A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.
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Foreign Education Loan
Eligible Course
All courses having employment prospects are eligible.
Graduation courses/ Post graduation courses/ Professional courses
Other courses approved by UGC/Government/AICTE etc.
Expenses Considered for Loan
Fees payable to college/school/hostel
Examination/Library/Laboratory fees
Purchase of Books/Equipment/Instruments/Uniforms
Caution Deposit/Building Fund/Refundable Deposit (maximum 10% tution fees for the entire course)
Travel Expenses/Passage money for studies abroad
Purchase of computers considered necessary for completion of course
Cost of a Two-wheeler upto Rs. 50,000/-
Any other expenses required to complete the course like study tours, project work etc.
Amount of Loan
For studies in India, maximum Rs. 10 lacs
Studies abroad, maximum Rs. 20 lacs
InterestRates(with effect from 1st June 2008)
For loans up to Rs.4 lacs - 11.75 % p.a.Floating
For loans above Rs. 4 lacs and upto Rs.7.50 lacs - 13.25 %Floating
For loans above Rs.7.50 lacs - 12.25% p.a. Floating
Processing Fees
Conditions Apply
Repayment Tenure
Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier.
Place of Study
Loan Amount
Repayment Period
in
Years
Studies in India
Rs. 10.0 lacs
5-7
Studies Abroad
Rs. 20.0 lacs
5-7
Security
Amount
For loans upto Rs. 10.00 lacs
for Studies in India and upto Rs. 20.00 lacs for studies
abroad
Upto Rs. 4 lacs
No Security
Above Rs. 4 lacs to Rs. 7.50
lacs
Collateral security in the form
of suitable third party guarantee. The bank may, at its
discretion, in exceptional cases, weive third party guarantee
if satisfied with the net-worth/means of parent/s who would be
executing the documents as "joint borrower".
Above Rs. 7.50
lacs.
Tangible collateral
security of suitable value, along with the assignment of
future income of the student for payment of
installments.
All loans should be secured by parent(s)/guardian of the student borrower. In case of married person, co-obligator can be either spouse or the parent(s)/ parents-in-law
Margin
For loans up to Rs.4.0 lacs : No Margin
For loans above Rs.4.0 lacs:
Studies in India: 5%
Studies Abroad: 15%
Documentation Required
Completed Education Loan Application Form.
Mark sheets of last qualifying examination
Proof of admission scholarship, studentship etc
Schedule of expenses for the specified course
2 passport size photographs
Borrower's Bank account statement for the last six months
Income tax assessment order, of last 2 years
Brief statement of assets and liabilities, of the Co-borrower
Proof of Income (i.e. Salary slips/ Form 16 etc)
Contact Us
Mr P.K.Puri
Managing Director Cyberica Net Technologies Pvt. Ltd Mob:- 9810098883
Email:- pervinpuri@gmail.com.
