Indian Banks Association has formulated revised Model Scheme on Educational loans for higher studies in India and Abroad and Model Educational Scheme for Vocational Courses. This scheme covers only merit channel seats for the following courses.

Educational loans can be sanctioned for the following purposes:

• Studies in India
• Studies in Abroad

The courses eligible for finance are:

• Approved courses leading to graduate/ post graduate degree and P G diplomas conducted by recognized collages / universities recognized by UGC/Govt./AICTE/AIBMS/ICMR etc. courses like ICWA, CA, CFA etc.
• Courses conducted by IIMs, IITs, IISC, XLRI, NIFT, NID  etc,
• Approved Courses offered in India by reputed foreign universities.
• Regular Degree/Diploma courses like Aeronautical, pilot training, shipping, etc. approved by Director General of Civil Aviation/shipping, if the course is pursued in India. Air Craft Maintenance Engg, Pre-Sea training courses must be either a degree course recognized by a competent University or Diploma course recognized by appropriate state Govt. body to be eligible for considering loan.
• Nursing courses and other Para Medical courses offered by approved institutes only.

• Studies abroad:
• Graduation: For job oriented professional / technical courses offered by reputed universities.
• Post-Graduation: MS, MBA etc.
• Courses offered by CIMA- London, CPA in USA etc.

Eligibility:

• The student should be an  Indian National
• NRI- if student is holding Indian Passport. (Suitable collateral security enforceable in India is to be provided for all such proposals).
• For the purpose of this scheme higher education is defined as studies taken up after completion of higher secondary school i.e. ten plus two stage.
• Should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance test/ Merit based selection process after completion of HSC.
• In case where admission is not through common entrance test and the marks secured in the qualifying examination is the only criteria adopted, the minimum cut off marks should be 65% in aggregate in the qualifying academic examinations.
• The cut-off 65% marks in aggregate in the qualifying academic examination is also applicable to all courses offered by deemed universities and also non-professional and non-technical courses, irrespective of the common entrance test.
• Admissions through management quota are outside the purview of this scheme. However, we may consider sanction of loans to students securing admissions under management quota with a suitable collateral security of not less than 150% value of the sanctioned limit irrespective of quantum of loan whether it is below Rs.4 lakhs or above Rs.4.00 lakhs,

Expenses considered for loan:

• TUITION FEES
• EXAMINAITON FEES
• STUDY TOURS, PROJECT WORK
• COST OF BOOKS, STATIONERY
• EQUIPMENT ESSENTIAL FOR COURSES
• HOSTEL FEES
• CAUTION DEPOSIT, BUILDING FUND/REFUNDABLE DEPOSIT SUPPORTED BY INSTITUTION BILLS/RECEIPTS.

However, hostel fees will NOT be considered if the student is studying at the place where his parents/guardian is residing. Students residing outside in the hostel can be paid Boarding fees subject to a maximum of Rs.50000/- per year.

• Students’ giving a declaration that accommodation is not available in the College Hostel/Hostel facility is not provided by the College duly enclosing a letter from the College authorities.
• Production of genuine bills in respect of rents/mess charges paid.

Quantum of Finance:

STUDIES IN INDIA – Maximum upto Rs.10.00lakhs.
STUDIES AT ABROAD – Maximum upto Rs.20.00 lakhs.

For more details, Please contact nearest branches of Chaitanya Godavari Grameena Bank.