Education Loan

• Loans are available for approved undergraduate programs, postgraduate programs, PhDs, diploma courses lasting six months or longer, job-oriented courses, and technical/professional courses.
• Applicants should be enrolled or securing admissions in recognized institutions, government institutions, professional institutions, and international colleges and universities.
• For undergraduate courses, completion of 10+2 (12th standard) is required, and for postgraduate courses, a degree is necessary.
• Graduation and post-graduation courses (professional/technical/diploma) conducted by approved universities or colleges under UGC, IMC, AICTE, government, AICTE, AIBMS, or CMR are eligible.
• Regular degree or diploma courses like pilot training, aeronautical, shipping, and others approved by the Director General of Civil Aviation, Shipping, or other regulatory authorities are eligible.
• Job-oriented courses (professional/technical) for graduation, post-graduation, or diploma, and courses conducted by institutions like the Chartered Institute of Management Accountants (CIMA) – London or Certified Public Accountant (CPA) – USA are eligible.
• Loans for skill development are also considered.

• Marksheet and completion certificate of 10th and 12th examinations
• Admission letter from the respective college/university
• Fee structure details
• KYC documents of the applicant and co-applicant
• Income proof in some cases

• Additionally, for education loans below Rs 4 lakh, no collateral is necessary. For loans ranging from Rs 4 lakh to Rs 7.5 lakh, a third-party guarantor is required. Loans exceeding Rs 7.5 lakh mandate collateral. In the case of loans for studying abroad, insurance is a mandatory requirement.

The lowest rate of interest for educational loan is 4.5% per annum.