Conditions for Educational loan

a. Meritorious Students

Banks which wish to support highly and exceptionally meritorious/ deserving students without security may delegate such powers to a fairly higher level authority.

b. Multiple Loans

In case of receipt of application for more than one loan for student borrower from a family, the ‘family’ as a unit has to be taken into account for considering the loan and security taken in relation to the total quantum of finance disbursed, subject to margin and repaying capacity of the parent/student. c. Minimum Age

There is no specific restriction with regard to the age of the student to be eligible for education loan.

d. Change of Address

In cases of student staying with parents and where such parents have transferable jobs or there is change in address, the bank may provide in the system of noting the “address for correspondence” for tracking purpose.

e. Top up loans

Banks may consider top up loans to students pursuing further studies within the overall eligibility limit, with appropriate re-schedulement, subject to taking required security.

f. Co-obligator

The co-obligator should be parent(s)/guardian of the student borrower. In case of married person, co-obligator can be either spouse or the parent(s)/parents-in-law.

No Due Certificate

No due certificate need not be insisted upon as a pre-condition for considering educational loan. However, banks may obtain a declaration/ an affidavit confirming that no loans are availed from other banks.

Disposal of Applications

Loan applications have to be disposed of within a period of 15 days to 1 month, but not exceeding the time norms stipulated for disposing of loan applications under priority sector lending.

Flexibility in terms

In order to bring flexibility in terms like eligibility, margin, security norms, banks may consider relaxation in the norms on a case-to-case basis delegating the powers to a fairly higher level authority.

Education Loan for CA Course:

With a view to facilitate the students pursuing the Chartered Accountancy Course, the Institute of Chartered Accountants of India has made tie-up with the following Banks under the “Join CA Educational Loan Scheme” to provide the Education loan to its aspiring students to meet out the Course fees etc.

Bank	Website
IDBI Bank	www.idbi.com
Bank of Maharashtra	www.bankofmaharashtra.in
Corporation Bank	www.corpbank.co.in
Oriental Bank of Commerce	www.obc.india.co.in