The most of the Studies Aboard Scheme aims at providing financial support from the bank to deserving/ meritorious students for pursuing higher education in abroad. The main emphasis is that every meritorious student is provided with an opportunity to pursue education with the financial support on affordable terms and conditions.

A. ELIGIBILITY CRITERIA:

• Graduation: For job oriented professional/technical courses offered by reputed universities.
• Post Graduation: MCA, MBA, MS, etc.
• Courses conducted by CIMA - London, CPA in USA, etc.

B. EXPENSES CONSIDERED FOR LOAN :

• Fee payable to college/school/hostel*
• Examination/Library/Laboratory fee.
• Purchase of books/equipments/instruments/uniforms.
• Caution deposit/building fund/refundable deposit supported by Institution bills/receipts.
• Travel expenses/passage money for studies abroad.
• Purchase of computers - essential for completion of the course.
• Insurance cover for the student.
• Any other expense required to complete the course - like study tours, project work, thesis, etc.

* As per brochure/ demand letter from the institution.

C. QUANTUM OF FINANCE :

Need based finance subject to repaying capacity of the parents/students with margin and the following ceilings :

• Studies in India - Maximum Rs.10.00 lakh
• Studies abroad - Maximum Rs.20.00 lakh.

MARGIN :

Scholarship could be included in margin. Margin to be brought in on year to year basis as and when disbursements are made.

D. SECURITY:

• Upto Rs. 4 lakh : No security
• Above Rs.4 lakh & upto Rs.7.5 lakh : Collateral security in the form of a suitable third party guarantee.
• Above Rs.7.5 lakh : Collateral security of suitable value or at the discretion of the Bank suitable third party guarantee alongwith the assignment of future income of the student for payment of installments.

Note : The security can be in the form of land/building/Govt. Securities/Public Sector Bonds/NSC/KVP/LIP/ Banks Term Deposit and etc.in the name of Student/Parent/ Guardian/ Guarantor with suitable margin.

RATE OF INTEREST *:

• Upto Rs.7.50 lacs - 1.75% below BPLR, Min. 11.00% p.a.
• Above Rs.7.50 lacs - 0.75% below BPLR, Min. 12.00% p.a.
• Simple interest during the repayment holiday/moratorium period.
• Penal interest @2% for loans above Rs.4 lakh for the overdue amount and overdue period.
• Int. Concession for woman beneficiaries - upto 50,000/- - 0.50% and above 50,000/- - 1.0%
• 1% int. concession if interest is serviced during moratorium period, where repayment holiday is specified for interest/repayment under the scheme (concession available for moratorium period)
  

INSURANCE : All the student borrowers are offered a specially designed Term Insurance cover and the premium can be included as an item of finance.

E. REPAYMENT:

Repayment holiday/Moratorium : Course period + 1 year or 6 months after getting job, whichever is earlier.

• The loan is to be repaid in 5-7 years after commencement of repayment.

BANK CHARGES:

F. OTHER CONDITIONS :

1. Loan to be disbursed in stages as per requirement / demand, directly to the Institution/ Vendors of books/equipments/instruments to the extent possible;
2. Student to produce mark list of previous term/semester before availing next installment ;
3. Student / Parent to provide latest mailing address, in case of any change ;
4. Student /Parent to inform Branch immediately on change of course /completion of studies/termination of studies/ any refund of fees by college /institution /successful placement /obtention of job/change of job etc.

For more information please contact Streamline Professional Services Pvt Ltd.