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 Education Loans


With Mudra finance you can apply for educational loan in Delhi at a lower interest rate with a better way to get a loan with simplified approvals and speedy documentation. We are one of the leading provider of education loans in Delhi. We help you in getting Educational loans at minimum interest rate with minimal paperwork and headache.

Eligibility for getting Educational loan:

Any Indian National who has secured admission to professional/ technical courses in India or Abroadare eligible for a education loan.


Courses Eligible for Educational Loanare as below:
Eligible courses for studying in India for an educational loan:-
• Approved courses of Graduate/ Post Graduate degree and PG Diplomas conducted by recognized colleges/ universities recognized by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc.
• Courses like- ICWA, CA, CFA etc.
• Courses managed by IIM, IIT, IISc, XLRI, NIFT etc.
• Regular Degree/ Diploma courses like Aeronautical, pilot training, shipping etc., approved by Director General of Civil Aviation/ Shipping, if the course pursued abroad, the Institute should be recognized by the competent local aviation/ shipping authority.
• Courses offered in India by reputed foreign universities.
• Evening Courses of approved Institutes are also considered.
• Other Courses leading to diploma/degree etc conducted by the Colleges/ Universities approved by UGC/Govt/AICTE/AIBMS/ICMR etc.
• Education loan for Home Study/Correspondence courses with contact classes or Coaching classes will not be considered


Courses eligible for Studying abroad:
• Graduation: For Job oriented professional/technical courses offered by reputed Universities.
• Post Graduation: MCA, MBA, MS etc.
• Courses conducted by CIMA London, CPA in USA etc.
• Regular Degree/ Diploma courses like Aeronautical, pilot training, shipping etc., the Institute should be recognized by the competent local aviation/ shipping authority.

Diploma courses and certificate courses have not been included as eligible courses for the scheme. Post graduate studies leading to PG degrees and PG diplomas offered by reputed institutes/universities will be covered under the scheme


Quantum of Loan:
Need based finance subject to repaying capacity of the parents / students with following ceilings:
• Education in India: Maximum up to Rs 10.00 lac.
• Education abroad: Maximum up to Rs. 20.00 lac.

Expenses covered under educational Loan
• Fee payable to College / School /Hosteletc
• Examination/Library/Laboratory Fee
• Purchase of Books / Equipment's/ Instruments/ Uniforms.
• Caution Deposit/ Building Fund/ Refundable Deposit supported by Bills/Receipts of the Institution, subject to the conditions that amount should not exceed 10% of the total tuition fees for the entire course.
• Travel Expenses/Passage Money for studying abroad.
• Purchasing of Computers required for completion of the course.
• Insurance premium for student borrower.

What other costs are covered under education loan such as Study Tours, Project Work, and Thesis etc?
• For loan uptoRs 4.00 lac: NIL
• For loan above Rs 4.00 lac:
(i) Studies in India: 5%
(ii) Studies abroad: 15%
• Scholarship / Assistantship to be included in Margin.
• Margin Money to be brought on year-to-year basis

Application of Interest:
• Simple interest during moratorium period.
• Service interest during moratorium period regularly and avail a special discount of 1.00% in interest rate. Repayment:
• Repayment Holiday / Moratorium is Course Period + 1 year or 6 months after getting job, whichever is earlier.
• Loan to be repaid within a maximum period of 7 years after commencement of repayment. Security:
• For IIT/IIM/ISB(Indian School of Business, Hyderabad ), for loan uptoRs 10.00 lac- NIL, Only co-obligation of Parent / Guardian
• For others
o For loan uptoRs 4.00 lacs: NIL, Only co-obligation of Parent / Guardian
o For loan above Rs 4.00 lacs and uptoRs 7.50 lacs: Satisfactory third party guarantee & Co-obligation* of parent/ guardian.
o For loan above Rs 7.50 lacs: Co-obligation * of parents/ guardian & tangible collateral security covering full loan amount.

Insurance:
• Group Life Insurance Cover to the extent of loan liability for entire repayment period is available.
• Others
o The parent / guardian would become co-borrower with the student
o Education Loan would be sanctioned preferably through branches / RBBs/ CRBBs nearest to the place of residence of parents.
o Second time education loan is available for higher studies / escalation of cost.

Loan Disbursement
• The loan amount will be disbursed in Indian Rupees
• Credila's servicer will disburse the tuition fee directly to the educational institute
• The tuition fee will be disbursed in installment as per the requirement of the specific educational institute
• The loan amount related to other expenses will be disbursed in installments spread over the duration of the study

Loan Re-payment Terms
• Loan Interest Re-payment
1. Loan interest re-payment will start immediately after disbursement of the first installment of the loan
• Loan Principal Amount Re-payments must commence
1. After 6 months of completion of studies by the borrower or
2. 3 months after borrower getting an employment or starting a business or
3. 3 months after borrower discontinue the educational program, whichever is earlier.
• The principal and interest is repayable in 90 monthly installments
• Monthly repayment amount will be deducted from the bank account of the borrower/co-borrower using Electronic Clearing System (ECS)
• Post Dated Checks (PDC) to be collected as security cheques from the borrower/co-borrowers Collateral
• The following types of collateral are accepted as a guarantee.
1. Non-Agricultural Land
2. House
3. Apartment/Flat
4. A life insurance policy for the student, assigned in favor of Credila, for the value of at least the amount of loan approved


 
 
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