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Home >> Loans >> Education Loan to IIM students
| Education Loan to IIM students |
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Sr.No.
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Parameter
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Concessions/relaxations permitted to students of IIMs and 4 Reputed Institutions
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1
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Eligibility
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Students admitted to IIMs through the Common Admission Test (CAT) and pursuing two year full time management course. The scheme is also applicable to students pursuing full time regular management course (through XAT/CAT) in the four reputed institutes. The scheme is not applicable for any part time courses or one year courses.
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2
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Borrower
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Loan to be sanctioned in individual name of the student.
Parent/natural guardian may also be taken as joint borrower (Optional)
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3
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Maximum loan amount
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Rs.20.00 lakh
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4
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Margin
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Nil
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5
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Security
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No collateral Security.
No third party guarantee.
Assignment of future income of the student.
Comprehensive life insurance policy for the student availing Educational Loan to the minimum of loan amount for a minimum period of loan term (i.e., course period + moratorium period + repayment period) assigned in favour of the Bank. Premium to be paid regularly by the borrower.
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6
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Rate of Interest
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Male students without joint borrower
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Base Rate + 0.50%
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Male students with joint borrower
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Base Rate
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Female/SC/ST/Minority Community students
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Base Rate
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No further interest concession will be given for servicing of interest during moratorium period.
The revised interest rate is applicable to new borrowal accounts only.
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7.
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Expenses considered for loan
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i. Fee payable to college/ school/ hostel. Reasonable lodging and boarding charge will be considered in case the student chooses / is required to opt for outside accommodation.
ii. Examination/ Library/ Laboratory fee.
iii. Travel expenses
iv. Insurance premium for student borrower, if applicable.
v. Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts.
vi. Purchase of books/ equipments/ instruments/ uniforms.
vii. Purchase of computer at reasonable cost, if required for completion of the course.
viii.Any other expense required to complete the course - like study tours, project work, thesis, etc.
ix. Visit to foreign universities in Exchange Programme.
x. Living Expenses upto Rs.120000/- p.a. on declaration basis.
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8
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Other concessions
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Debit Card, Internet Banking facility and Any Where Banking facility may be provided to the students on request at normal charges.
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9
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Others
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All other terms and conditions of Cent Vidyarthi Scheme will remain unchanged.
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The list of IIMs and 4 other reputed institutions is mentioned hereunder:
| Sr. No. |
IIMs |
| 1 |
Indian Institute of Management, Ahmedabad, Gujarat |
| 2 |
Indian Institute of Management, Bangalore, Karnataka
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| 3 |
Indian Institute of Management, Kolkata, West Bengal
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| 4 |
Indian Institute of Management, Indore, Madhya Pradesh |
| 5 |
Indian Institute of Management, Kasihpur, Uttarakhand
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| 6 |
Indian Institute of Management, Kozhikode, Kerala
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| 7 |
Indian Institute of Management, Lucknow, Uttar Pradesh
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| 8 |
Indian Institute of Management, Raipur, Chattisgarh
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| 9 |
Indian Institute of Management, Ranchi, Jharkhand
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| 10 |
Indian Institute of Management, Rohtak, Haryana
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| 11 |
Indian Institute of Management, Shillong, Megahlaya
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| 12 |
Indian Institute of Management, Trichy, Tamil Nadu
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| 13 |
Indian Institute of Management, Udaipur, Rajasthan
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Other 4 Reputed Institutions |
| 1 |
Xavier Labour Relation Institute (XLRI), Jamshedpur |
| 2 |
Xavier Institute of Management, Bhubaneswar (XIMB). |
| 3 |
SP Jain Institute of Management and Research (SPJMR), Mumbai. |
| 4 |
Management Development Institute (MDI), Gurgaon. |
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