Organisation : Admission Committee for Professional Courses Gujarat
Facility : Educational Loan Schemes of Indian Banks Association
Home Page :http://jacpcldce.ac.in/
Download here :https://www.statusin.in/uploads/6053-07_Education_loan.pdf
Education Loan Facility
Educational Loan Schemes Of Indian Banks Association :
Purpose :
Payment of course fees. Purchase of books, equipments, instruments, uniform, payment of hostel fees, examination fees, study tours for studies in India
Related / Similar Service :
SJE Gujarat Shri Jugatram Dave Ashram Schools Scheme
Eligible Courses :
Professional courses : Engineering, Medical, Agriculture, Veterinary, Law, Dental, Computer, Management, etc.
Quantum of Need based finance :
Finance For studies in India Max. Rs.10.00 lacs
Margin Upto to Rs.4.00 lacs – Nil
Above Rs.4.00 lacs – for studies in India – 5%
Security Loan is given jointly to the student and parent /guardian
Assignment of future income of the student :
** Upto Rs.4.00 lacs- No security
** Above Rs.4.00 lacs upto Rs. 7.50 lacs –Satisfactory third party guarantee
Note :
If the proposed borrower prefers to offer collateral security of tangible assets(moveable or immoveable) instead of bringing collateral securities in the form of third party guarantee, the same may be accepted, at his request, provided the securities with stipulated margin covers 100% of the loan amount
Above Rs. 7.50 lakhs :
Collateral security equal to 100% of the loan amount.
Processing fee No processing :
upfront charges may be levied on loans sanctioned under the scheme. Repayment Commences two years after completion of the course or six months aftergetting employment, whichever is earlier.
Loan with interest is repayable in equated monthly installments within :
For loans Upto Rs.7.5 lacs – 10 years after commencement of repayment
For loans above Rs.7.5 Lakhs – up to 15 years after commencement of repayment No prepayment penalty
Credit Delivery :
Loan can be availed from the branch nearest to the place of permanentresidence of the parent / guardian. Obtention of UID number (Aadhaar) of the student is compulsory
Rate of interest :
Interest to be charged at rates linked to the Base rate as decided by individual banks Simple interest to be charged during the study period and up to commencement of repayment.
Eligibility
** Should be an Indian National with no specific restriction for age of the student.
** Should have secured admission on merit to professional/technical courses in India including management quota.
Not eligiblefor :
** Students admitted through management quota interest subsidy
** Students pursuing studies abroad
** Students pursuing courses which are not approved under IBA Scheme but approved by the Bank.
** Students discontinuing the course in the mid-stream or who are expelled from the institution on disciplinary or academic grounds. However subsidy would be available for actual period of study only if discontinuation is due to medical grounds with necessary documentation.
Central Sector Scheme Of Interest Subsidy For Education Loans By Scheduled Banks :
Applicability of the Scheme :
The Scheme could be adopted by all scheduled Banks and would be applicable only for studies in recognized Technical/Professional Courses in India. The interest subsidy shall be linked with the existing Educational Loan Scheme of IBA and restricted to students enrolled in recognized Technical/Professional Courses (after Class XII) in India in Educational Institutions established by Acts of Parliament, other Institutions recognized by the concerned Statutory Bodies, Indian Institutes of Management (IIMs)and other Institutions set up by
Income Limit/Proof :
The benefits under the Scheme would be applicable to those students belonging to economically weaker sections, with an annual gross parental/family income upper limit of Rs.4.50 Lacs per year (from all sources). Income proof shall be required from the students from such public authorities which are authorized by the 47
Eligibility for Interest Subsidy :
The interest subsidy under the Scheme shall be available to the eligible students only once, either for the first undergraduate degree course or the post graduate degrees/diplomas in India. Interest Subsidy shall, however, be admissible for integrated courses.