Financial Institutions / Banks provide convenient educational loans for meritorious / deserving students to acquire knowledge and skills in the field of interest. Students pursuing their studies at EDI had availed educational loans from HDFC Bank, Corporation Bank & others. Students desirous to avail such facility may approach the concerned banks located in their hometowns and understand the procedural formalities.
The IDBI Bank Ltd. has specifically agreed to provide education loan facility to students seeking admission in the EDI's PGDM-BE.
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Loan Amount
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Maximum Rs 10.00 Lac |
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Co-applicant
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Parent or Guardian
Both student and the co-applicant should execute the loan document
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Documents Required
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Applicant : Application Form, Passport Size Photograph, Age Proof,
Address Proof and Identity Proof, Mark Sheets of Last Qualifying Examination, Proof
of Admission in EDI, Scholarship, Schedule of Expenses for the Course
Co–applicant:
For salaried: Application Form, Passport Size Photograph, Age proof, Address
proof and Identity Proof (2 nos) Latest Salary Slips along with Last 2 years Form
16
For Self Employed:
Last six months updated banking statements, talhati certificates and any other document
desired by bank
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Collateral Security
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Up to Rs Four Lac: No security required
Between Rs 4 - 7.5 Lac Collateral security in the form of Third
Party Guarantee
Above Rs 7.5 Lac: Collateral Security in the form of Land/Building,
Govt Securities/Public Sector Bonds/Units of UTI,NSC, KVP, LIC Policy etc
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Margin Money
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Up to Rs 4 Lac – Nil
Above Rs 4 Lac – 5% of the total cost of the programme
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Rate of Interest
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Up to Rs 4 Lac: 12.25%
Above Rs 4 Lac: 12.50%
(Floating rate of interest will be charged)
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Repayment Terms
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Loan repayment is to be completed in maximum 84 months after commencement of repayment
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| Cent Vidyarthi |
| 1 |
Purpose of Loan |
For pursuing higher studies, in India & Abroad |
| 2 |
Eligibility |
Student should be an Indian National having secured admission to Professional/ Technical courses. |
| 3 |
Maximum loan amount |
`. 10.00 lacs for studies in India.
`. 20.00 lacs for studies Abroad. |
| 4 |
Margin |
Upto `. 4 lacs : NIL |
| Above `. 4 lacs |
In India – 5%, |
Abroad – 15% |
| 5 |
Expenses considered for loan |
- For fee payable to School, College, Hostel, Examination, Library, Laboratory.
- Purchase of Books, Computers, Equipments, Instruments, uniforms.
- Travel expenses/passage money for studies abroad. Study tour, project work, and thesis.
- Life Insurance premium for student borrower.
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| 6 |
Rate of Interest
(Currently Base Rate-10.00%) |
Type of Borrower |
ROI-Normal |
| Male Students |
Base Rate+2.00% = 12.00% |
| Female/SC/ST
Candidates/IIT/IIM |
Base Rate+1.50% = 11.50% |
| 7 |
Incentive |
- 1% interest concession, if interest is serviced during study period.
- Interest is calculated at simple basis during study/moratorium period.
- Interest subsidy during moratorium period.
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| 8 |
Repayment |
Repayment to commence 12 months after completion of studies or 6 months after securing job whichever is earlier. Maximum period 5 to 7 years. Repayment on EMI basis. |
| 9 |
Security |
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| Up to `. 4 lakhs |
No security |
| Above `. 4 lakhs and up to `. 7.5 lakhs |
A satisfactory third party Guarantee |
| Above `. 7.5 lakhs |
Collateral security of suitable value |
| 10 |
Processing Fees |
No Processing Fees |
| 11 |
Special Features |
- Top up loans/ second loan can be considered for the same student to continue further education.
- Reimbursement of Expenses at point No.3 if already incurred, within 1 month in India/6 weeks in abroad.
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The environment At EDI and friends, faculty and college staff helped me keep myself focused and motivated. I explored new ideas and got satisfactory result...
