1. Where can I avail of an Educational loan?

The loan is available from all branches of the nationalised and private sector banks and a select private financial institutions located near your area.

2. What are the important documents that I need to provide?

You will need to furnish the following documents along with the completed application form. Relevant information would relate to the guardian and the student both, as the loan is sanctioned jointly: • Mark sheet of last qualifying examination for school and graduate studies in India • Proof of admission to the course • Schedule of expenses for the course • Copies of letter confirming scholarship, etc. • 2 passport size photographs • Statement of Bank account for the last six months of borrower(s) • Income tax assessment order not more than 2 years old • Brief statement of assets and liabilities of borrower • Documents related to property is being offered as security • Copies of foreign exchange permit, if applicable If you are not an existing bank customer you would also need to establish your identity and give proof of residence.

3. Is income of parent/guardian a criteria for education loan?

No, education loan is considered based on quality of course/ institution funds, requirement for studies, future income prospects only.

4. Are there any charges or processing fee?

There is no additional charge or processing fee on education loans.

5. Am I required to pay interest during the study period?

Payment of interest during the study period is not mandatory. However, if you pay interest as and when applied, you are eligible for 1% rebate in interest rate, which will be reduced from the loan amount, when repayment of principal commences.

6. Since there is a moratorium period, how will my repayments be determined?

If you opt not to pay interest during moratorium period, the outstanding interest for the moratorium period will be added to the loan amount at the time of commencement of the repayment. The EMI will be determined on this amount at the time the repayment is to commence

6. Since there is a moratorium period, how will my repayments be determined?

If you opt not to pay interest during moratorium period, the outstanding interest for the moratorium period will be added to the loan amount at the time of commencement of the repayment. The EMI will be determined on this amount at the time the repayment is to commence.

7. What is the repayment schedule for Education Loan?

The repayment would begin one year after the course period or six months after you get a job, whichever is earlier. You are expected to pay a minimum amount equivalent to the EMI on a monthly basis. However, you can choose to pay more than the EMI, and we do not charge any prepayment penalty.

8. Can I avail second education loan for further studies?

Yes, you can apply for second education loan after completing the earlier course, at the same branch from which you availed your first education loan.

9. What is EMI? How is it calculated?

EMI stands for Equated Monthly Instalments. This instalment comprises both principal and interest components. Your EMI would be calculated depending on the tenor you choose, to repay your loan. The EMI would be higher if you choose to repay within a shorter period as against a longer-term loan. A shorter repayment period, however, reduces your interest cost over the term of the loan.

10. What is the minimum age for getting Education Loan?

There is no specific restriction with regard to the age of the student to be eligible for education loan.