Bangiya Siksha Suraksha Yojana We are now at your doorstep to support your pursuit for excellence. Our Educational Loan Scheme has been designed to meet your expenses for higher studies in India and abroad. If you are an Indian National and secured an admission to any of the following academic/ professional/ technical courses through Entrance Test/ Selection process in a Board/ Institution/ University. Eligibility: The student of Indian national to pursue admission to a professional/technical course through entrance test / merit based selection process either inland or abroad. Courses Eligible for Study in India: Post Graduation Courses: Masters and Ph.D. Professional Courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc. Computer Certificate Courses of reputed Institutes accredited to Dept. of Electronics or Institutes affiliated to University. Courses like ICWA, CA, CFA, etc. Courses conducted by IIM, IIT, IISC, XLRI, NIFT, etc. Courses offered in India by reputed foreign Universities. Evening Courses of approved Institutes. Other Courses leading to Diploma/ Degree, etc. conducted by Colleges/ Universities approves by UGC/ Govt./ AICTE/ AIBMS/ ICMS, etc. Courses Eligible for Study Abroad: Graduation: For job-oriented professional/ technical courses offered by reputed Universities. Post Graduation: MCA, MBA, MS, etc. Courses conducted by CIMA - London, CPA in USA etc. Quantum of Loan: For study in India: Max. Rs. 75.00 lakh. For study abroad: Max. Rs. 100.00 lakh. Other Rules: Expenses covered by the Loan: Fees payable to College / School / Hostel. Examination / Library / Laboratory Fee. Purchase of Books / Equipments/ Instruments / Uniforms. Caution Deposit / Building Fund / Refundable Deposit supported by Institution Bills / Receipts. Travel Expenses / Passage Money for studies abroad. Purchase of Computers: Essential for completion of the Course. Any other expenses required to complete the Course like study tours, project work, thesis, etc. Rate of Interest: Particular Loan up to ₹4.00 lakh Loan Above ₹4.00 lakh Female Student 9.50% 10.00% Other Students 10.00% 10.50% Student getting admission in IIMs, IITs, NITs, ISB, MDI, XLRI, Govt. Medical/Dental Collage, Govt. Engineering Collage and other reputed institutions as decided by HLCC II based on merit of each case. 8.25% Repayment of Loan: The loan is to be repaid in maximum 5 to 7 years after commencement of repayment. The repayment will commence after a moratorium/ repayment holiday which is course period plus one year (two years depending on merit) or six months after getting the job whichever is earlier.'In all cases there would be undertaking for attachment of future income'. Life Insurance Coverage: To ensure security to student's and borrower's life and against their loan liability and additional loan component for payment of one-time premium for such insurance coverage may be sanctioned by bank on request from the customer. Note: The accrued interest during repayment holiday period is to be added to the principal and repayment in EMI fixed. Security: Sl no Quantum of loan Security 1 Upto ₹4 lakh No change 2 Above ₹4 lakh and upto ₹7.50 lakh No Change 3 Above ₹7.50 lakh i. Parents/ Guardian to be made joint borrower(s) ii. Tangible collateral security having 100 % realizable value of loan amount. Assignment of future income of student for repayment of loan to be done in all cases. The security may be of mortgage of land / building / paper securities or unencumbered portion of already mortgaged land/ building on 2nd charge basis provided the value of the same covers the required loan amount or any other 3rd party with suitable margin on the value of paper securities. In case the loan is given for purchase of Computer, the same is to be hypothecated to the Bank. Documentation: The document should be executed by both the student and the parent / guardian. Processing Charge: Nil Repayment period: Maximum 15 years (Excluding repayment holiday)