Purpose

Higher education (India & overseas)

Mode of admission

Entrance examination/merit basis

Maximum quantum of loan

Rs. 750000/-

Margin

Loan amount Upto Rs.4 lakhs - Nil

Loan amount > 4 lakhs: Inland - 5%, Overseas - 15 % (Scholarship can be treated as margin)

Processing Charges

Nil

Vidyalakshmi Portal Fee

Rs. 100 + GST

Aadhaar/PAN

Mandatory

Moratorium period

Course period plus 1 year

Repayment Period

15 years

Maximum extension permissible

2 years delay in course completion

Security/ Third Party Guarantee

Nil

Quantum of guarantee available

75% of loan amount in default

Guarantee lock-in-period

12 months

Guarantee to be invoked

Within 1 year of NPA

Claim

First - 75% within 30 days of admission of claim. Second - 25%.

TAT

15 Days

Annual guarantee fee

0.50% of Loan (borne by Bank)

CGDAN (Credit guarantee demand advice note)

Remittance time with 30 days of generation of CGDAN.

Borrowers who have availed facility under any government schemes previously are not eligible for coverage.