The scheme permits all types of needy students (viz. students of plus 2 stage, graduation courses, post graduation courses, Masters & Ph.Ds, professional, technical, engineering, medical, veterinary, law, dental, management, computer, vocational courses, courses like ICWA,CA,CFA, courses conducted by IIM, IIT, IISc, NIFT, courses offered in India by reputed foreign universities and all other types of courses offered by Govt./Semi-Govt/private institutions in order to meet the costs for their studies in India and abroad.

Such courses would comprise regular, part time and correspondence courses. The costs include admission fees, books & stationery, instruments required for the course, monthly fees, examination fees, insurance premium for policy on life of the borrowing student, caution deposit/building fund/refundable deposit supported by bills/receipts, expenses like study tours/project work/thesis etc. required to complete the course, boarding and lodging expenses, and travel expenses/passage money including air fare for joining the course abroad.

	Indian candidates, in the age group of 16-40 years. For part time computer courses, candidates in the age group of 16-45 years are eligible. Applicants, whose parents / guardians have been appointed by Students who have secured pass marks in their last qualifying examination and have secured admission in any of the courses listed above.
	Students who have secured pass marks in their last qualifying examination and have secured admission in any of the courses listed above.
	The parents/guardian should have regular source of income to the amount that they are able to pay back the loan in case of need/unforeseen circumstances. There is no specification of ceiling on annual income of the parents/guardians
	Employed persons in look out to better their prospects can also avail loan for improving their educational qualifications and/or receive training in modern technology in India/ abroad provided the education/training received by them in India/abroad affords prospects for their better employment. For such persons, 'No Objection Certificate' from their employers is a mandatory requirement.

	For studies in India : Rs. 7.50 lakh
	For studies abroad : Rs.15.00 lakh In case of part-time computer courses, the extent of loan should not exceed Rs.50,000 pa or fee fixed by the particular institution (as per prospectus less concession, if any), whichever is less

Rate of Interest

Loan upto Rs.4 lakh : 12.00% pa Loan over Rs.2 lakh upto Rs.15 lakh : 13.00% pa Loan over Rs.15 lakh : 15% pa This is subject to change from time to time The interest shall be charged at simple rate from the date of disbursement till the commencement of repayment of loan and thereafter, compound interest will be charged on reducing balance basis. 1/2% interest concession may be provided for the loanees if the interest is serviced during the study period.

Margin

NIL

Principal and Interest is repayable in 84 monthly installments.