Bank announces Financial Results for quarter ended, 30th June 2024.
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A right career begins with a right education.
Loan Amount:
Rate of Interest (%):
Loan Terms (monthly):
Equated Monthly Installment (EMI) will be
Under Government of NCT of Delhi, created a fund specifically for students of all backgrounds, who have completed 10th and 12th from Delhi. The loan amount need not require collateral as the Government provides guarantee for the student.
A loan that helps provide a meritorious student in the Delhi the opportunity to pursue higher education with the financial support from the banking system, within reasonable terms and conditions.
Objective of the Scheme: The Higher Education and Skill Development Guarantee Scheme outlined below aims at providing financial support from the banking system to meritorious students for pursuing higher education in Delhi. The main emphasis is that a meritorious student is provided with an opportunity to pursue higher education with the financial support from the banking system with reasonable and affordable terms and conditions.
The scheme envisages creation of a corpus of Rs. 30 crores called the Higher Education and Skill Development Credit Guarantee Fund (hereinafter referred to as the Fund), initially which will be used to provide appropriate guarantee. Banks wishing to avail of this facility will have to pay an Annual Guarantee Fee (AGF) of 0.50% of the outstanding amount as on the date of application of the guarantee cover upfront to the Fund within 30 days from the date of Credit Guarantee Demand Advice Note (CGDAN) of guarantee fee. All subsequent AGFs could be collected on the basis of the outstanding loan amount as at the beginning of the financial year. On default of the loan and invocation of claim, the Fund shall settle 75% of the claims (out of the 100% of total amount under default) after the credit facility has been recalled and the recovery proceedings have been initiated under due process of law and the balance 25% of the claim, if any, shall be paid after conclusion of the recovery proceedings and ascertaining the net/final loss incurred by the lending institution. The scheme shall be confined to education loans sanctioned by member banks of Indian bankers association (IBA) or other Banks/Financial Institutions as identified by Govt. of NCT of Delhi.
The guarantee fee of 0.50% of the outstanding amount to be recovered from the borrower and to be paid to the Trust.
*For private institutions having NAAC/NBA accreditation, a minimum grade of A or B is required.
**For private institutions having SFRC grading, A+ or A is required.
(SFRC grading has been given by the 3rd State Fee Regulatory Committee (SFRC) and is based on various parameters including infrastructure, faculty and academic standard. Institutions are advised to get NAAC/NBA accreditation at the earliest).
A meritorious student (who qualifies for a seat under merit quota) will also be eligible for loan under this scheme even if the student chooses to pursue a course under management quota.
Note:
Up to Rs. 7.5 lakhs : BRLLR + 2.00 % p.a.
Above Rs.7.5 lakhs: BRLLR + 1.75 % p.a.
Servicing of interest during study period and the moratorium period till commencement of repayment is optional for students. Accrued interest will be added to the principal amount borrowed while fixing EMI for repayment.
No processing charges may be levied on the loans sanctioned under the scheme.
Not available
Notes:
++ For courses under Management quota seats considered under the scheme, fees as approved by the State Government/Government approved regulatory body for payment seats will be taken, subject to viability of repayment.
* Reasonable lodging and boarding charges will be considered in case the student chooses/is required to opt for outside accommodation.
*** It is likely that expenditure under item Nos. VI, VII & VIII above may not be available in the schedule of fees and charges prescribed by the college authorities. Therefore, a realistic assessment may be made of the requirement under these heads.
Need based finance to meet the expenses worked out as per para 5 above, will be considered taking into account margins as per para 7 subject to the following ceiling:
Studies in Delhi - Maximum up to Rs. 10 lakhs.
Up to Rs. 10 lakhs - Nil
Up to Rs. 10 lakhs - parents/legal guardians to be joint borrower(s) - No security
Note: The loan documents should be executed by the student and the parent/guardian as joint-borrower.
Repayment Holiday/Moratorium - Course period + 1 year.
Note: No prepayment penalty will be levied for prepayment of loan any time during the repayment period.
Insurance cover is optional for the student borrower.
Under the existing Group Credit Life Insurance scheme for education loans entered into by BOB up with M/s. IndiaFirst Insurance the facility of providing insurance cover for Education Loan borrower is already available which can be extended by the branches to the consenting borrowers of the scheme.
Banks will contact college/university/institutional authorities to obtain progress reports on the student at regular intervals in respect of those who have availed loans. The UID number issued by UIDAI/PAN may also be captured in the bank's system. Immediately on a loan becoming a Non-Performing Asset (NPA), this UIDAI/AADHAAR linkage could be used to deny benefits of any project or scheme of Government of NCT of Delhi to an individual. Banks may enter into Memorandum of Understanding (MoU) with the educational institutions to provide the educational loans to the students if so desired. However, the student will have the freedom to approach any Bank as per his/her choice/convenience. There may be an annual review of the asset quality of educational loans between banks and educational institutions.
Sanction of loan to more than one child from the same family
Existence of an earlier education loan to the brother(s) and/or sister(s) will not affect the eligibility of another meritorious student from the same family obtaining an education loan as per this scheme from the bank.
Minimum Age
There is no specific restriction with regard to the age of the student to be eligible for an education loan. However, if the student was a minor while the parent executed documents for the loan, the bank will obtain a letter of ratification from him/her upon attaining majority.
Top up loans
Banks may consider top up loans to students pursuing further studies within the overall eligibility limit, if such further studies are commenced during the moratorium period of the first loan. The repayment of the loan will commence provided under the scheme.
Joint Borrower
The joint borrower should normally be parent(s)/guardian of the student borrower. In case of a married person, joint borrower can be the spouse or the parent(s)/parents-in-law.
No Dues Certificate
No dues certificate will not be insisted upon as a pre-condition for considering an education loan. However, banks shall obtain a declaration/an affidavit confirming that no loans are availed from other banks.
Disposal of loan application
Loan applications have to be disposed of in the normal course within a period of 15 days to 1 month, but not exceeding the time norms stipulated for disposing of loan applications under priority sector lending.
Credit Score
In case of default of loan credit score such as Credit Information Bureau (I) Ltd. (CIBIL) of parents as well as students will be affected which will adversely impact their capacity to take future loans as well as increase the cost of loan.
Bank’s existing guidelines for scrutiny of Bureau Reports & generation of CIBIL/Equifax reports are to be followed.
Furnishing of Documents
If desired by the banks, students have to furnish the bank authenticated copies of documents related to their academic performance sheet.
Sharing of Student’s Progress Reports by Institutions.
In order to reduce the possibility of deliberate default, the educational/technical training/skill development Institutions will be involved in the process. They will share progress reports of the students who have taken loans with the banks, at regular intervals, if so desired by the banks.
Frequently Asked Questions (FAQs)
The scheme is about students:
The bifurcation can be checked below.
There are no restrictions regarding age. However, if the student was a minor while the parent took the higher education loan, the bank will have to obtain a letter of ratification from the student after he/she turns completes the majority.
The student must furnish authenticated copies of documents about their academics to the bank.
The student should submit their loan application either at the bank branch near their residence of parents or to the educational institution itself.
Yes, the bank does provide education loans for higher studies as well.
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