Saraswat Udaan Education Loan

Eligibility:

1. Individual who has secured admission in any of the graduate/post-graduate courses offered by college/institute/university approved by IBA.
2. Students applying for vocational courses will also be covered under this scheme with a maximum loan amount of Rs.10 lakh.
3. Student should be applicant and parent/sponsors or relative should be co-applicant
4. In case of minor student, parent will be applicant.
   Undertaking required from parent that minor (on attaining majority /before retirement of parent) will be added as guarantor.

Loan Amount:

1. For Studies in India - Rs. 75.00 Lakh

1. For Studies Abroad – Rs. 300.00 Lakh

Basis of Advance:

Repayment Period:

1.  Maximum 15 years including moratorium period.
2.  Moratorium: Duration of Course plus one year (Total should not exceed 15 Years)

Security: 

1. Upto Rs. 5.00 lakhs - without security and without third party guarantee
2. Above Rs. 5.00 lacs: Pledge of any other tangible security acceptable to the bank or Equitable mortgage of Property.
3. Equitable mortgage of Property, NSC/LIP pledged/assigned in favour of Bank  Fixed Deposit, Bonds.

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Rate of Interest (Floating):

1. ROI starting from 8.20%* to 9.70% p.a.*

1. *0.50% concession for all girl students and Divyang.
2. *0.25% concession in rate for IIM, IIT, XLRI & ISB, Govt Recognized Medical College.
3. Total discount in ROI should not exceed 0.50%.

Reset of Floating Interest Rate on Equated Monthly Instalment [EMI] based Loan:

1. Option to Switch ROI Type:
   Borrowers shall have the option to switch their loan from Floating Rate of Interest (ROI) to Fixed ROI and vice versa, subject to a maximum of two (2) switches in a financial year during the entire tenure of the loan.

1. Applicable Charges:
   A request charge of 0.50% shall be levied on the outstanding loan balance at the time of the switch, irrespective of whether the switch is from fixed to floating or floating to fixed ROI.

Penal Charges:

1. Penal charges in the range of 1% to 2% p.a. each, subject to maximum of 2% p.a. for non-compliance of terms and conditions of loan contract, till such time the same is complied with.

Processing Fees:

1. Studies in India - 0.50% of sanctioned amount, max Rs. 5,000/-
2. Studies in Abroad- 0.50% of sanctioned amount, max Rs.10,000/-

Legal Fees:

1. For loans upto Rs. 1.50 Cr. - At actuals + 10% additional as Banks service charge (applicable only in case where Search and Title report is recommended by our legal department from approved panel advocate )
2. For loans above Rs. 1.50 Cr. –0.20% of the loan amount or at actuals + (10% additional as Banks service charge)  whichever is highe

Shareholding:

Documents Required:

1. Prescribed loan application form.
2. Latest Photograph, Photo Identity Proof, Residence proof of the Applicant and Guarantors.
3. Proof of confirmed admission & Estimate of course fees & other expenses (living/traveling/lodging/boarding).
4. Fee receipts or proof of payments made.
5. Copy of Passport & Visa and related documents, if the student is going abroad for higher education.
6. Income proof of the applicant in the form of