Education Loan
Higher education within your reach
Quantum of Loan
The quantum of finance under the scheme is capped at Rs 10.00* lacs for studies in India and Rs 20.00* lacs for studies abroad, which would cover tuition fees, hostel charges (if any), cost of books, etc. The minimum amount of education loan would be Rs 50,000. *The Quantum of Loan can be Higher amounts above these caps subject to eligibility and cost, for case-to-case approval.
Timeline for application decision
IEC will examine and approve the case accordingly within 2 days duration from the date of receipt of the application.
Role of the Guardian
The parent(s) or guardian of the student would be treated as a co-applicant of the student loan. His or her role would be, necessarily, like the primary debtor.
Security
Third party guarantee and /or collateral security may be asked if parents are not paying taxes.
Disbursement
The Loan would be disbursed directly to the University under intimation to the student.
| Sr. No | Interest Rate | ZERO % Interest |
|---|---|---|
| 1 | Education Loan Upto Rs. 2 Lacs per year Payable in 9 equated monthly installments. | 0% Interest |
