EDUCATIONAL LOAN (IBA)
Eligibility | Who can apply:
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Age
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Age Criteria
There is no specific restriction with regard to the Age of the Student for education loan, |
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Eligible courses | Studies in India( indicative list)
However, Diploma in Teacher Training course is not eligible under the scheme. Studies Abroad
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Rated Institutions | The Educational loan institutions are classified in to three Categories:
A. Rated Indian Institutions:
B. Unrated Institutions : Institutions which are not falling under the above categories will be treated as Unrated Institutions. C. Foreign Institutions for Studies abroad : First 500 Ranks of foreign Universities (except China, Russia, and Ukraine) may be considered for Studies abroad. Reference : www. Webometrics.info. |
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Expenses considered for loan | a) Fee payable to college++/ school/ hostel
b) Examination/ Library/ Laboratory fee c) Travel expenses in India and passage money (travel expenses) for studies abroad d) Insurance premium for student borrower, if applicable e) Caution deposit, building fund / refundable deposit supported by Institution bills/receipts. f) Purchase of books/ equipments/ instruments/ uniforms g) Purchase of computer at reasonable cost, if required for completion of the course h) Any other expense required to complete the course – like study tours, project work, thesis, etc. i) While computing loan required, scholarships, fee waiver etc., if any available to the student borrower should be taken into account. j) If the scholarship component is included in the loan assessment, it may be ensured that the scholarship amount gets credited to the loan account when received from the Government. k) FOR MANAGEMENT QUOTA SEATS: Fees as approved by the State Government /Government approved regulatory body for payment seats will be taken, subject to viability of repayment. Boarding & Lodging expenses as approved will also be considered : (Per Annum) |
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Maximum Hostel and Mess Charge
( Areas where college/Hostel is located) |
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Major A Class Cities | Area I | Other Places | |||
Up to Rs.60000/- | Up to Rs.50000 | Up to Rs.40000 | |||
Policy rates (Maximum as above) or Hostel and Mess charges prescribed by the College whichever is less is eligible for consideration.
Classification of cities based on 2001 census. |
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Credit Guarantee Fund scheme for Educational Loans | For loans sanctioned on or after 16/09/2015 up to a limit of Rs.7.50 lakhs are eligible under this scheme. | ||||
Margin | Limit up to Rs.4.00 lakhs | NIL | |||
Limit above Rs.4.00 lakhs |
Studies In India | 5% | |||
Studies Abroad | 15% | ||||
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Interest Rates | Click here | ||||
Repayment | Moratorium Period : Course period plus holiday period of one Year
(maximum) in all cases. Repayment period : Up to 180 EMIs ,commencing immediately after the moratorium period. The accrued Interest during the moratorium period should be added to the Principle and repayment in EMIs to be fixed. |
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Security |
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Insurance | Life insurance policy for the Student availing educational loan is mandatory covering the entire period of loan i.e. Study period, Holiday period/Moratorium period and Repayment period. |
( Last modified on Sep 29, 2021 at 04:09:07 PM )

