Concessional Education Loan Scheme

Expenses considered for Loan

Cost of 2-wheeler upto Rs. 50,000/- shall be considered within the overall ceiling of loan amount and in addition to the expenses considered for Loan under existing other education loan schemes

Quantum of Finance

Need Based Finance to meet the expenses (taking into account the prescribed Margin), subject to the following ceilings:

Studies in India - Max. Rs.50 lakh

Studies abroad - Max. Rs.50 lakh

Repayment Period

The maximum repayment period of loan will be in conformity to the guidelines laid down in NHFDC scheme i.e. 10 years after commencement of repayment. The repayment as per repayment schedule would commence one year after completion of course.

Loans with repayment period beyond the ceiling as above are not eligible for refinance under the aforesaid scheme.

Rate of Interest

The loan would carry Interest @ 4% per annum. No rebate/concession in rate of interest would be allowed in respect of the loan for higher education.

Unique Disability ID (UDID) registration under Department of Empowerment of Persons with Disability (DEPwD), Ministry of S.J. & E., GoI is mandatory irrespective of loan amount.

Simple interest be charged during the Repayment holiday/ Moratorium period.

In case of default, normal rate of interest (plus penal interest) shall be charged for the period of default or as per table above, whichever is higher.

Processing Charges/ Upfront Fee

Documentation Charges