Education Loan

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New PRATIBHA EDUCATION LOAN SCHEME

MBGB Sarvottam- Education Loan Scheme For Students Pursuing Higher Education In India.

MBGB Sarvottam- Education Loan Scheme For Students Pursuing Higher Education In India.
Objective To provide financial support to meritorious students for pursuing higher education in India.
Students Who Secure Admission In Institutes As Under
Approved courses leading to Graduate/ Post Graduate degree and PG Diplomas conducted by recognized colleges/ universities recognized by UGC/ Govt. / AICTE/ AIBMS/ ICMR etc.
Purpose Fee payable to college/ school/ hostel/Examination/ Library/ Laboratory fee etc. Insurance premium for student borrower, if applicable. Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts. Purchase of books/ equipment’s/ instruments/ uniforms/computer at reasonable cost, if required for completion of the course. Any other expense required to complete the course-like study tours, project work, thesis, etc.
Eligibility Should be an Indian national.
Should have secured admission to a higher education course in recognized institutions in India through Entrance Test/ Merit Based Selection process after completion of HSC(10 plus 2 or equivalent).
Cases of Management Quota may be considered on merit basis.
Courses Eligible (For Study in India)
Courses like ICWA, CA, CFA etc.
Courses conducted by IIMs, IITs, IISc, XLRI. NIFT, NID etc.
Regular Degree/Diploma courses like Aeronautical, pilot training, shipping Nursing or any other discipline approved by Director General of Civil Aviation/Shipping/ Indian Nursing Council or any other regulatory body as the case may be.
Advance Diploma in Banking Technology offered by MBGB IIT Lucknow.
Approved courses offered in India by reputed foreign universities.
Research Programme recognized by designated academic authority/ regulatory body.
Quantum Of Finance Need based Finance subject to repaying capacity of the parents/students. Reimbursement of fees paid within six months may be permitted on individual merits of the case.
Margin Up to Rs. 4 lac - NIL
Above Rs. 4 lac - 5%
Scholarship/ assistantship may be considered in margin.
Margin may be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis.
Security UptoRs. 7.50 lakh: Co-obligation of parents/guardian as joint co-borrowers.
No tangible Security and /or 3rd party guarantee is required.
Above Rs.7.50 lakh: Co-obligation of parents/guardian as joint co-borrowers.
Tangible collateral security of suitable value acceptable to bank.
Repayment Period Maximum upto 15 years
Repayment Holiday/ Moratorium Course period + 1 year
Prepayment Charges NIL
Rate of Interest Up to Rs.7.50 Lakh -10.35%, Above Rs.7.50 Lakh -10.95% (9.45% If collaterally secured)
Processing Charges/ Upfront Fee No processing/ upfront charges is to be collected on education loans for studies in India.
Documentation Charges Documentation Charges: As prescribed by the Bank from time to time shall be recovered.


Education Loan Scheme For Students Pursuing Higher Education Abroad (MBGB UDAAN)

Education Loan Scheme For Students Pursuing Higher Education Abroad (MBGB UDAAN)
Objective To provide financial support to meritorious students for pursuing higher education abroad. • List of Premier Foreign Universities and Educational Institutes Click Here
Purpose Fee payable to college/ school/ hostel/Examination/ Library/ Laboratory fee etc.
Travel expenses/ passage money for studies abroad.
Life Insurance premium for student borrower, if applicable.
Caution deposit, Building fund/refundable deposit supported by Institution bills/ receipts.
Purchase of books/ equipment’s/ instruments/ uniforms.
Purchase of computer at reasonable cost, if required for completion of the course.
Any other expense required to complete the course - like study tours, project work, thesis, etc. .
Eligibility Should be an Indian national.
Should have secured admission to a higher education course in recognized institutions Abroad through Entrance Test/ Merit Based Selection process after completion of HSC(10 plus 2 or Equivalent).
Courses Eligible
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.,
Degree/Diploma courses like aeronautical, pilot training, shipping etc. provided these are recognized by competent regulatory bodies in abroad for the purpose of employment in abroad.
Education loan to students for pursuing Diploma & Certificate courses other than aeronautical, pilot training, shipping etc from abroad, may be considered, where the loan is backed by liquid security valuing 125% of loan amount in the shape of FDRs/ NSCs/ surrender value of Life Insurance Policies along with establishing the financial credentials of family members (either joint borrower or guarantor) subject to the condition that the said course(s) is recognized/ accredited one.
Quantum Of Finance Need based Finance subject to repaying capacity of the parents/students with margin.
Reimbursement of fees paid within six months may be considered on individual merits of the case.
Margin Up to Rs. 4 lac - NIL
Above Rs. 4 lac- 15% (Scholarship/ assistantship be included in margin).
Margin may be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis.
Security UptoRs. 7.50 lakh: Co-obligation of parents/guardian as joint co-borrowers.
No tangible Security and /or 3rd party guarantee is required.
Above Rs.7.50 lakh: Co-obligation of parents/guardian as joint co-borrowers.
Tangible collateral security of suitable value acceptable to bank.
Repayment Period Maximum upto 15 years
Repayment Holiday/ Moratorium Course period + 1 year
Prepayment Charges NIL
Rate of Interest Up to Rs.7.50 Lakh -10.35%, Above Rs.7.50 Lakh -10.95% (9.45% If collaterally secured)
Processing Charges/ Upfront Fee No processing/ upfront charges is to be collected on education loans for studies in India.
Documentation Charges Documentation Charges: As prescribed by the Bank from time to time shall be recovered.


MBGB Kaushal Vikas - Education Loan Scheme For Pursuing Skill Development Courses

MBGB Kaushal Vikas - Education Loan Scheme For Pursuing Skill Development Courses
Objective The Scheme MBGBKaushalVikasaims at providing financial support forpursuing skill development courses.
Students who secure admission in: Skill development courses of no minimum course duration;
Purpose Tuition/ course fee/Examination/ Library/ Laboratory fee/ Caution deposit etc.
Purchase of books, equipment’s and instruments.
Any other reasonable expenditure found necessary for completion of thecourse.
Eligibility Should be an Indian national.
Student should have secured admission in a course run by IndustrialTraining Institutes (ITIs), Polytechnics or in a school recognizedby central or State education Boards or in a college affiliated torecognized university, training partners affiliated to National SkillDevelopment Corporation (NSDC)/Sector Skill Councils, State SkillMission, State Skill Corporation, preferably leading to a certificate /diploma / degree issued by such organization as per National SkillQualification Framework (NSQF).
Quantum Of Finance Need Based finance to meet expenses on course subject to the followingceilings:
Minimum Rs.5000/-Maximum Rs 1,50,000/-
Reimbursement of fees paid within six months may be considered on individual merits of the case.
Margin NIL
Security Parent(s)/guardian as joint borrower.No collateral or third party guarantee is required.
Repayment Period For Loans up to Rs. 50,000 - Upto 3 years.
For Loans between Rs. 50,000 to Rs.1 lakh - Upto 5 years
For Loans above Rs. 1 lakh - Upto 7 years
Repayment Holiday/ Moratorium For courses of duration upto 1 year - 6 months from the completion ofthe course.
For courses of duration above 1 year - 12 months from the completion ofthe courses.
Prepayment Charges NIL
Rate of Interest 9.85 % p.a.
Processing Charges/ Upfront Fee NIL
Documentation Charges NIL


`BIHAR STUDENT CREDIT CARD SCHEME` Education Loan Scheme For Pursuing Higher Education For Students Of Bihar

`BIHAR STUDENT CREDIT CARD SCHEME` Education Loan Scheme For Pursuing Higher Education For Students Of Bihar
Objective The Bihar Student Credit Card Scheme aims at providing financial support to those students who have passed their Intermediate/ 12th class from institutions recognized by the Govt. of Bihar to pursue higher education in or outside Bihar under Technical or Non-technical courses.
Purpose Fee payable to college/ school/ hostel/Examination/ Library/ Laboratory fee etc.
Insurance premium for student borrower.
Caution deposit, Building fund / refundable deposit supported by Institution bills/receipts.
Purchase of books/ equipment / instruments / uniforms.
Purchase of computer at reasonable cost, if required for completion of the course.
Any other expense required to complete the course - like study tours, project work, thesis, etc.
While computing the loan required, scholarships, fee waiver etc., if any available to the student borrower may be taken into account.
Eligibility Should be ; An Indian national anda resident of Bihar with a Maximum age of 25 Yearshaving UID or Aadhar Card Number and valid Permanent Account Number (PAN Card)
Intermediate exam passed student from Institutions recognized from Bihar School Exam Committee, 12th passed student from Institution recognized by Central Board of Secondary Education or Equivalent boards, Sub-Shastri passed students from Institutions recognized by Bihar State Sanskrit Education Board and Moulvi passed student from recognized Institute by Bihar State Madarsa Board will also be facilitated under this scheme.
These Educational Institutes must compulsorily be located /situated in Bihar.
If applicant is a degree holder of one level he will not be covered for degree of the same level under this scheme.
This will not be applicable to Technical and Management courses. Student should have been enrolled or selected for enrolment for pursuing higher education in the educational
institutions recognized by concerned regulatory boards/ agencies of Bihar Govt. or other state Govts. or Central Govt.
Institutes Eligible for Studies:
Educational institutions recognized by concerned regulatory boards/ agencies of Bihar Govt. or other State Govts. or Central Govt.
Courses Eligible for Studies:
General Courses (non-technical), Financial Courses and Technical Courses e.g. B.A., B.Sc., B.Com, Engineering, Management, Medical, Law etc.
Quantum Of Finance Need based finance to meet the expenses mentioned above subject to the following ceiling: Maximum up to Rs. 4 lakhs #
# For loan above Rs. 4 lakhs student can apply for loan under our MBGB Sarvottam, MBGB Pratibha and MBGBUdaan Schemes.
Margin NIL
Security Parents/ legal guardians to be joint borrower(s). No collateral security. No third party guarantee.
Note:-
a) All the loans will be covered under the financial assistance scheme of Bihar Government.
Repayment (Maximum) Equated Monthly Installments of (EMI) for a period of 15 years.
Repayment Holiday/ Moratorium Course period + 1 year.
Prepayment Charges NIL
Rate of Interest 10.35% p.a
Processing Charges/ Upfront Fee NIL
Documentation Charges NIL
Other Informations आवेदन www.7nishchay-yuvaupmission.bihar.gov.in पोर्टल के माध्यम से आवेदन किया जा सकता है | ऑनलाइनआवेदन की निशुल्क सुविधा सभी जिला मुख्यालयों में स्थित जिला निबंधन एवं परामर्श केंद्र (DRCC) पर भी उपलब्ध है |
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