Personal Loan
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Special Education Loan Scheme to IIM Students

Purpose of Loan


Concessions/relaxations permitted to students of IIMs and 4 Reputed Institutions.

Eligibility


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 student should be an Indian National.
The scheme is not applicable for any part time courses or one year courses

Quantum of finance


Rs.20.00 lakh. More than 20 lacs is allowed provided 100% liquid collateral equal to loan amount given.

Margin


Nill

Security

  • No collateral Security.
  • No third party guarantee.
  • Assignment of future income of the student. Salary to be routed through account maintained with our branch.

Insurance


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.

Rate of Interest

  • Male students without joint borrower: Base Rate + 0.50%
  • Male students with joint borrower: Base Rate
  • Female/SC/ST/Minority Community students: Base Rate

Expenses considered for loan

  • Fee payable to college/ school/ hostel.
  • Examination/ Library/ Laboratory fee.
  • Travel expenses
  • 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.
  • Visit to foreign universities in Exchange Programme.
  • Living Expenses upto Rs.120000/- p.a. on declaration basis.

The list of IIMs and 4 other reputed institution

Type of Card    IIMs
1 Indian Institute of Management, Ahmedabad, Gujarat
2 Indian Institute of Management, Bangalore, Karnataka
3 Indian Institute of Management, Kolkata, West Bengal
4 Indian Institute of Management, Indore, Madhya Pradesh
5 Indian Institute of Management, Kashipur, Uttarakhand
6 Indian Institute of Management, Kozhikhode, Kerala
7 Indian Institute of Management, Lucknow, Utter Pradesh
8 Indian Institute of Management, Raipur, Chattisgarh
9 Indian Institute of Management, Ranchi, Jarkhand.
10 Indian Institute of Management, Rohtak, Haryana.
11 Indian Institute of Management, Shillong, Meghalaya
12 Indian Institute of Management, Trichhy, Tamil Nadu.
13 Indian Institute of Management, Udaipur, Rajasthan

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.
3 Management Development Institute (MDI), Gurgaon.

Additional Institutions

The above scheme is also applicable to the following Institutions with conditions** as under

  1. RAS AL KHAIMAH (RAK), UAE.(Two Year Post Graduate Programme in Management (PGP) through IIM, Indore - studies abroad)
  2. Indian Institute of Management, Indore (for their Branch at Mumbai)
  3. S.P. Jain School of Global Management (Campus at Dubai, Singapore & Sydney - studies abroad)

**Conditions:-

  1. Co-borrower condition is compulsory.
  2. Tangible Collateral security equal to minimum 100% of loan amount if the loan sanctioned is more than Rs.7.50 lakh.
For further details please contact our nearest branch or call on the toll free no. 1800 200 1911
Loan type Forms
Application Form 1 for Loan of Rs.5 Crore to Rs.15 Crore Download Word Document Format
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Application Form 2 for Loan of Rs.15 Crore to Rs.40 Crore Download Word Document Format
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Application Form 3 for Loan of Rs.40 Crore and above Download Word Document Format
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Standardised Common Loan Application Form for Agriculture Credit Download PDF Document Form
Common Application Form (Required for all loan schemes). Download Word Document Format
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Cent Buy Download Word Document Format
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Cent Computer Download Word Document Format
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Cent Liquid Download Word Document Format
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Cent Rental Download Word Document Format
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Cent Doctor Download Word Document Format
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Cent Swabhiman Download Word Document Format
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Personal Loan for Pensioners Download Word Document Format
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Personal Loan to Employees of Corporate Sector Download Word Document Format
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Personal Loan to Employees of Non-Corporate Sector Download Word Document Format
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Loan to MSEs Download PDF Format
Cent Sahyog (form for upto 10 lakhs) Download PDF Format
Cent Sahyog (form for above 10 lakhs) Download PDF Format
Application for Agricultural Loans Download PDF Format

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