Central Government encourages education loan to B.Sc., Nautical Science and B.E., Marine Engineering Courses and they can be availed with ease. Same education loan facilitation is available for Diploma/ Certificate courses also but needs to be followed up with the concerned bank and branch.
Limit without property security but with Guardian as a Guarantor is Rs.7 Lakhs only. Any amount over above the same is also dispersed with property security. These education loans in general are usually repayable over 15 years tenure when availed from Government owned banks.
As per guidelines of MHRD for higher education institutions and long standing customary practice, we issue “Bonafide Certificate” with statement of expenditure to all student cadets requesting for the same after enrollment into their choice of course. This is presently issued at cost of Rs. 15,000 per document set to the student cadets to enable them apply for education loan from bank. Our document package includes all relevant documents usually sought by Banks from Student Cadets from institution for processing education loan. Please note that coordination is done with Government owned banks and financial institutions alone and not with private banks/ institutions.
Bank Loan Application is to be made online through Vidhyalakshmi Portal maintained by Central Government to the Bank/ Branch appointed for this purpose in your local area (in general). Access Vidhyalakshmi Portal from here. Hardcopy of the application submitted to the relevant Bank Branch by Registered Post along with Bonafide Certificate issued by College and further followed up for disbursement through District Collector of your district.
For any clarifications/ additional details, feel welcomed to email: email@example.com. If you have already submitted your online course application to College, then you can request for Bonafide Certificate issue in this link here.
On receipt of education loan application submission confirmation from Student Cadets, Institution initiates process of liasioning with the bank / branch / District Collector of Beneficiary Student, side by side with their follow-up activities and also communicates to the Head Offices of the respective Banks, where the same becomes necessary. Cadets are guided to the best extent for ensuring successful loan dispersal.