www.targetMDS.com - Education Loan Scheme from Indian Bank

Purpose
	To meet the cost of education covering fee payable to college / school / hostel, exam fees, purchase of books / equipment�s, travel expenses / passage money for studies abroad, purchase of computers essential for completion of the course etc.
Eligibility
		The applicant should be an Indian National.
		He / She should have secured admission to professional / technical courses through Entrance Test / selection process or should have secured admission to Foreign University / Institutions.
Course of Study
A.	Studies in India
		Diploma/Graduation/Post-graduation courses in various discipline.
		Computer certificate courses of reputed institutes accredited to The Department of Electronics.
B.	Studies Abroad
		For job-oriented professional/technical courses offered by reputed universities.
		MCA, MBA, MS etc.
		Courses conducted by CIMA � London, CPA in USA etc.
Maximum Permissible Amount of Loan
	For Studies in India - Rs.7.50 lakhs
	For Studies Abroad - Rs.15.00 lakhs

Place of availment
	The loan can be availed from the branch nearest to the place of domicile.
Margin
	Upto Rs.4.00 lakhs - NIL
	Above Rs.4.00 lakhs
	�	For Studies in India - 5%
	�	For Studies Abroad - 15%
Rate of Interest
	Upto Rs.4.00 lakhs - BPLR + Tenor Premium - 0.50% (11% p.a. at present
	Above Rs.4.00 lakhs - BPLR + Tenor Premium (11.50% p.a. at present)
	�	The interest to be charged monthly/quarterly as per Reserve Bank of India norms (simple basis during study and holiday period and thereafter compounded and EMI fixed
Interest Rebate
	If the interest charged during the study and holiday period is serviced then and there, a rebate of 0.50% on the applicable interest rate is permitted at the time of closure of the loan.

Important
Since the rules, regulations, eligibility conditions, repayments and interests rates etc. are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.