Loan

Purpose for Studing Overseas for Indian National only from Indian banks

For providing financial support to the deserving, meritorious students for pursuing higher / professional / technical education abroad.

Eligibility

• Should be an Indian National
• Secured admission to professional course through selection process or on merit.

Quantum of Finance (Need Based) Maximum Loan

Studies Abroad Rs. 20.00 Lacs 

Interest Rate

As applicable from time to time.
1% interest concession on interest payment in moratorium period.

Margin

Upto Rs. Lacs - Nil
Above Rs. 4 Lacs -
Studies in India - 5%
Studies in Abroad - 15%

Repayment

Repayment holiday / Course period +1 year upto 6 months after getting job, whichever is earlier. The loan is to be repaid in 5 - 7 years after repayment holiday.

Security

Upto Rs. 4.00 Lacs - No Security
Above Rs. 4.00 Lacs - Third Party guarantee
Above Rs. 7.50 Lacs - Tangible Collateral security

Processing Charges

Nil

Attraction

• Second Education Loan can be given
• Personal Insurance to cover Education Loan.

Documents to be enclosed for loan application

• Mark sheet of last qualifying examination for school and graduate studies in India.
• Copies of letter conferring scholarship, free ship, studentship etc.
• Documents evidencing the duration of course and commencement thereof viz. prospectus or certificate from the competent authority of the institution.
• Proof of admission to the course.
• Schedule of expenses for the course.
• Two copies of passport size photograph of the borrower (s) / guarantor (s).
• Copies of foreign exchange permit (if applicable).
• Statement of Bank account for the last six months of the borrower (s)
• Signature identification from bankers of borrower (s) guarantor (s).
• A copy of Passport / Voters ID Card / Proof of residence.

 

For Salaried persons

 

• Latest salary slip showing all deductions
• Employment details for the last 5 years
• Latest TDC Certificate Form 16
• Statement of assets and outstanding liabilities

 

For Self-Employed / Professionals and Businessmen

 

• Proof of income
• Income Tax / Wealth Tax (if applicable) assessment orders (not more than 2 years old)
• Assets and Liabilities** Please contact your banker for details, the above are just guidelines

** Please contact your banker for details, the above are just guidelines

Abu Dhabi Commercial Bank - Smart Education loan for UAE residents

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No salary transfer required .

Loan amounts up to AED 150,000

Flexible repayment tenures up to 60 months

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