B- Gyan (for higher study in India)

 

This student loan in India is specifically designed for those pursuing graduation, post graduation, or any other professional courses in India. To avail this loan, the student should have secured admission in the course. The maximum loan amount is Rs. 80 lakhs for medical & aviation education and Rs. 60 lakhs for other courses.

Key Benefits

• No processing charges.

• No Margin on loans up to 4 lacs.

• Free Debit Card.

Courses Eligible

• Graduation courses : BA, B.Com, B.Sc., etc

• Post Graduation courses : Masters & Phd.

• Professional courses like: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Architecture, Computer etc.

• (Management courses include Hotel Mgt., Hospitality Mgt., Mass Communication etc offered by reputed institutions having assured employment prospects)

• Computer certificate courses of reputed institutes accredited

• to Dept. of Electronics or institutes affiliated to an approved university.

• Courses like ICWA, CA, CFA etc.

• Courses conducted by IIM, IIT, IISc, XLRI. NIFT etc.

• Regular Degree / Diploma courses like Aeronautical, Pilot training, Shipping etc., approved by Director General of Civil Aviation / Shipping.

• Courses offered in India by reputed Foreign Universities.

• Evening courses of approved institutes.

• Other courses leading to diploma / degree etc. conducted by colleges / universities approved by UGC / Govt./ AICTE / AIBMS / ICMR etc.

• Teachers Training Course / Nursing Course / BEd will be eligible for education loan provided the training institutions are approved either by the Central Government or by State Government and such courses should lead to Degree or Diploma Courses and not to Certificate Course. Branches can consider the request for education loan under our “Bank's Gyan Scheme” for the above courses. The fees to be considered for purpose should be the fees structure as approved by the State Government or Government approved Regulatory Body for merit seats in Government Colleges / Private Self Financing Colleges, Cooperative and Colleges run by Universities, as the case may be.

Bank's Corporate Centre may approve other institution / courses depending on future prospects / recognition by user institutions.

Student Eligibility

• Should be Resident Indian.

• Should have secured admission in recognized institution for approved courses by UGC / Govt. / AICTE through Entrance Test / Merit Based selection process after completion of HSC (10 plus 2 or equivalent)

• Where the selection process are not purely based on marks obtained in qualifying examination and the same is not the criterion for admission, Sanctioning Authority to adopt appropriate criteria based on employability and reputation of the institution concerned.

• A meritorious student (who qualifies for a seat under merit quota) will also be eligible for loan under this scheme even if the student chooses to pursue a course under Management Quota.

Interest Rates & Charges

• Simple interest to be charged at monthly rests during the repayment holiday / moratorium period.

• 0.50% Concession in rate of interest to loans for girl student.

• Penal interest @ 2% p.a. on overdue amount, if the loan amount exceeds Rs.4.00 lacs.

Most Important Terms & Conditions

Target group

• Students pursuing Graduation, Post-Graduation, Professional and other courses in India

Quantum of finance:

• Maximum RS.80.00 Lakh for Medical & Aviation Education and

• Maximum RS.10.00 Lakh for others.

• Need based finance subject to repayment capacity of parents.

Margin

• Up to RS. 4.00 lakhs: NIL

• Above RS. 4.00 lakhs: 5%

Repayment Holiday/ Moratorium Period

• Course period + 1 year.

Coverage of expenses for

• Fee payable to college / Institution / University / School / Hostel.

• Examination / Library / Laboratory fee.

• Hostel fees / charges.

• Purchase of books / equipment's / instruments / uniforms.

• Caution deposit, Building fund / refundable deposit supported by institution bills / receipts, subject to condition that the amount does not exceed 10% of the total tuition fees for the entire course.

• Purchase of Personal Computer / Laptop - essential for completion of the course.

• Insurance premium for student borrower, if any opted by the student. Presently Bank has tie up with some Life Insurance co for Group Credit Life insurance cover to Education Loan borrowers.

• Any other expenses required to complete the course – like study tours, project works, thesis, etc.

• Cost of external coaching / tuition is not to be considered.

• For admission taken under Management Quota Seats, fees as approved by the State Government / Government approved regulatory body for payment seats will be taken.

Note: The details of expenses for the entire course period to be obtained from college / institution.

Repayment Period

• The loan is repayable in maximum 10 – 15 years after the completion of moratorium period as mentioned above

• For loans up to RS. 7.50 Lakhs : Moratorium Period +Maximum -120- installments

• For Loans above RS. 7.50 Lakhs : Moratorium Period +Maximum -180- installments

Unified Processing charges: NIL

A non refundable Lump sum amount Rs.7,500/- per property (towards Advocate and Valuer charges) to be taken upfront in case of all Education Loan accounts, wherever property is mortgaged.

Security

Up to RS. 4.00 lacs: Co-obligation of parent. No Security.

Above RS. 4.00 Lacs and up to RS. 7.50 lacs

• Collateral in the form of a suitable third party guarantee along with assignment of future income.

• The Regional authority may, at its discretion, waive third party guarantee in following cases:

• if satisfied with the net-worth / means of parent who would be executing the document as “Joint borrower”.

• to support highly meritorious / deserving students who have secured admission in an institution of a high repute, but unable to offer suitable third party guarantee.

Above RS. 7.50 lacs, Tangible collateral security equal to 100% of the loan amount along with assignment of future income of the student for payment of instalments

Disbursement

• Directly to School / Institution / hostel -- term wise / year wise, in stages as per the requirement / demand.

• Directly to book seller / shop for purchase of books, instruments, equipment's.

• In case student does not secure hostel facility with educational institute, he may be allowed to make his own arrangement if required. Lodging / boarding charges in such cases to be paid directly to concerned establishment, after verifying bonafides of the same.