We provide 100% assistance for processing of education loan from all banks.
We are affiliated to University of Pune, duly recognized by AICTE and Govt. Of Maharashtra, hence loan from any public, private or nationalized bank should be easy to avail as per the guide lines of RBI.
RBI/IBA’s new guidelines:
Education loan Eligibility:
Loans to Indian nationals for pursuing approved courses leading to graduate/postgraduate degree and PG diplomas conducted by colleges/ universities recognized by UGC/Govt./AICTE/AIBMS/ICMR etc. Reputed professional and technical courses are also considered. Approval can be checked on www.ugc.ac.in, www.education.nic.in, www.aicte.org.in Loans for courses in reputed foreign universities are also granted. Indicative list is available at www.webometrics.info.
Eligible Expenses for education loan:
Fees payable, accommodation charges, exam and library fees, reasonable expenses for books and equipment including computer, travelling expenses abroad and other reasonable expenses required to complete course.
Quantum of finance:
Rs. 10 lakh for study in India and Rs. 20 lakh for study abroad. Banks may consider lending higher amount in special cases at their discretion.
- Up to Rs. 4 lakh- No security, parents to be joint borrower
- Between 4-7.5 lakhs- along with parents collateral security in form of third party guarantee
- Above 7.5 lakhs- Parents to be joint borrowers+tangible collateral security of suitable value required
Moratorium period for repayment:
Course period + 1 year or 6 months after getting job, whichever is earlier
Nil for loan up to Rs. 4 lakh. 5 percent and 15 percent respectively for study in India and abroad on loan above Rs. 4 lakhs.
Tenure of loan::
- 10 and 15 years for loan up to Rs 7.5 lakhs and above respectively
- Interest paid by the students on educational loan in financial year is eligible for income-tax exemption u/s 80 E of IT Act for 8 years.