PGB Education Loan Scheme

 

 

Purpose

Scheme aims at providing financial assistance to deserving /meritorious students for pursuing higher education in India and abroad with an emphasis that every meritorious student though poor, is provided with an opportunity to pursue education

   

Eligibility

  • Should be an Indian national
  • Secured admission to professional/technical courses in India or abroad
   

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, subject to the condition that the amount does not exceed 10% of the total tuition fees for the entire course.
Travel expenses/ passage money for studies abroad.
Purchase of computers - essential for completion of the course.
Insurance premium for student borrower (for obtaining insurance coverage under the specified scheme from specified insurance company/ies).
Any other expense required to complete the course - like study tours, project work, thesis, etc

   

Extent of Loan

Studies in India - Max. Rs. 10 lac
Studies abroad - Max Rs. 20 lac.

   

Margin

Up to Rs. 4 lac = - NIL
Above Rs. 4 lac  = - studies in India   5%
              =  - studies abroad   - 15%

   

Repayment Holiday

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

   

Repayment

5-7 years

   

Security

  • Up to Rs. 4 lac - Co-obligation of parents
  • Above Rs. 4 lac and upto Rs. 7.5 lac - Co-obligation of parents together with Coll. security in the form of suitable 3rd party guarantee. 
  • (For students of IITs, IIMs, RECs, NITs, ITs, Government Recognized Medical Colleges, FMS Delhi, MDI Gurgaon and XLRI Jamshedpur exemption from taking guarantee for loans upto Rs 7.50).
  • Loan amount of above Rs.7.50 lac – Co-obligation of parents together with tangible collateral security of suitable value, alongwith the assignment of future income of the student for payment of instalments
   

Reimbursement of Fees

Reimbursement of fees paid by the student/ guardian at the time of admission or subsequent stages within six months from the date of payment of fees on individual merits of the case. The reimbursement will however, be within the sanctioned limit and subject to production of proper receipt/ documentary evidence or proof of payment to the satisfaction of the bank.

 

 

For more detail, please contact to our nearest branch.