Loans are offered for all certificates/diploma/graduate courses recognised by state/central
government universities and management courses approved by the all India council
for technical education (AICTE). The amount of loan for technical/certificate courses
is up to Rs. 50,000 and that for graduation courses Rs. 75000 except for those courses
given in the box below.
a. Medicine Course: free seat up to RS.
2.25 Lakhs, payment seat up to RS 5.50lakhs.
b. Architecture course: free seat up to
RS. 2.00 Lakhs, payment seat up to RS. 3.50 Lakhs.
d. Homeopathy course: Free seat upto RS.
1.75 Lakhs, payment seat up to RS3.00. Lakhs.
e. Engg /technology course: Free seat
up to RS. 1.75 Lakhs, payment seat upto Rs. 2.75lakhs.
f. Physiotherapy course: Free seat
up to Rs. 1.50 Lakhs, payment seat up to Rs.2.00. Lakhs.
g. Pharmacy course: Free seat up to Rs.
1.25lakhs, payment seat upto RS. 2 Lakhs
h. Ayurveda course: Free seat up to RS.
1.25 Lakhs, payment seat up to Rs. 4.50 Lakh.
Security: The guaranty of parent/guardian is sufficient for loans up to RS 25000,for
loans above 25000,a third party guarantee of the person acceptable with the bank
is adequate along with the guarantee of parent /guardian. For loans above RS 50000
, tangible security such as FDR/NSC/units /shares/debentures/mortgage/surrender
value of LIC policy along with the guarantee of parent/guardian.
The bank offers loans for general/profession courses that include computer and vocational
courses recognised by the government. Loans up to Rs. 7.5 lakhs is offered under
the centvidyarthi finance for education scheme.
Repayment:
The loan has to be repaid within seven years, starting a year after completion
of course or six months after the job, whichever is earlier.
Security:
For loans upto four lakhs no security or margin is required.
Courses finance by Dena vidya lakshmi education loan scheme are for recognised graduate,
postgraduate computer, management and technical courses. The loan amount extends
upto RS. 3.5 lakhs and it should be repaid within three to five years.
Repayment:
This commences 12 months from the date of completion of studying or one
month after getting a job, whichever is earlier.
The bank finances graduation, post graduation, diploma courses and courses in computer
education institute recognised by the state/central government under vidya jyoti
Education loan scheme. The loan sanction can extend up to two lakhs.
Repayment:
The loan is to be repaid in 60 monthly installments excluding the holiday period.
Security:
The following documents need to be produced for loans upto Rs. one lakhs; personal
guarantee of parent, third party guarantee; assignment of LIC policy with profit
in the name of application equivalent to the loan amount. For loans above Rs. one
lakhs; personal guarantee of parent, collateral security in form of NSC/LIC policy
or immovable property.
The bank offers many loans to students who want to pursue higher education. Students
for school and graduate courses in India can take up to six times the net (take
home) monthly income of parent, guardian, student. The loan can be minimum of 4000
extending to a maximum of rupees one lakh. Students for specialized / technical
/professional post graduate studies can take 90 percent cost of he study, subject
to a maximum of rupees five lakh with the margin being 10 per cent.
Courses:
The courses for which the bank offers loans are ,courses conducted and approved
by universities and autonomous institutions affiliated to them. It includes the
courses in computer, management, engineering, medicine and architecture.
Repayment:
The loan is to be repaid in the period of 6 months commencing a month after disbursal
by the parent /guardian of his her income. For technical /professional /specialize
studies in India, the loan is to be repaid in the maximum period of 60 months after
completion of course or securing job, whichever is earlier.
Security:
the security includes collateral security from the borrower/guarantor equal
to 100 percent of the loan amount consisting of any one or more of the following.
Government securities, public sector bonds, units of UTI, NSC, surrender
value of LIC policy, bank deposits of equivalent value after effecting necessary
assignment.
Gold share hypothecation of motor vehicles, equitable mortgage of immovable
property, after retaining 50 percent margin of their market value.
