Gyan Jyothi Education Loan

[sherlyk]

The scheme provides financial assistance to deserving meritorious students to pursue higher education in India and abroad

PURPOSE

To meet the tuition and other fees\Examination\Library\Laboratory fee, cost of books\purchase of Computers\equipments\instruments\uniforms and the cost of passage for studies abroad. Caution Deposit, Building Fund, Refundable deposit subject to 10% of the Tuition Fee. Any other expenses required to complete the course like study, tours, project work, thesis etc. also be financed.

ELIGIBLE COURSES

Studies in India

a. Graduation courses, BA, B.Com, B.Sc, BBA, BCA, BBM.

b. Post Graduation Courses, Masters and Ph D.

c. Professional courses like Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.

d Other courses leading to diploma, degree conducted by Colleges / Universities approved by UGC / Govt / AICTE / AIBMS / ICMR.

e. Courses offered by National Institutes and other reputed private institutions.

f. Courses offered in India by reputed foreign universities.

g. Computer Certificate courses of reputed institutes accredited by Department of electronics or institutes affiliated to Universities.

h ICWA, CA, CFA

i. Courses conducted by IIM, IIT, IISC, XLRI, NIFT etc.

j. Regular Degree / Diploma courses like Aeronautical, Shipping etc approved by Director general of Civil Aviation / shipping if pursued in India. It also to be recognised by local aviation, Shipping authority ( Pilot Training Course not included).

k. Evening courses of approved institutions.

l. Vocational Training and Skill development study courses. Distant / Offsite Education Programme not eligible for loan.

Studies abroad

Graduation: For job oriented professional\technical courses offered by reputed universities.

Post graduation: MCA, MBA, MS etc.

Courses conducted by CIMA – London, CPA in USA.

ELIGIBILITY

The student should be an Indian National (NRIs not eligible)

i) have secured admission to professional\technical courses through entrance test\ merit based selection process conducted by a Govt Agency / University

ii) have secured admission to foreign university institution.

Those who have not qualified through Entrance Test / Merit based selection procedure should have secured 50 % marks for general and 45% marks for SC / ST Candidates in the qualifying subjects, in the qualifying examination to be eligible for loan

BORROWER : Student and parent/guardian/spouse/parent-in-law/grand parents jointly.

In the case of employed students\professionals, loans can be granted in individual names, with suitable guarantee.

LOAN Amount:

For studies in India Rs. 10 lacs

For studies abroad Rs. 20 lacs

MARGIN

Upto Rs. 4 lacs - Nil

Above Rs.4 lacs - i) Studies in India - 5%

ii) Studies abroad -15%

(Interest Rebate : 1 % Interest concession if interest debited during a financial year is remitted within one month of its debit in account)

0.5% concession for Girl Students.

PENAL INTEREST : 2% FOR LOAN ABOVE RS.2 LAKHS

REPAYMENT

To commence 1 year after completion of course or 6 months after getting job, whichever is earlier. The loan is to be repaid in 5-7 years after commencement of repayment.

SECURITY

Loans upto Rs.4 lacs : Co-obligation of parent/guardian/spouse/parent-in-law/grand parents as the case may be. No security

Above Rs.4 lacs and upto Rs.7.5 lacs Co-obligation of parent/guardian/spouse/parent-in-law/grand parents as the case may be
along with collateral in the form of a satisfactory third party guarantee required.

For loans above Rs7.5 lacs Co-obligation of parent/guardian/spouse/parent-in-law/grand parents along together with tangible collateral security of suitable value along with assignment of future income of the student for payment of instalments and tangible security of suitable value

Security can be in the form of land\building\ Govt. securities\public sector bonds\units of UTI, KVP, LIC Policy, gold, shares\debentures, bank deposit in the name of student\parent\guardian or any other third party with suitable margin.

PROCESSING FEE

No processing fee for studies in India.

For studies Abroad

Upto Rs.4 lacs - 0.5%

Above Rs.4 lacs - 0.4%

(Refundable on availment of 1st instalment)

PAPERS TO BE SUBMITTED TO THE BANK

Two copies of passport size photographs.

Testimonials in original form from the head of the institution where the student studied last and from one or two other respectable persons not related to the student.

Proof of admission to the course.

Schedule of expenses for the course.

Documents required for KYC Compliance (ID and address proof)

Copies of foreign exchange permit (if applicable)

Copy of salary slip \ statement of income of parent \guardian.

FOR MORTGAGE OF PROPERTY

Original and prior title deeds.

Latest tax receipts.

Possession certificate.

Encumbrance certificate for the last 15 years from the Sub Registrar.

Title clear certificate from the banks approved advocate.

Valuation report from the banks approved valuator.




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