amount. The policy is kept alive during the
currency of the loan. To ensure this, the annual premium may be included
in the computation of the loan requirement, along with the tuition fees
and other recurring charges. Further, the future income of the student
needs to be assigned in favour of the Bank for meeting the installment
obligations.
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