Education Loan- Unnatha Vidya Yojana

Eligibility

Under this scheme the loan is available in the joint names of student and parent for higher education like post graduation in Science, Arts, Commerce etc., and Technical or professional courses such as Engineering, Medical, Law, BBM, MBA, Chartered Accountancy etc., in the colleges affiliated to recognized Universities or in institutions like Indian Institute of Management, Indian Institute of Science, Indian Institute of Technology, Business Schools etc., in India.

Sanction Limit

Maximum of Rs. 20 lakhs.

Repayment Period

The period of loan is that period required for the completion of the course plus 6 years which includes a moratorium period of one year.

Rate of Interest

8.5%

Security

– Collateral Security of immovable property belonging to the parent.

– A Life Insurance policy for an assured sum equivalent to the loan amount of the life of the student.

– Personal surety of the parent and one respectable and credit worthy third person.

Documents required.

i) Proof for having secured the seat in a recognized college.

ii) College letter relating to grant of scholarship, if any.

iii) Schedule of expenses such as tuition fees, maintenance cost, books and equipments, security and refundable deposits for the course and hostel fees, where applicable.

iv) Address proof, identify proof, two photographs.