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For loans upto Rs.4.00 lakhs: 01. Co-obligation of parents; 02. No security
For loans above Rs.4.00 lakhs and upto Rs.7.50 lakhs: Co-obligation of parents together with collateral security in the form of suitable third party guarantee. The bank may, at its discretion, in exceptional case, waive third party guarantee if satisfied with the Net Worth / Means of parent/s who would be executing the documents as "Joint Borrower"
Above Rs.7.50 lakhs: Co-obligation of parents together with tangible collateral security of suitable value, along with the assignment of future income of the student for payment of instalments.
Students admitted under Management Quota are also eligible for Educational Loan. However other norms / guidelines with regard to eligibility criteria are to be complied without any deviation. |
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