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Special Education Loan Scheme for IIMs/ XLRI/ MDI/ SPJIMR, click here
The scheme aims at providing financial assistance on reasonable terms to the poor and needy students to undertake basic education
and to meritorious students that they may pursue higher or professional or technical education.
ELIGIBILITY
Student Eligibility :
• Indian citizen
• Secured admission to the concerned institute in India or abroad through an
appropriate selection process and cleared the qualifying examination,if any
a. Studies in India
• Graduation/Post-Graduation
• Professional courses
• Management courses
b. Studies Abroad :
• Courses conducted by CIMA, London, CPA, USA., and such other institution
• Any other expense required to complete the course, such as, Study Tours,Project
Work,Thesis, etc.
QUANTUM OF LOAN
Need-based finance subject to repayment capacity of the parent or student with margin and
upto the following ceilings
For studies in India - Up to Rs. 10 lacs
For studies abroad - Up to Rs. 20 lacs
MARGIN
No margin for loans up to Rs. 4.00 lacs . However, for loan of higher amounts, the margin
requirement is 5% for inland studies and 15% for studies abroad.
REPAYMENT
Repayment holiday or Moratorium on loan: Course period + 1 year OR 6 months after job
placement, whichever is earlier.
Starting from this point, the loan is to be repaid in 5-7 years after completion of course
period/moratorium.
COLLATERAL SECURITY
• Upto Rs. 4.00 Lakhs : No collateral security required
• Above Rs. 4.00 Lakhs and upto Rs. 7.50 Lakhs : no collateral security required. A
suitable third party guarantee is required.
CONDITIONS
• The Parent/Guardian of the student who is availing loan needs to join in as co-
obligator/joint borrower.