Eligibility Criteria:

1. Citizenship: Applicants must be Indian citizens.
2. Admission Requirements:
   • Candidates must have secured admission to a higher education course at a recognized institution in India or abroad.
   • Admission must be based on an entrance test or a merit-based selection process after completing Class 12 or an equivalent qualification.
   • If no entrance test or merit-based selection process exists, admission will be based on qualifying examination marks.
3. Academic Performance:
   • The student must have obtained a minimum of 50% marks in the qualifying examination.
   • For candidates belonging to the Scheduled Caste (SC) or Scheduled Tribe (ST) categories, there is a 10% relaxation in the minimum qualifying marks.

Benefits:

• Loan Amount:
  • The maximum loan amount is ?200 lakh.
  • No margin money is required for loans up to ?4 lakh.
  • For loans exceeding ?4 lakh, a margin of 5% is applicable for studies within India, and 15% for studies abroad.
• Interest Concession:
  • Banks may offer a 1% interest concession if the interest is serviced during the study period and the subsequent moratorium period before repayment commences.
  • Interest is calculated on a simple basis during the repayment holiday or moratorium period and compounded monthly from the due date of the first instalment.
• Disbursement:
  • Payments will be made directly to the college, hostel, mess, airline, or other relevant entities.
  • In specific cases, disbursements can be made to the borrower upon providing satisfactory proof. Original receipts must be submitted.
• Loan Guarantee:
  • Loans up to ?4,00,000 are mandatorily covered under the NCGTC Guarantee Scheme.
  • For loans above ?4,00,000 but not exceeding ?7,50,000, additional terms may apply.
  • Loans exceeding ?7,50,000 require a parent or guardian as a joint borrower, and tangible collateral security equivalent to the loan amount is mandatory.
• Repayment Period:
  • The maximum repayment period is 15 years following the moratorium period, which equals the course duration plus 1 year.
• Insurance:
  • A comprehensive life insurance policy equal to the loan amount must be obtained by the student availing of the Educational Loan.
  • The policy must have a minimum term covering the course period, moratorium period, and repayment period, and it must be assigned in favor of the bank.

Covered Expenses:

• College/school/hostel fees.
• Examination, library, and laboratory fees.
• Travel expenses/passage for studies abroad.
• Student/borrower insurance premium (if applicable).
• Caution deposit, building fund, or refundable deposit (supported by institution bills/receipts).
• Purchase of books, equipment, instruments, and uniforms.
• Purchase of a computer at a reasonable cost (if required for course completion).
• Other expenses for course completion (e.g., study tours, project work, thesis).

Required Documents:

• For Salaried Individuals:
  • Income Tax Returns (ITR) for the previous two financial years.
  • Form-16 from the employer, detailing salary, deductions, and taxes paid.
  • Salary slips from the past three months.
  • Bank statements for the last six months, reflecting income credits and other financial transactions.
• For Non-salaried Individuals:
  • Income Tax Returns (ITR) for the previous two financial years.
  • Audited Balance Sheet, certified by a chartered accountant.
  • Bank statements for the previous year.
• Other Required Documents:
  • Admission Proof: A copy of the admission letter or offer letter from the educational institution.
  • Certificates of Class 10 and 12.
  • Fee Structure: Document stating the detailed fee structure of the course.
  • Receipts of Payments Made: Evidence of payments made towards admission fees, tuition fees, etc.
  • Entrance Exam Scores (if applicable): Scores or rank obtained in the entrance exam.

Application Process:

1. Step 1: Click on the ‘Apply Now’ button on the official portal.
2. Step 2: Register by filling in the required details. If already registered, log in using your registered email ID.
3. Step 3: Navigate to the 'Apply Now' button on the dashboard.
4. Step 4: Fill in the required details and submit to create an account.
5. Step 5: After submitting the details, click the ‘Student Login’ tab, enter the registered email ID, password, and captcha code.
6. Step 6: Fill out the application form, including name, email ID, phone number, and other important documents.
7. Step 7: After submitting, download the application form for future reference.