The scheme intends to provide loans for purchase of new four wheeler vehicles only.Details
Financial support to meritorious students for pursuing higher education in India or abroad (applicable only to merit quota - IBA model).
- Graduation & Post Graduation.
- Professional Courses (Engineering, Medical, Management, Agriculture).
- ICWA , CA, CFA etc.
- Courses conducted by IIM, IIT, IISC, NIFT etc.
- Courses offered by National Institutions.
- Studies abroad.
The courses should be recognized by State/Central Govt.
Institution offering the course also should be recognised by the appropriate authorities.
- Any major student or a minor student represented by parent or guardian of Indian Nationality.
- Secured admission on the basis of merit to Professional/ technical/ other courses through entrance test/selection process.
- Any student of Indian Nationality who has secured admission in any Foreign University subject to other eligibility conditions.
- For studies in India : Maximum 10 Lakhs per Course or actual whichever is less.
- For studies abroad : Maximum 20 Lakhs per Course or actuals whichever is less.
Eligible expenses for deciding the finance
- Fee payable to College/School/Hostel
- Lodging and Boarding expenses.
- Examination/Library/ Laboratory fees.
- Purchase of books/Equipment/Instrument/Uniform/Travel expenses/passage money for studies abroad.
- Purchase of Computer if certified by the institution that it is essential for completion of the course.
- Any other expenses require_onced to complete the course.
- Up to 4 Lakhs - Nil
- Above 4 Lakhs - 5%
- Studies abroad - 15%
- Parents to join as co-borrower
Security (For meritorious students- IBA scheme)
- Up to 4 Lakhs - No collateral security.
- Above 4 Lakh - Up to 7.50 Lakh- collateral security in the form of third party guarantee.
- Above 7.50 Lakhs – Tangible Collateral Security worth 150% of the loan amount.
- Moratorium : Course period +1 Year or 6 months after getting job, whichever is earlier. Loan to be repaid in 5-7 years.