Hi Urvija,

Loan for  Higher Education  in India:

Maximum Loan Amount : Rs.10.00 Lacs.

Margin :

Upto Rs. 4.00 lacs :- NIL

Above Rs. 4.00 lacs :- 5%

Suppose you want to take A loan of 3 lahs then you have to give your own 15, 000 an drest bank will give. This is what margin means.

Student Eligiblity :

• The applicant should be an Indian national.
• Applicant should be around 16-26 years of age or any other range specified by the bank.
• Applicant should have a good academic track record.
• Applicant must have secured admission to professional/technical courses, through entrance test/ merit based selection process
• Applicant should have parents or guardians with stable source of income.

Coverage of expenses:

• Fee payable to college / Institution / University.
• Examination / Library / Laboratory Fee.
• Fee and other charges payable to hostel.
• Purchase of books / equipments / instruments.
• Personal Computers / Laptops wherever required.
• Caution deposit / building fund / refundable deposit supported by institution bills / receipts.
• Any other expenses required to complete the course - like study tours, project works, thesis, etc.

Courses Eligible:

• All Graduation courses.
• All Post Graduation courses & Doctorate courses.
• Professional Courses viz. Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, Ayurved, Homeopathy, Physiotherapy, Hotel Management, Hospital Management, Interior Designing, Architecture, Event Management, Mass Communication, Fashion Technology, etc.
• Computer certificate courses of reputed institutes accredited to Dept. of Electronics or institutes affiliated to Universities.
• Courses like C.A, ICWA, CFA, CS, etc.
• Courses conducted by IIM, IIT, IISc, XLRI. NIFT etc.
• Regular Degree/ Diploma courses like Aeronautical, pilot training,
  shipping etc., approved by Director General of Civil Aviation/shipping.
• Other courses leading to diploma / degree etc. conducted by 
  colleges/universities approved by UGC/Govt./ AICTE/ AIBMS/ ICMR etc.
• Courses offered in India by reputed foreign Universities.
• Evening courses of institutes approved by State/Central/Govt./UGC/AICTE/AIBMS/ICMR/ICAR.
• Courses offered by National Institutes and other reputed private institutions. The College/Institute must have been approved by the State/Central Govt./UGC/AICTE, etc.

Repayment Holiday / Moratorium Period:

• Course period + 1 year or 6 months after getting job, whichever is earlier.

Security:

• Upto Rs.4 lacs : No security
• Above Rs. 4.00 Lacs and up to Rs. 7.5 lacs: Collateral in the form of a suitable third
  party guarantee alognwith assignment of future income.
• Above Rs.7.5 lacs: Tangible collateral security equal to 100% of the loan
  amount along with assignment of future income

collateral is a borrower's pledge of specific property to a lender, to secure repayment of a loan

Rate of Interest :

• Simple interest to be charged at monthly rests during the repayment holiday / moratorium period.
• 1% interest concession is provided if interest debited during repayment holiday is serviced.

Repayment Holiday is course period + 1 year or 6 months after getting job, whichever is earlier.

• Most banks provide 1% Concession in rate of interest to loans for girl student.
• Penal interest @ 2% p.a. on overdue amount, if the loan amount exceeds Rs.4.00 lacs.