• To provide financial support to meritorious students for pursuing higher education in India.
• Students who secure admission in institute 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.
• 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/ State Nursing Council or any other regulatory body as the case may be, if the course is pursued in india.
• Approved courses offered in India by reputed foreign universities.
• Research programmes recognized by designated academic authority/regulatory body.

• Fee payable to college/ school/ hostel.
• Examination/ Library/ Laboratory fee.
• Insurance premium for student borrower, if applicable.
• Caution deposit, building fund/refundable deposit supported by Institution bills/receipts.
• Purchase of books/ equipments/ 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.

• Should be a resident Indian. 
• 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;

• Need based Finance subject to margin as per guidelines.
• Reimbursement of fees paid within six months may be permitted on individual merits of the case.

• 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.

• Upto Rs.4.00 lacs: Parent(s)/Guardian be made joint borrower(s). No Security.
• Above Rs. 4.00 lac and Upto Rs. 7.50 lacs:  Besides the parent(s)/guardian executing the documents as joint borrower(s), collateral security in the form of suitable 3rd party guarantee be taken. Whereas 3rd party guarantee can be waived in exceptional cases depending upon the net-worth/means of the parent/s who would be executing the documents as the joint borrower.
• Above Rs.7.50 lacs: Parent(s)/guardian be joint borrower(s) and Tangible collateral security of suitable value acceptable to bank is required.

For loans upto Rs. 4.00 Lakhs – Rs.270/-

For loans above Rs.4.00 Lakhs- Rs.450/- Presently nil till 31.12.2023

                          PGB UDAAN Education Loan – Scheme for pursuing Higher studies abroad

Purpose

• Fee payable to college/ school/ hostel.
• Examination/ Library/ Laboratory fee.
• Travel expenses/ passage money for studies abroad.
• Insurance premium for student borrower, if applicable.
• Caution deposit, Building fund/refundable deposit supported by Institution bills/ receipts.
• Purchase of books/ equipments/ 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.

Student

Eligibility

• Should be a resident Indian.
• 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).

QUANTAM

OF FINANCE

• Need based Finance subject to margin as per guidelines.
• 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

Upto Rs. 7.50 lacs:  Co-obligation of parents together with collateral security in the form of 3rd party guarantee. Whereas 3rd party guarantee can be waived in exceptional cases depending upon the net-worth/means of the parent/s who would be executing the documents as the joint borrower.

Above Rs.7.50 lacs: Parent(s)/guardian be joint borrower(s) and Tangible collateral security of suitable value acceptable to bank is required.

REPAYMENT

Repayment will be in EMIs i.e Equated Monthly Installments maximum upto 15 years (excluding repayment holiday)

REPAYMENT HOLIDAY      MORATORIUM 

Course period + 1 year

PREPAYMENT CHARGES

NIL

RATE OF          INTEREST

ROIs starting from 11.25%*

PROCESSING FEES /

UPFRONT        FEES

Upfront fee @1% with a minimum of RS. 10,000/- be recovered and is refundable after the first disbursement has been made in the account towards fee/ other expenses sanctioned for Education Loan.

DOCUMENTATION CHARGES

For loans upto Rs. 4.00 Lakhs – Rs.270/-

For loans above Rs.4.00 Lakhs- Rs.450/-

Presently NIL