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Student Loan
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A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.

Features

  • Loan Amount
  • - Studies in India
    Maximum Loan limit for
    Ranked Top 100 by NIRF
    Other eligible institutions

    Medical (MBBS / MD / MS)

    Upto ₹ 75.00 lakh

    Upto ₹ 50.00 lakh

    All other courses including dental

    Upto ₹ 50.00 lakh

    Upto ₹ 30.00 lakh

    Higher loan limit is considered on case-to-case basis as under:

    Medical (MBBS / MD / MS)

    Need based loans

    Upto ₹ 1.00 crore

    All other courses including dental

    Upto ₹ 1.00 crore

    Upto ₹ 50.00 lakh

    • - Studies abroad: Upto ₹7.50 lakh (Higher loan limit for Studies abroad are considered under Global Ed-vantage Scheme, maximum upto ₹ 3.00 Crores)
  • Repayment period of upto 15 years after Course Period + 12 months of repayment holiday*
  • Processing Charges
    • Loans upto ₹ 20 lakh: NIL
    • Loans above ₹20 lakh: ₹ 10,000 (plus taxes)
  • Security
    • Upto ₹ 7.5 lakh: Only Parent/ Guardian as co-borrower. No Collateral Security or third-party guarantee
    • Above ₹ 7.5 lakh: Parent/ Guardian as co-borrower and tangible collateral security
  • Margin
    • Up to ₹4 lakh - Nil
    • Above ₹4 lakh - 5% for studies in India, 15% for studies in abroad
  • Repayment will commence one year after completion of course.
    • Loan to be repaid in 15 years after the commencement of repayment
    • In case second loan is availed for higher studies later, to repay the combined loan amount in 15 years after completion of second course
  • EMI Generation
    • The accrued interest during the moratorium period and course period is added to the principle and repayment is fixed in Equated Monthly Instalments (EMI).
    • If full interest is serviced before the commencement of repayment; EMI is fixed based on principle amount only.
  • Please click here for Rate of interest

Eligibility

  • A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.

Courses Covered

Studies in India
  • Graduation, Post-graduation including regular technical and professional Degree/Diploma courses conducted by colleges/universities approved by UGC/ AICTE/IMC/Govt. etc Regular Degree/ Diploma Courses conducted by autonomous institutions like IIT, IIM etc.
  • Teacher training/ Nursing courses approved by Central government or the State Government
  • Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. approved by Director General of Civil Aviation/Shipping/ concerned regulatory authority b. Studies abroad:
  • Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities Courses conducted by CIMA (Chartered Institute of Management Accountants) - London, CPA (Certified Public Accountant) in USA etc.
Studies abroad
  • Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities.
  • Courses conducted by CIMA (Chartered Institute of Management Accountants) - London, CPA (Certified Public Accountant) in USA etc.

Expenses Covered

  • Fees payable to college/school/hostel
  • Examination/Library/Laboratory fees
  • Purchase of Books/Equipment/Instruments/Uniforms, Purchase of computers- essential for completion of the course (maximum 20% of the total tuition fees payable for completion of the course).
  • Caution Deposit/Building Fund/Refundable Deposit (maximum 10% of tuition fees for the entire course).
  • Travel Expenses/Passage money for studies abroad.
  • Cost of a Two-wheeler upto ₹ 50,000/-
  • Any other expenses required to complete the course like study tours, project work etc.

Checklist of Documents to be submitted along-with duly filled Loan Application Form

  • Mark sheet of 10th, 12th, Graduation (if applicable), Entrance Exam Result
  • Proof of admission to course [ Offer Letter/ Admission Letter/ ID card if available]
  • Schedule of expenses for course
  • Copies of letter conferring scholarship, free-ship, etc.
  • Gap certificate, if applicable (self-declaration from student for gap in studies)
  • Passport size photographs of Student / Parent / Co-borrower / Guarantor (1copy each)
  • Asset-Liability Statement of Co-applicant / Guarantor (Applicable for loans above Rs 7.50 lacs)
  • For Salaried Persons
    • (a) Latest Salary Slip
    • (b) Form 16 OR latest IT Return (ITR V)

  • For other than Salaried Person:

    • (a) Business address proof (if applicable)

    • (b) Latest IT Returns (if applicable)

  • Bank Account Statement for the last six months of Parent / Guardian/ Guarantor
  • Copy of Sale Deed and other documents of title to property in respect of immovable property offered as collateral security / Photocopy of Liquid Security offered as collateral
  • Permanent Account Number (PAN) of Student / Parent / Co-borrower / Guarantor
  • AADHAAR (mandatory, if eligible under various interest subsidy schemes of GOI)
  • Passport (mandatory for Studies Abroad)
  • Submission of OVD (refer to table below)
At least one self-attested copy of the Officially Valid Documents (OVD) mentioned below to be submitted, as proof of identity and address:
  • Passport
  • Driving license,
  • Proof of possession of Aadhaar Number,
  • Voter's Identity Card issued by Election Commission of India,
  • Job card issued by NREGA duly signed by an officer of the State Government,
  • Letter issued by the National Population Register containing details of name and address
If the OVD furnished by the customer does not contain updated address, the following documents shall be deemed to be OVDs for the limited purpose of proof of address:
  • Utility bill which is not more than two months old of any service provider (electricity, telephone, post-paid mobile phone, piped gas, water bill);
  • Property or Municipal tax receipt;
  • Pension or family pension payment orders (PPOs) issued to retired employees by Government Departments or Public-Sector Undertakings, if they contain the address;
  • Letter of allotment of accommodation from employer issued by State Government or Central Government Departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial Institutions, listed companies and lease and licence agreements with such employers allotting official accommodation.

[Provided that the customer shall submit OVD updated with current address within a period of three months of submitting the above documents]



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Last Updated On : Friday, 06-06-2025

Interest Rates

7.55% p.a.*

 

*T&C Apply.

 

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