EDUCATION LOAN TO EXECUTIVES FOR PURSUING MBA FROM IIMs & OTHER PREMIER MANAGEMENT INSTITUTES

Eligibility

The student should be an Indian National with minimum work experience of 2 years in Government/ Corporate/Multinational concern.
The minimum age of the student should be 23 years.
Should have secured admission or intimation of final selection to Executive MBA programme of a reputed institution in India

Co-borrower

Loan to be sanctioned in individual name of the student.
Parent(s)/guardian/ spouse/parents-in-law of the student may also be taken as joint-borrower.

Quantum of finance

Rs.40.00 Lakh

Margin

Nill

Security

No collateral security, except assignment of present as well as future income of the student.
Insurance Policy on the life of the student availing Educational Loan to the extent of at least 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 borrower

Rate of Interest:

8.10% or 8.20% (i.e Repo+CRP)

REPAYMENT PERIOD:

Repayment of EMIs to start 3 months after completion of course.
Repayment period (excluding moratorium period) is 8 years for limits up to Rs.7.50 lakh
Repayment period (excluding moratorium period) 12 years for limits above Rs.7.50 lakh.
Moratorium period= Course Period + 3 Month

EXPENSES CONSIDERED FOR LOAN:

Fee payable to the institute/ hostel.
Examination/ Library/ Laboratory fee.
Purchase of books/ equipment/ instruments.
Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts
Travel expenses/ passage money for studies abroad.
Purchase of computer - essential for completion of the course.
Insurance premium for student borrower
Any other expense required to complete the course - like study tours, project work, thesis, etc. However, living expenses, personal/family maintenance expenses, etc. will not be covered.

Processing Charges
NIL

Repayment

Repayment in EMIs to start 3 months after completion of course.
Loan is repayable in EMIs for a period upto 8 years in case the loan amount upto Rs.7.50 lakh and upto 12 years in case the loan amount is more than Rs.7.50 lakh.

List of Premier Management Institutes

1. Indian Institute of Management, Ahmedabad, Gujarat

2. Indian Institute of Management, Bangalore, Karnataka

3. Indian Institute of Management, Kolkata, West Bengal.

4. Xavier Labour Relation Institute (XLRI), Jamshedpur

5. Indian Institute of Management, Indore, Madhya Pradesh

6. Indian Institute of Management, Kashipur, Uttarakhand

7. Indian Institute of Management, Kozhikhode, Kerala

8. Indian Institute of Management, Lucknow, Utter Pradesh

9. Indian Institute of Management, Raipur, Chattisgarh

10. Indian Institute of Management, Ranchi, Jharkhand.

11. Indian Institute of Management, Rohtak, Haryana.